Fantasy sports giant enters Pennsylvania betting market
FanDuel Group, the fantasy sports giant that quickly became the leading online sports-betting operation in New Jersey, on Monday became the fourth internet sportsbook to open in Pennsylvania.
FanDuel Group, the fantasy sports giant that quickly became the leading online sports betting operation in New Jersey, on Monday became the fourth internet sportsbook to open in Pennsylvania.
The FanDuel Sportsbook is likely to shake up Pennsylvania’s online sports betting market, which began two months ago with the launch of the SugarHouse Casino online sportsbook. FanDuel, with years of experience in the fantasy sports world that it dominates with rival DraftKings, brings an extensive list of customers who are already comfortable with online gaming.
The FanDuel Sportsbook is operated in partnership with Boyd Gaming and Valley Forge Casino Resort, but the FanDuel name is more prominent online than the casino’s name. That sets it apart from its Pennsylvania competitors, which operate under the names of SugarHouse, Parx Casino and Rivers Casino in Pittsburgh.
“We’re leveraging our expertise in creating world-class fantasy and sports betting experiences to build the best online sports betting platform in the state of Pennsylvania,” said Mike Raffensperger, the chief marketing officer of FanDuel Group.
The FanDuel Sportsbook app — the same one used in New Jersey — also is available on the Apple mobile platform for iPhones and iPads, which has been an obstacle for other new online sports betting operators.
FanDuel, which operates a physical sportsbook at the Meadowlands Racetrack in New Jersey as well as its online operations, accounts for more than 40% of the sports betting revenue in New Jersey — it reported $4.4 million in revenue in June.
FanDuel had a soft launch last week after three days of testing under the Pennsylvania Gaming Control Board, but announced its official start on Monday.
Pennsylvania, New Jersey, and Delaware are among the first states to legalize sports betting since the U.S. Supreme Court decision a year ago that overturned a federal ban on sports betting outside of Nevada.
Gaming operators took in a record $3.3 billion last year, up about $60 million from the previous year, according to data from the Pennsylvania Gaming Control Board. Sports betting, which launched in November, accounted for $21.7 million, while fantasy sports contests took in $23.6 million.
State and local governments raked in $1.39 billion in tax revenue last year, compared with $1.34 billion the previous year.