Flutter discusses Nevada's growth plans and alleged conversations with Kalshi
In the bustling world of sports betting, Flutter Entertainment is eyeing expansion into Nevada under its FanDuel brand, despite a ongoing legal dispute between Kalshi and the Nevada Gaming Control Board (NGCB) over sports betting operations in the state.
The NGCB issued a cease-and-desist letter to Kalshi in March, citing licensing issues. However, Flutter's potential entry into Nevada is not directly dependent on the outcome of this dispute. Instead, the regulatory complexities surrounding Nevada's gaming industry, of which the Kalshi case is a part, are being closely monitored by Flutter.
FanDuel, currently limited to providing branding and odds at Boyd Gaming's Fremont Hotel Casino, is facing key challenges in expanding its mobile sports betting operations in Nevada. The state's requirement that mobile sports bettors must register in person at a casino poses a hurdle, as FanDuel does not own a Nevada casino property and prefers not to acquire one.
Regarding Kalshi, a prediction market platform, the company has sued the NGCB, arguing that its operations fall under the Commodity Exchange Act. A federal court has prohibited Nevada from enforcing the cease-and-desist order against Kalshi, but this is only a preliminary injunction.
Flutter has not entered into any agreement or transaction with Kalshi and is simply monitoring the situation alongside other gaming operators. Erica Okerberg, Flutter's private counsel, stated that the company continues to monitor the litigation and regulatory matters regarding Kalshi. If Flutter were to change its position on doing business with Kalshi, it would communicate with the NGCB.
Flutter's expansion plans for FanDuel in Nevada hinge mainly on overcoming regulatory requirements tied to casino ownership and in-person registration rather than on the Kalshi dispute itself. In January 2024, Flutter was listed on the New York Stock Exchange, and in the first quarter of 2025, the company reported continued strong group revenue growth of 8% and group adjusted EBITDA growth of 20%.
Mark Irwin, Flutter's group finance director, stated that the company continues to grow in the U.S. marketplace as the No. 1 sports betting and igaming operator. FanDuel remains the No. 1 online sportsbook in the U.S. Recently, Flutter announced the purchase of Boyd Gaming's 5% interest in FanDuel for $1.75 billion.
As Flutter continues to evaluate opportunities for expansion across Nevada, it's clear that the company is committed to growing its presence in the U.S. market. The regulatory landscape in Nevada, though complex, is being navigated carefully, with the Kalshi dispute serving as one of many factors influencing Flutter's market entry timing and strategy.
FanDuel, under Flutter Entertainment, is venturing into Nevada's sports betting market, despite the ongoing legal dispute between Kalshi and the Nevada Gaming Control Board (NGCB), indicating that sports betting and sports-betting operations are part of the dynamic sports industry that Flutter and FanDuel are actively engaged in. The regulatory challenges and complexities, including the Kalshi case, are being closely monitored by Flutter as they navigate their expansion plans in Nevada.
