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The FanDuel Group Wants a Piece of NJ Online Gambling and Sports BettingPublished August 1, 2018 by Elana K
The FanDuel Group recently announced its plans to partner with New Jersey's Golden Nugget Casino to launch a new online casino. The FanDuel group also plans to partner with the Meadowlands racetrack to launch an online sports betting platform.
When the Supreme Court made it legal for states to offer sports betting earlier this year, a whole new slew of possibilities opened up to states, sports betting companies, daily fantasy sports (DFS), and land-based and online casinos. Case in point is the recent announcement from the FanDuel Group, which plans to partner with New Jersey casino the Golden Nugget to offer a new online casino.
The FanDuel Group was created by the merger of Paddy Power Betfair and the DFS giant FanDuel following the Supreme Court's overruling of PASPA. The goal of the merger was to enable Betfair and FanDuel to expand their reach to the U.S. sports betting and casino market.
FanDuel’s Surprising Online Casino
Since FanDuel spent the better part of 2016 trying to prove that daily fantasy sports (DFS) is not actually gambling, it's a bit surprising that the company is now entering into the New Jersey online gambling market. DFS has gone through some recent rough patches in the U.S. Specifically, in November 2015, both FanDuel and DraftKings were slapped with a multi-charge action suit by NY Attorney General Eric T. Schneiderman and effectively barred from offering DFS in New York. DFS was only reinstated in June 2016. So the company’s struggle has been real, and it’s still not allowed in every state.
However, New Jersey’s online gambling market is so large and has so much potential, it's tempting for both U.S. and European companies to try and break into it.
Plans for the Future
Since New Jersey legalized sports betting in June 2018, many land-based casinos have applied for online sports betting licenses. Applications are waiting to be approved, and the hope is that online sports betting will be up and running in time for NFL season.
The FanDuel Group also has plans to get a piece of New Jersey’s online sports betting action, which generated $16.4 million in the first two weeks of its existence. The group plans to launch an online sports betting platform with the Meadowlands racetrack later this year; both the online sports betting platform and the online casino will be powered by GAN and IGT.