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Summary:
- Flutter Entertainment told Nevada regulators it has no current plans to expand FanDuel operations in the state.
- The company is still assessing its opportunities in the Silver State.
- Executives denied entering into any agreement with prediction market operator Kalshi.
Global gaming giant “leading betting and gaming into the future”, Flutter Entertainment, doesn’t seem to be rushing to get into Nevada. However, they’re not quite ready to fully close the door just yet.
In a meeting with the Nevada Gaming Control Board on Wednesday, company executives made it clear that while they have zero active plans, they will continue observing all potential opportunities in the state, with special emphasis on the FanDuel brand.
“There’s nothing currently on the table”, explained group finance director Mark Irwin, adding the company is constantly “evaluating whether expansion in Nevada might be appropriate”.
Irwin also took the opportunity to speak about Flutter’s strong financial results in 2024, with $14 billion in revenue and $2.4 billion in adjusted EBITDA.
FanDuel is still the leading online sportsbook in the U.S., with growth continuing into the first quarter of 2025. For now, FanDuel’s presence in Nevada is limited by a branding and oddsmaking partnership with Boyd Gaming’s Fremont Hotel & Casino in Las Vegas.
The company’s active license allows it to offer information services, but FanDuel also holds a manufacturer and distributor license that is yet to be used. Any sportsbook expansion in the state would require a brick-and-mortar location, given Nevada’s in-person registration rules.
Shutting Down Kalshi Rumors
Irwin and Flutter’s legal counsel, Erica Okerberg, also addressed recent speculation regarding FanDuel potentially exploring a deal with prediction-market company Kalshi.
The latter is currently locked in a legal battle with Nevada regulators for offering contracts on sports outcomes at the start of the year, for which it received a cease-and-desist order.
In response, Kalshi filed a federal lawsuit, arguing that its operations are regulated by the federal Commodity Exchange Act.
Okerberg told the Board,
There were media reports around that and the company has not entered into any transaction or agreement with Kalshi. Like other gaming operators, they continue to monitor the litigation and regulatory matters. If there were any change in that position, we would speak with the Gaming Control Board about it.
Board member George Assad didn’t mince words, calling Kalshi’s business “illegal” in Nevada and dismissing the notion that wagering on sports outcomes qualifies as trading commodities.
“Whether Duke will win the NCAA Tournament is not a commodity”, Assad said pointedly. He also reminded Flutter that a court decision protecting Kalshi from enforcement is only a preliminary injunction.
“A word to the wise — and take that back to the Flutter powers that be”, he said, to which Iwin replied, “Duly noted”.
