The Nevada Gaming Control Board announced on Wednesday afternoon that it had “granted administrative approval of requests to withdraw all pending applications” for gambling by DraftKings and “accepted the surrender” of FanDuel parent company Flutter’s “Order of Registration” and any other licenses. A few states, including Nevada, have cautioned regulated sports betting companies from participating in prediction markets.
FanDuel does not have a license for online gambling, but it does run one retail sportsbook at the Fremont Hotel and Casino in Las Vegas. Nevada is not a state where DraftKings operates. The state requires people to register on digital platforms in person, and DraftKings does not have a physical location.
The announcement that FanDuel would launch prediction markets in collaboration with CME next month was made by the NGCB around five minutes prior to Flutter’s third-quarter earnings report. According to the firm, FanDuel Predicts will only be accessible in regions where legal sports betting is prohibited.
A FanDuel representative emailed InGame on Wednesday, saying, “While we are enthusiastic about expanding FanDuel’s presence in Nevada, our views of the current opportunity for prediction markets outside of regulated states are unfortunately in direct opposition to Nevada’s priorities for its licensed operators.” Consequently, we are making the tough choice to willingly give up our license. When the situation permits, we hope to pick up where we left off with Nevada.
“It has been made clear to the Board that Flutter Entertainment/FanDuel and DraftKings intend to engage in unlawful activities related to sports event contracts,” the NGCB stated in its Notice to Licensees. Their participation in Nevada’s gambling business is incompatible with this behaviour.
Regulators in Nevada, Ohio, New York, and other states have advised betting businesses that participation in prediction markets, even outside the relevant jurisdiction, may jeopardize their licenses.
Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net
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