get casino in Atlantic City for its license in New Jersey. It bought Presque Isle Downs & Casino in Pennsylvania in March and owns two casinos in Mississippi, with plans to offer sports betting in all three states.
Dublin-based gambling firm Paddy Power Betfair has an online casino in New Jersey but is considering merging its U.S. business with FanDuel, the popular daily fantasy sports company, in a deal with clear upside for both sides. Betfair would gain a well-known American brand with millions of customers built on technology that could be used for sports betting. FanDuel, meanwhile, would need expertise on complex regulation if it hopes to gain a casino license, a move that most fantasy sports companies tried for years to avoid by arguing that fantasy sports doesn’t amount to gambling.
Anticipation of the ruling even prompted some companies to squash their differences and focus on the potential windfall. London-based bookmaker William Hill had threatened to use its stock to derail a buyout between two online gambling infrastructure firms in Las Vegas. But it later agreed to support the purchase of NYX Gaming by Scientific Games.
The opportunities are vast for companies that can help customers turn from illegal bookies and offshore operations, said Laila Mintas, deputy president of Sportradar, a New York company that works with more than 70 sports federations and leagues around the world on fraud detection, including the NBA, NHL and MLS.
“It opens the door for all different stakeholders such as the states, the leagues, the casino and lottery industry to act quickly and to benefit,” she said.
Mattias Stetz, Rush Street’s chief operating officer, said it plans to offer traditional betting on final scores, along with betting on developments within each game like which team will score next or who will commit the next foul. That’s the fastest growing segment of sports betting and popular in Nevada, the only state that had been taking single-game sports bets before the Supreme Court ruling.
Major casino companies MGM Resorts International and Caesars Entertainment and Tropicana Entertainment (recently bought by Eldorado Resorts) all announced plans to offer sports betting outside Nevada, as did the soon-to-open Hard Rock and Ocean Resort casinos in Atlantic City.
David Katz, equity analyst at Jefferies, said Penn National Gaming and Caesars Entertainment are in a better position than their peers because of their many locations in multiple states, “particularly where there is a high probability of sports betting becoming legal sooner rather than later.”
Caesars is in a particularly advantageous position, he said, because it has been doing its own bookmaking for years, combining experience with a large amount of volume.