DraftKings Moves Into New Jersey Sports Betting Sphere, Partnering with Resorts Atlantic City
Posted on: June 3, 2018, 06:20h.
Last updated on: June 3, 2018, 06:20h.
DraftKings — the biggest daily fantasy sports (DFS) operator on the market — is diving head first into the burgeoning business of sports betting. With the US market newly opened up following the Supreme Court’s May PASPA overturn decision, the DFS giant has been ready to roll for a while in anticipation of the move.
Announcing a new partnership with Resorts Atlantic City this week, DraftKings will now be able to offer sports betting under that casino’s land-based license.
The deal was sealed Friday morning, although DraftKings hasn’t specified a start date for taking Garden State sports bets just yet.
Waiting in the Wings
The expansion into the sports betting market is one the company has been more than just hinting at: DraftKings executives have been openly discussing for it months.
The moves is a logical progression, as the company already has a ready-made customer base of sports fans playing its daily fantasy games in New Jersey on a regular basis. There would be minimal crossover for most of those users to start betting on sports, too.
In February, CEO Jason Robbins confirmed that DraftKings would definitely “go after” sports betting if the SCOTUS did as expected, and deemed PASPA unconstitutional. In fact, the company disclosed it’s been preparing since last year, working with state regulators — and opening on office in Hoboken, New Jersey — as it awaited a favorable ruling.
In April, DraftKings revealed that it was looking for a sports betting partner in the Garden State. Finding one was a critical, as state law only allows Atlantic City brick-and-mortar casinos to hold betting licenses. Under this new partnership, DraftKings is free to ride the coattails of the Resorts Atlantic City license to offer sports betting.
While DraftKings says it will have a mobile app and an online betting platform in New Jersey, none of those details are solidified publicly yet.
“As a tech savvy and a long-term growth oriented organization, Resorts Hotel Casino aligns perfectly with our customer-focused, innovation culture,” said CEO Jason Roberts in a release.
For its part, the casino acquires a partner with a current database of over 10 million users.
Competitors Firing Up
DraftKings is promising it will be “ready to go” as soon as state regulators give the green light. It’s possible that a new sports betting law in New Jersey could be passed as soon as June 7th.
When it is, DraftKings won’t be the only one in the state offering the chance to legally bet on sports there.
Rival DFS operator FanDuel has partnered with Irish bookmaker Paddy Power Betfair, which is already licensed in the state. Meanwhile, UK sportsbook William Hill recently reached an agreement to offer a platform through the gaming license at the new Ocean Resort Casino in Atlantic City.
And while the race for the New Jersey market is heating up, Delaware is getting a healthy head start on all of them. That state will become the first outside of Nevada to starting taking single-game bets on sports on Tuesday at 1:30 pm ET.
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