Currently, Hard Rock International holds exclusive rights to regulated sports betting in Florida. However, Chairman Jim Allen recently suggested the tribal gaming giant may consider future partnerships with industry leaders DraftKings (NASDAQ: DKNG) and FanDuel.
Speaking with CNBC’s Contessa Brewer at the Global Gaming Expo (G2E) in Las Vegas, Allen, who also serves as CEO of Seminole Gaming, expressed openness to working with DraftKings and Flutter Entertainment’s (NYSE: FLUT) FanDuel in Florida. He revealed recent meetings with executives from both companies, adding, “Long term, some strategic relationship with brands that have marquee value could benefit both of us, and we’re open to those discussions.”
After a protracted legal battle, Hard Rock secured a monopoly on regulated sports wagering in Florida, backed by an agreement between the Seminole Tribe and Governor Ron DeSantis, who urged Florida’s Supreme Court to dismiss challenges to the compact.
Florida’s Sports Betting Appeal Remains Strong
DraftKings and FanDuel had initially sought entry into Florida before the U.S. Supreme Court refused to hear an appeal of the state’s ruling. FanDuel CEO Amy Howe has stated that the company is actively monitoring sports betting developments in states like California, Texas, and Florida.
Interest in Florida’s sports betting market is understandable, as the state ranks as the third largest in the U.S. and boasts a rapidly growing population. According to CNBC, Florida’s population exceeds New York’s, currently the top state for sports betting handle and revenue. However, Hard Rock hasn’t shared its sports wagering revenue figures, as the Seminole Tribe operates as a sovereign nation.
DraftKings, FanDuel Maintain Positive Relations with Hard Rock
While Allen didn’t specify how DraftKings, FanDuel, or other operators might gain access to Florida’s sports wagering market, he emphasized that Hard Rock’s relationship with these companies remains strong. He noted, “We’ve developed a great relationship with both FanDuel and DraftKings.”
This amicable relationship could be crucial, given commercial operators’ past missteps in California, where they clashed with tribal gaming entities. Many tribes invested heavily to defeat a sports betting initiative sponsored by commercial operators, signaling that cooperation with tribal groups could be essential for future market access.
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