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DraftKings applies for sports betting license in New Jersey

Daily fantasy sports contest provider, DraftKings, has officially applied for a state licence to offer sports betting in New Jersey. “We are working with New Jersey officials toward a public rollout of a DraftKings sports betting product,” commented Tim Dent, chief financial officer at DraftKings.

The application for a Casino Service Industry Enterprise Licence has been “accepted for filing” by the New Jersey Division of Gaming Enforcement (DGE).

“The New Jersey DGE has been on the leading edge of creating a smart, consumer-focused sports betting framework in the Garden State,” said Tim Dent, chief compliance officer and chief financial officer at DraftKings. “We are working with New Jersey officials toward a public rollout of a DraftKings sports betting product.”

The firm has already been active in gaining a New Jersey foothold, having selected Resorts Casino Hotel as its licensing partner in the state. In doing so, it has satisfied an expected regulatory requirement to offer an online sports betting product there.

Coinciding with the licence application comes speculation that Draftkings is reportedly in talks with investors about raising between US$150m to US$200m in a new round of funding in order to expand its sports betting offer. This latest funding exercise will be the first since its proposed merger with rival FanDuel was blocked by federal regulators.

According to American news portal Axios, the source of the speculation, Draftkings has told prospective investors that daily fantasy sports will continue to generate the bulk of its revenue for years to come because of the slow rate of state-by-state approvals for legal sports betting legislation.

Source: GMB