By Michael Teich
FanDuel is the latest sportsbook operator to form a partnership with a major professional U.S. sports league.
Data and algorithms are a highly coveted currency in the sports betting industry, and the deal will allow the platform to optimize betting opportunities during live games, said Kip Levin, FanDuel's president and COO.
FanDuel does have access to base data, he added Monday in an interview on Cheddar.
The popular daily fantasy sports and sports betting platform announced Monday a multi-year partnership with the NHL and the New Jersey Devils.
With the latest, FanDuel becomes the second sports betting partner of the NHL, following the lead of MGM, which also reached an agreement with the NBA in July to buy official game data. The key difference between FanDuel's and MGM's deal is that MGM's ($MGM) included NHL's upcoming smart puck data-tracking rights.
"The important component was the ability to use real-time stat feeds, to do what we call in-play betting," Levin said of the partnership.
"People can bet different things throughout the game after it started and to do that effectively you need a real-time flow of information so that you can set your lines ー you have algorithms that set the odds as the game is going on."
New Jersey is a key battleground for sportsbooks operators competing in the state. These operators raked in $184 million in bets during September, reaching almost half of the more mature Nevada market. The Devils have capitalized on their prime location, forming partnerships with William Hill and Caesars Entertainment($CZR).
"Sports betting is new in New Jersey, which why it was important to have the endorsement of the league," Levin said.
For full interview click here.