Until we can report that sports betting has come to our very own, Grande Vegas online casino...we'll keep you up-to-date on the latest going on in sports betting across the States. The two largest Fantasy Sports Operators, DraftKings and FanDuel, are emerging as the leading operators of sports betting in the United States. Both operators have forged partnerships with existing gambling operators, brought sports betting to online venues and created strong affiliations with some of America’s biggest sports leagues.
Sports Betting Comes to College Games
DraftKings, the Daily Fantasy Sports operator, is ready to introduce sports betting to the NCAA. With NCAA tournaments about to begin, the DFS operator is starting to create an infrastructure that will bring sports betting to the college games this year.
Up until this year, betting on NCAA sports could only be done through illegal bookies or in under-the-table betting situations. Now, along with professional sporting events, fans can place legal wagers on National Collegiate Athletic Association events including men’s and women’s football, basketball, fencing, golf, gymnastics, baseball, cross country, tennis, swimming and diving, soccer, rifle, track & field, lacrosse, skiing and ice hockey.
Thanks to the May 2018 Supreme Court Ruling that struck down a federal ban on sports betting, it’s now legal to bet on professional and amateur sporting events. In some states, the bettor must be physically located in the venue where the betting is taking place but New Jersey residents can take advantage of the DraftKings app to place bets via their online sportsbook from anywhere in New Jersey.
New Jersey has actively embraced sports betting and it is succeeding in drawing bettors from around the country, many of whom take advantage of the online wagering options, Online betting is available to New Jersey residents and visitors only when the bettor is located physically within New Jersey.
According to the New Jersey Division of Gaming Enforcement, by December, $1.25 billion had already been bet on sports (since June, when online betting was launched in the state) and $780.6 million of that was done online. This makes it clear that it is to the state’s financial benefit to make sure that online and mobile options are offered. DraftKings is working hard to accommodate -- according to Jason Robins, CEO of DraftKings, the sports fantasy company wants to use online betting to promote wagering on live sports, which it sees as a lucrative new market.
Robins said that DraftKings is offering sports fans a wide range of college betting opportunities including betting on individual games – both regular games and tournament games – free brackets and brackets for $20 that make the bettor eligible for a chance to win $100,000.
To bet online in New Jersey customers must have a DraftKings account and be physically located in New Jersey when the bet it made (the bettor does not need to be a resident of New Jersey but s/he must be IN NJ when betting). Geolocation services enable DraftKinds to identify where the individual is when s/he attempts to place the bet.
At present, 7 states have made it legal to bet online but most don’t allow online betting yet. Many, however, are considering taking that step, based on the possible loss of income that states may experience when their residents cross state boundaries to a state that has a more liberal betting policy. For instance, many New York residents are already crossing to New Jersey to place sports bets and to bet online. New York is losing millions of dollars in revenue through these crossover gamblers. For a state that is $3 billion in debt, that’s not an easy pill to swallow.
DraftKings is also operating brick-and-mortar sportsbooks, at the Resorts Casino in Atlantic City and at the Scarlet Pearl Casino Resort in Mississippi. The sportsbook in Mississippi operates according to Mississippi law which allows sports gambling in brick-and-mortar locations but not bets placed online.
FanDuel Debuts Sportsbook at the Valley Forge Casino Resort
Sports betting in Pennsylvania is moving forward at a steady pace despite the fact that the exorbitant tax rates and extremely high licensing fees intimate potential operators and threaten to slow the pace of growth. Now a fourth casino, Valley Forge Casino Resort, is announcing that it is prepared to venture into the state’s sports betting market and FanDuel will be running the Valley Forge sportsbook.
The sportsbook is an in-person betting facility that partners FanDuel to the new casino. FanDuel is breaking out of its Fantasy Sports operation to deliver sports betting operations to sports betting fans around the country.
Valley Forge just received its gaming license and now joins SugarHouse casino, Parx Casino and Harrah’s Philadelphia Casino and Racetrack to offer Pennsylvania gambling entertainment. And with the announcement about FanDuel running Valley Forge’s sportsbook, all four of Pennsylvania’s casinos will be featuring sports betting.
The new Valley Forge sportsbook went live this month, accompanied by appearances by retired NFL star and Super Bowl LII champion Brent Celek, who made the first ceremonial wager at the casino. In addition to sports betting opportunities on all the major sports, the sportsbook will feature 29 video displays, two sports tickets, seven teller windows, and seating for over 30 customers at a time.
FanDuel will be responsible for running the sportsbook and for providing the trading and risk platform. The casino and FanDuel are partnering with Boyd Gaming to make this happen. In the future Boyd Gaming has the option to expand on its agreement with FanDuel and offer online and mobile sports betting to the Pennsylvania gaming market.