While anxiously awaiting the legalization of sports betting in New Jersey, breaking news on the gaming scene is that Draft Kings Casino, whose name is synonymous with daily fantasy sports, has hit its own jackpot in signing with Resort Casinos for servicing of this potentially highly lucrative new gaming opportunity. Draft Kings claim to be ready to go live as soon as the state finalizes its own legislative requirements to the market.
The ruling by the US Supreme Court in May cleared the way for legalized sports betting following a five year long, multi-million dollar challenge made by the state of New Jersey.
Of the partnership between Resorts Casino and Draft Kings, Morris Bailey, the owner of Resorts said that Draft Kings was a “dynamic brand” to have partnered with, and that their objective is to corner as much of the market as possible in choosing them as service providers.
Meanwhile, Jason Robbins, CEO of Draft Kings, emphasized the tremendous opportunity that NJ sports betting offers investor partners and stated how vital it is to approach a new opportunity like this in the correct way from the get-go to maximize pay-off in the longer term. Having a brand which is well known for yielding good winnings on sports, this partnership should be very successful for both companies.
The Draft King operation on behalf of Resorts will operate web-based and mobile app platforms offering standard betting options, as well as some more dynamic in-game wager options. It will be interesting to see how this is customized for Resorts’ own specific requirements. The only thing holding the partnership back from going live is the legislative red tape of the state mentioned, although we’ve been assured that they should have a framework in place by the end of June for betting to begin.
Bailey, of Resort Casino, is well known for his opposition to the proposed ‘integrity fees’ desired by the sports leagues; which, theoretically, would contribute toward keeping sports clean of corruption and insider trading. Perhaps if the sports leagues themselves had not fought the state and interested parties tooth-and-nail to prevent the legalization of sports betting, this would be different. In a strongly worded statement, Bailey condemned their position saying “It’s the height of hypocrisy to take the position they did”
It will be interesting to see how these partnerships develop and to compare offerings once operations go live.