At the same time as announcing the coming launch of its FanDuel TV-branded television network, American sports betting operator FanDuel Group has reportedly received the final green light to open a retail sportsbook in downtown Las Vegas.
According to a Thursday report from The Nevada Independent news organization and the New York-headquartered firm was given the okay from the Nevada Gaming Control Board some two weeks ago to bring a land-based sports wagering service to the 447-room Fremont Hotel and Casino. The source detailed that the sports betting behemoth’s plan has now received the ultimate required approval from the Nevada Gaming Commission, which means that it could premiere a 2,300 sq ft retail sportsbook inside the Boyd Gaming Corporation-owned property by the end of the year.
FanDual Group through its Flutter Entertainment parent reportedly earlier explained that the envisioned 76-seat sportsbook for the Fremont Hotel and Casino is to feature four windows and seven self-service kiosks but be run by personnel already employed by Boyd Gaming Corporation. The firm purportedly disclosed that it will also supply the Nevada operation with odds and risk management advice via the property’s existing International Game Technology-powered system.
The Nevada Independent reported that FanDuel Group and compatriot DraftKings Incorporated were forbidden from offering their daily fantasy sports services to punters in ‘The Silver State’ from October of 2015 after such activities were deemed to be games of chance. However, the revocation of the Professional and Amateur Sports Protection Act (PASPA) some three years later purportedly gave both the ability to begin supplying a wide range of land-based and online sports wagering entertainment to partners in consenting jurisdictions.
The unanimous approval by the Nevada Gaming Commission reportedly came after an hour-long session in which representatives for both FanDuel Group and Flutter Entertainment provided testimony. The subsequent approval will purportedly furthermore allow the operator to pocket an undisclosed percentage of any gaming revenues generated by the coming Fremont Hotel and Casino sportsbook.
Keith Smith serves as the Chief Executive Officer for Boyd Gaming Corporation, and he reportedly used a July 26 conference call with investors to describe FanDuel Group ‘a great partner’. The experienced figure moreover purportedly predicted that the Fremont Hotel and Casino sports betting service could generate approximately $30 million in cash flow this year before seeing its overall profitability grow via launches in other markets.
The Nevada Independent reported that 59-year-old Smith additionally revealed that his company’s 5% stake in FanDuel Group serves as an ‘important strategic asset that will grow more valuable as sports betting expands’ and as the operator ‘continues to build on its position as the nation’s leader in online sports betting. However, the executive purportedly shied away from providing any specific details regarding other potential future rollouts and instead disclosed that the alliance is, for now, to be confined to the Fremont Hotel and Casino and not be repeated at his firm’s remaining pair of downtown Las Vegas venues.
Smith reportedly stated…
“This project will help us capture a larger portion of pedestrian traffic throughout the Fremont Street Experience.”