FanDuel is now set up among the rich and famous.
The Flutter-owned online sportsbook spent an incredible $71 million on a Beverly Hills office in California, according to BNN. The 50,200-square-foot building located at 9000 Wilshire Boulevard sold at $1,410 per square foot, an unprecedented amount worth four times the going rate for greater Los Angeles commercial real estate.
The land for the property was purchased for $18.2 million in 2019 by Swedish construction and development firm Skanska USA. The office building was completed in 2020.
While FanDuel does not operate a sportsbook in California, it does run its cable channel TVG out of Los Angeles.
FanDuel is headquartered in New York but has other U.S. offices in New Jersey, Oregon, Florida, Nevada, and Georgia.
FanDuel is one of the most popular online operators in the U.S. It held a market share of more than 40% in 2023, but that number has been challenged in recent months by rival DraftKings.
California Dreaming
FanDuel operates online and/or retail sportsbooks in 16 U.S. states.
California is not one of them, but FanDuel is in a position to operate there when it does. The Golden State has yet to legalize sports betting in either form, despite persistence from pro-gambling advocates. The most populous state in the U.S. would be a goldmine for sports betting and iGaming operators if the California legislature and voters allow it, but there appears to be no solid timeline for that to happen.
All attempts in 2023 to get sports betting on a ballot failed, and 2024 efforts aren't off to a great start.
FanDuel is a member of the four-operator Sports Betting Alliance, made up of BetMGM, DraftKings, and Fanatics Sportsbook, which refuses to fund a signature-gathering initiative that launched in California this month.
Their primary reason centers around the lack of tribal support. FanDuel and the Sports Betting Alliance fully back the California Nations Indian Gaming Association, which opposes these initiatives.
