FanDuel Group has announced plans to start sports betting-focused TV shows to coincide with the repeal of PASPA and the resulting rise of US gambling.
Moving quickly after its merger with UK bookmaker Paddy Power Betfair, the programmes will be added to the company’s TVG and TVG2 cable networks, which are currently devoted to horse racing, as well as to digital channels the company operates.
Matt King, FanDuel CEO, said: “We are going to be investing heavily in content. There’s a lot of different formats we can distribute through and a lot of different channels.”
Gambling companies are jostling to get into sports betting after the Supreme Court ruled in May that states could legalise such wagering. MGM Resorts International, Caesars Entertainment Corp. and Penn National Gaming Inc. plan to open sports betting facilities at casinos in states such as New Jersey, Pennsylvania and Mississippi, where enabling legislation has passed. FanDuel rivals such as DraftKings Inc. and William Hill Plc are offering their brands and technology in partnerships with other casino operators.
States that have been fastest to capitalise on the loosening of laws have already witnessed substantial revenue increases. For instance, New Jersey, which led the legal challenge that ultimately overturned the federal sports gambling ban, took in more than $16.4 million in revenue within its first few weeks of bet taking.
That figure is expected to grow rapidly as more casinos start taking bets and the heaviest betting season of the year, anchored by college and professional football, returns this autumn.
Delaware, with a much smaller population, impressed industry observers with $1 million in revenue during its first month of legal wagering.