- FanDuel has signed multiple partnerships in 2021 already, including Bally’s Corp, Kenny Smith, and Boyd Gaming
- Parent company Flutter Entertainment is considering making FanDuel a publicly-traded company, giving it its own IPO.
- FanDuel has launched a second sportsbook in Illinois.
NEW YORK – Few sports betting enterprises have seen more success in 2021 than FanDuel has. The gaming and betting provider has continued to expand its US market share.
So far, FanDuel has launched a second sportsbook in Illinois, opened a sportsbook in Bally’s Atlantic City, and announced a partnership with Kenny Smith of TNT’s Inside the NBA.
The success of the sportsbook has led Flutter Entertainment, the parent company of FanDuel, to consider giving it its own IPO. This would make FanDuel its own legal sports betting company to be traded on the stock market.
FanDuel’s Steady Growth
Who has placed a #MarchMadness bet?
— FanDuel Sportsbook (@FDSportsbook) March 16, 2021
Starting with the most recent move by the popular sportsbook, FanDuel expanded its foothold on the Illinois sports betting.
FanDuel is the second-largest sportsbook in Illinois, trailing behind DraftKings, and this expansion is a move to gain a larger foothold in Illinois.
“This has been a special project for us because our name isn’t just on the sportsbook, it’s on the track itself,” said Keith Wall, Vice President of Retail, FanDuel Group. “FanDuel has made a commitment to revitalize this location by making capital improvements and hiring from within the local community. The opening of the sportsbook is the first major step in this project.”
At the same time as they expand in Illinois, FanDuel launches another sportsbook in Atlantic City, where they already reign supreme.
Bally’s Atlantic City Hotel & Casino is now home to a FanDuel sportsbook fully equipped with a state-of-the-art 25-foot-wide LED video screen, 10 video displays, and two 10-foot-wide LED video walls.
This new sports lounge will have several self-service betting kiosks scattered around the area, making it the perfect hub for sports betting action in Atlantic City.
“We are privileged to partner with Bally’s Corporation to open our FanDuel Sportsbook inside Bally’s Atlantic City”, said Andrew Kleiman, Senior Director of Operations, FanDuel Group. “The legacy of Atlantic City and excitement of being steps away from the boardwalk creates a unique atmosphere for our customers. We look forward to a successful future with our new partner and community.”
What Is Next?
With the continued expansion in established markets, partnerships with the likes of Kenny Smith of Inside the NBA, and increased success as the biggest sportsbook in the country, parent company Flutter Entertainment is considering a new move.
It has been revealed that Flutter would like to make FanDuel its own company, granting FanDuel its own IPO and making it public to be traded on the stock market.
“In an ever-consolidating sector, we see strategic merit from ensuring a valuation multiple comparable to peers, plus the benefit of accelerated debt reduction from any IPO proceeds,” said Jefferies analysts.
Making FanDuel a public company would be a major financial asset for Flutter. Allowing investors to trade directly on the sportsbook would increase the overall value of FanDuel moving forward.
FanDuel would have its own earnings calls, own investor meetings, and will see a strong increase in financial benefits from being a public company.
This is in its earliest discussion stages, but the writing may be on the wall with how aggressive FanDuel has been this year.
In addition, DraftKings, one of FanDuel’s biggest competitors, is already a public company. This could be added motivation for the sportsbook.
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News tags: Bally’s Corp | FanDuel | FanDuel IPO | Futter Entertainment | George Papanier | Keith Wall | Morgan Stanley
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.