Latest Developments in the Sporting World and Betting Industry: Insights from New Jersey, DraftKings Sportsbook
Rewritten Content:
Ready, Set, Bet: DraftKings Joins the New York Sports Betting Scene
The legal sports betting world is taking a break for the summer, with states on vacation from their busy legislative schedules. However, New Jersey sports betting remains at the forefront, as the licensing process moves forward.
The week's headline grabber is the wave of casinos aiming to join the New Jersey sports betting fray. Hard on the heels of Director David Rebuck's warning to casinos, that if they don't file applications for sports wagering permits promptly, they might miss out before football season, major gambling establishments like Golden Nugget, Caesars Entertainment, and Resorts have stepped up their application game.
Golden Nugget submitted applications for both retail and online sports betting operations, while Caesars Entertainment will oversee sports betting at Harrah's and Bally's properties, both for retail and online activities. An as-yet-unidentified casino, possibly Hard Rock Atlantic City, also put in an application. Resorts, which previously partnered with SB Tech and DraftKings, plans to tap into their services for its retail and online offerings.
Speaking of DraftKings, the fantasy sports company has struck gold with the del Lago Resort & Casino in upstate New York. The casino, which has struggled since its 2017 debut, can expect a significant boost when the state at last legalizes sports betting in 2019. The partnership will be a game-changer for DraftKings, providing a vast market potential with an expected state-wide online open competition.
With regulatory hurdles promising to fall, don't be surprised to see DraftKings and other sportsbooks, like FanDuel, flooding the market, giving New York sports bettors a fresh wave of options to choose from. After all, New Jersey, like New York, only allows licensed casinos and racetracks to offer sports betting services. Establishing these partnerships early is smart business. For instance, FanDuel teamed up with racetrack Tioga Downs Casino Resort, and Jeff Gural, who also owns the Meadowlands Racetrack in New Jersey, which recently opened its retail FanDuel Sportsbook.
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- DraftKings, initially a fantasy sports company, has secured a partnership with a casino in upstate New York, preparing for the inevitable launch of sports betting in the state, and potentially flooding the market with their services alongside other sportsbooks like FanDuel.
- In line with the New Jersey sports betting fray, casinos like Golden Nugget, Caesars Entertainment, and Resorts are stepping up their application game to offer both retail and online sports betting operations.
- Regulatory hurdles in New York sports betting are showing promise for a fall, giving bookmakers like DraftKings and FanDuel a fresh wave of options to choose from for their retail and online sports betting offerings.
- With sports betting legalization expected to arrive in 2019, the del Lago Resort & Casino can anticipate a significant boost, seemingly set to become a valuable partner for DraftKings, providing a vast market with an anticipated state-wide online competition.
- As New Jersey sports betting continues to progress, it sets a precedent for regulated sports betting across various states, with opposing teams like casinos and regulators playing a vital role in shaping the future of the sports betting industry.
