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Bet on it: More gambling is coming to consumers’ mobile devices, including via companies that provide fantasy sports betting, thanks to a U.S. Supreme Court decision from earlier this year. The latest development comes from fantasy sports betting site FanDuel . It has reportedly launched FanDuel Sportsbook , which offers online betting services for real sporting events — but only to consumers located in New Jersey, for now. Rival fantasy sports provider DraftKings previously launched its own online sportsbook about a month ago, before the start of the NFL season. According to Fortune , which previewed the FanDuel sportsbook app, “it offers a variety of features, including seven different payment options, future betting lines and in-game wagering that allows users to bet on live games.” A review of the app in NJ Online Gambling said that “FanDuel seems to have passed on million-dollar attention-grabbing schemes for its sportsbook, instead focusing on ease of use, especially where payment processing is concerned. While it doesn’t appear that FanDuel’s online sportsbook will share a wallet with its popular daily fantasy site, players should have no problem depositing and withdrawing funds.” The launch of the app comes amid a shifting gambling culture in the United States, the result of a May decision from the U.S. Supreme Court that struck down a 1992 law passed by Congress that made it illegal for most states to legalize sports betting within their borders. The decision came down 6-3, representing a victory for several states that would like to tap into sports gambling as a way to generate revenue and bring in tourism. New Jersey was the ringleader of the effort, though it did enlist support from 17 other states and three additional state governors. The federal prohibition on sports betting was backed by the NCAA, NFL and NBA.
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But insiders at gambling companies seem to like their chances with their companies’ stock. Wilmott is the latest high-profile executive in the sector to buy stock. Barron’s has already reported that Caesars Entertainment ’s(CZR) CEO and chief financial officer bought shares on the open market earlier this month. Caesars said at the end of July it would launch sports betting at its Atlantic City, Gulf Coast, and Tunica, Miss., properties. On July 31, Robert G.
For the original version including any supplementary images or video, visit https://www.barrons.com/articles/gambling-executives-buy-up-stock-as-u-s-rolls-out-sports-betting-1534937400
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