FanDuel and DraftKings are making a major shift in strategy: they are stepping away from Nevada’s regulated sportsbook market in order to focus on prediction markets under federal oversight. The Nevada Gaming Control Board has confirmed that FanDuel surrendered its gaming licenses, and DraftKings withdrew its pending sportsbook applications. The core of the conflict lies in “sports event contracts,” or prediction-market products. Nevada regulators regard these as incompatible with the state’s traditional gaming model, while FanDuel and DraftKings argue that these contracts should fall under the jurisdiction of the Commodity Futures Trading Commission instead of state gaming boards. FanDuel is…

The West Virginia Lottery Commission has announced that they are very close to welcoming two sports betting apps from both FanDuel & DraftKings. It is believed that DraftKings will debut at Hollywood Casino in Charles Town, and that FanDuel will go live at the Greenbrier Resort casino. The first sports betting retail sites opened in casinos in West Virginia a year ago. It was not surprising it had taken another year to get the apps developed. “We’ve wanted to see if up and running as much as anybody. I know there’s some concern that it’s taken a while but when…