FanDuel and IGT (International Game Technology) are extending their partnership through 2024.
The two have been working together since 2018, when FanDuel was still trying to dip its toes into the sports betting world.
FanDuel and IGT plan to expand
Under the new agreement, IGT’s PlaySports platform will be running FanDuel’s retail sportsbooks. In Indiana, that covers the retail book at Blue Chip Casino in Michigan City.
FanDuel CEO Matt King says that IGT will be a big part of the company’s plans going forward.
“IGT’s PlaySports platform has been integral to FanDuel Sportsbook’s expansion in the US, as we currently leverage it to power America’s #1 Sportsbook. IGT is the strategic partner that we will lean on to help us expand our retail footprint across the US. IGT’s PlaySports platform enables us to create an intuitive, technologically driven customer experience at our world-class retail sportsbooks for our customers.”
IGT’s stock price took a 6.5% jump in premarket trading after the deal was announced this morning. The extra boost shows just how beneficial partnering with a major company like FanDuel can be.
Right now, the deal between the two companies reaches across nine different states. That number will continue to go up as FanDuel expands to new markets.
FanDuel online casino and IGT
Since the two were already in business together, this new deal won’t change much in the short term.
However, it does help lock down part of FanDuel’s future in Indiana.
The online casino side of the business is a big part of FanDuel’s future plans.
The new deal will put IGT’s PlayCasino games front and center at FanDuel Casino. In return for running FanDuel’s retail sportsbooks, IGT gets its casino games a lot more exposure.
FanDuel Casino is only available in New Jersey and Pennsylvania for the time being.
Right now, Indiana is one of the many states on the outside looking in.
But, just because the Hoosier State doesn’t have online casinos right now, doesn’t mean that it won’t legalize them in the future.
Since there’s a lot of money to be made, FanDuel will be one of the many companies looking to carve out a chunk of the market should Indiana ever legalize online casinos.
If that happens, IGT’s online casino games will be a featured part of FanDuel Casino’s offerings throughout the state.
FanDuel Sportsbook one of Indiana’s most popular
Ever since it launched in Indiana, FanDuel’s online betting app has been one of the most popular in the state.
During June, FanDuel brought in $7.8 million worth of wagers. That accounted for about 26% of Indiana’s handle.
That’s more or less how things have gone for the sportsbook ever since its launch.
Month after month, FanDuel controls a huge portion of Indiana’s sports betting market. Since it was the third sportsbook to launch in the state, it’s always been one of Indiana’s key players.
DraftKings Sportsbook has been the only company to consistently take in more money.
The company’s June handle broke the $18 million mark, which translated to about 61% of Indiana’s market.
Trying to gain ground on DraftKings has been FanDuel’s main focus in Indiana.
However, competing with DraftKings isn’t the only concern.
The more sportsbooks that come online, the tougher it will be to compete in the market.
That’s why partnerships like the one FanDuel has with IGT are so important. Staying on the cutting edge of technology will help keep FanDuel competitive in the years to come.