DraftKings – FairOdds Network

April 11, 2025

State of the Union: Kalshi wins injunction in Nevada; stocks receive Trump bump, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Kalshi scores win with Nevada injunction

For a prediction market that has been besieged by state cease-and-desist orders over the last month, Kalshi notched a slight victory this week.

On Tuesday (8 April), US district court judge Andrew Gordon granted Kalshi a preliminary injunction against the Nevada Gaming Control Board (NGCB). The injunction prevents the NGCB from imposing the order against Kalshi, contending that the site illegally offered sports wagering across the state.

As with other prediction markets, Kalshi is awaiting a closely watched roundtable from the US Commodity Futures Trading Commission (CFTC) for clarity on whether sports event contracts mimic sports gambling.

First takes on the order granting Kalshi's motion for a preliminary injunction in Nevada: quality advocacy wins the day..

April 11, 2025

New York online sports betting handle tops $23.94 billion in 2024-25

Consumers in New York spent a total of $23.94 billion (£18.32 billion/€21.07 billion) betting on sports during the 2024-25 fiscal year, a new record for the Empire State.

The total from April 2024 to March 2025, published by the New York State Gaming Commission, surpasses the $19.64 billion wagered in 2023-24 by 21.9%. It is also the highest annual sports betting handle ever posted by a US state.

In terms of gross gaming revenue, this amounted to $2.14 billion for the fiscal year. This is another record for New York and beat the previous year by 21.6%.

This resulted in an annual hold of 8.94%, slightly lower than 8.98% in 2023-24.

FanDuel betting handle nears $10 billion

Breaking down the market, Flutter Entertainment-owned FanDuel continues to lead the way by some margin. FanDuel processed a record $9.2 billion in bets and reported revenue of $969.8 million, leaving a 10.54% hold.

As has been the case for some time, DraftKings remains the closest challenger. Handle hit $8.6 bill..

April 4, 2025

How Rei do Pitaco is following the US DFS to sports betting model in Brazil

One of the first to gain a full licence in the newly regulated Brazil betting market, Rei do Pitaco is hoping to compete against a wave of international entrants. Somewhat following in the footsteps of success stories in the US, CEO Kiko Augusto explains how the company’s strategy differs and how Rei do Pitaco’s daily fantasy sports (DFS) roots have set it up for success.

Rei do Pitaco launched its DFS offering in 2019 with one eye already on the soon-to-be regulated sports betting market in Brazil, which finally launched on 1 January.

It first signed an online sportsbook partnership with Kambi in 2022 – a deal it extended last October as it prepared to transition from a DFS operator to a full-fledged sports betting site.

It is a strategy that has been hugely successful in the US for the two market leaders, FanDuel and DraftKings. Both evolved from DFS-focused operations to sports betting and igaming to the tune of a combined $10.6 billion (£8.2 billion/€9.6 billion) in FY2024 reven..

April 1, 2025

In rare appearance, Genetski, Robins sing tribal praises at IGA

Nearly three years removed from a disastrous attempt to bring sports betting to California, the heads of FanDuel and DraftKings made a rare public appearance on Monday (31 March) in efforts to curry favour with tribal gaming stakeholders.

FanDuel president Christian Genetski joined DraftKings co-founder and CEO Jason Robins to discuss their companies’ tribal gaming strategies with Victor Rocha, conference chair of the Indian Gaming Association (IGA). The trio headlined the first day of the Indian Gaming Tradeshow and Convention in San Diego.

On paper, the conversation was about tribes and operators “structuring successful partnerships” to ensure “long-term sustainability”. But the packed crowd of industry representatives knew that the backdrop of the conversation was much more controversial.

A coalition of commercial bookmakers led by FanDuel and DraftKings in 2022 spent hundreds of millions on Prop 27, which would have legalised mobile sports betting in California. Tribes also put..

March 14, 2025

State of the Union: Drama in Texas, Alberta opening, Missouri applications soon available, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Texas GOP group: Wagering “dead on arrival”

It appears the November election didn’t turn out well for the future of gambling expansion in Texas. A group of anti-gambling Republican lawmakers newly elected in the state replaced some who previously supported the idea, according to the Texas Tribune. In addition, three GOP senators who supported a gambling expansion in 2023 say they now oppose the idea. The Texas legislature meets only in odd-numbered years.

In addition, opposition to a casino complex in the Dallas suburb of Irving has been mounting. According to KERA News, “thousands” have signed a petition against converting a 1,000+ acre parcel that was the site of the old Texas Stadium into a mixed-use entertainment development. The project by Las Vegas Sands could ultimately crumble without a casino.

Hous..

March 14, 2025

Hawaii digital sports betting bill passes first senate committee

Despite opposition from multiple government agencies and several groups of native Hawaiians, a senate committee in the state advanced a digital sports betting bill.

The Hawaii senate joint committee on economic development and tourism and commerce and consumer protection unanimously moved forward HB 1308 on Thursday (13 March). Of the nine votes, four were “with reservations”.

The bill would allow four digital sports betting platforms and no retail locations. It does not have a tax rate or fees in it. Both were removed by a house committee that wanted to keep the issue alive. The bill has been passed in the house and now by one senate committee.

The senate committee members questioned witnesses about how much money legal sports betting would bring into the state and about the potential for gambling addiction.

It was somewhat surprising that the bill got out of committee, as the number of opponents far outnumbered supporters. Opponents included several government agencies as well a..

February 27, 2025

Hawaii senate committee defers digital betting bill as legalisation hopes fade

A Hawaii senate committee deferred a version of a digital sports betting bill that was sent to the house floor, leaving the issue all but dead.

Up until Wednesday (26 February) afternoon, Hawaii looked like the state with the best shot to legalise digital sports betting in 2025. But the senate commerce and consumer protection/ways and means committee opted instead to defer the bill.

Its companion, HB 1308, got through the house finance committee two days earlier. But without a taste for the issue in the senate, any further action by the house will likely be academic.

SB 1569 did not get any discussion on Wednesday. “After reviewing the testimony, the recommendation is to defer,” said Donovan M Dela Cruz, the chairman of the senate committee.

Written testimony revealed that multiple state government agencies oppose the measure, including the department of the prosecuting attorney; the department of business, economic development and tourism; and the attorney general. All cited co..

February 14, 2025

Draftkings posts positive 2024 EBITDA although misses guidance

Draftkings posted a revenue of $4.77 billion in its 2024 full-year results, up 30% year-on-year. However, the US gambling major missed its EBITDA guidance for the year.

The group reported a positive EBITDA of $181.3 million, up from the previous year’s loss of $151 million. This is the first time the operator has posted positive EBITDA since becoming listed in April 2020.

However, this is some way below Draftkings’ full-year adjusted EBITDA guidance of $240 million to $280 million, announced during its third quarter results.

The 2024 guidance was dropped due to a bad run of NFL results in October, as it had previously been set at a range of $460 million to $540 million.

Draftkings CFO Alan Ellingson, in a statement, called 2024 a “milestone year” for the group as it achieved its first year of positive adjusted earnings.

Draftkings’ fourth quarter

Turning to Q4, Draftkings reported a revenue of £1.39 billion during the period, up 13% on the previous year’s $1.23 billion. This re..

February 5, 2025

Hawaii senate committee moves sports betting bill, but road to legalisation no sure thing

A Hawaii senate bill that would legalise digital sports betting moved forward on Tuesday (4 February). But not convincingly.

On Tuesday the senate economic development and technology committee advanced SB 1569, which would allow for statewide mobile sports betting. It is the second wagering bill to gain traction in the Hawaii legislature in a week.

On 31 January, the house economic development and technology committee moved HB 1308 forward. That bill is the house companion to SB 1569. In both chambers, the committees unanimously moved the bills, but several lawmakers did so “with reservations”. That suggests that the bills won’t have a smooth ride through the legislature.

The sports betting bills are two of at least eight gambling bills in the state legislature. Among them is a house bill that would only allow for gambling in designated tourist zones, a restriction not seen elsewhere in the US, but proposed and in practice in several Asian countries. There are also bills that wou..

January 8, 2025

Sportsbook+ could be DraftKings’ tax saviour. But in the era of subscriptions, will consumers add one more?

On 28 December, DraftKings quietly launched a new subscription service, dubbed DraftKings Sportsbook+, for select customers located in New York. The new service, which allows for odds boosts on parlays, is the first of its kind – and it could be the company's tax saviour. But will bettors actually subscribe?

Essentially, Sportsbook+ allows subscribers to get better odds on parlays. Each applicable parlay must be at least two legs and each leg must have odds of -500 or narrower. For each leg added to the parlay, the odds would be improved by 10%. In other words, a two-leg parlay would be boosted 10%, a three-leg bet would be boosted 20% and so on. Parlays with 11 or more legs would be boosted by 100%, or double the original payout. The maximum applicable bet is $25.

The news of the launch was first reported by Sportico on 3 January.

DraftKings said the service would be available to “select, eligible customers” in New York, but didn’t elaborate on specific criteria. The fact t..

January 3, 2025

State of the Union: Missouri sports betting update, California tribes sue, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

MO wagering coming online sooner than expected?

Legal Missouri sports betting could be available sooner than mandated. The new law, passed by voters on 5 November, requires the state gaming commission to launch operators by 1 December 2025. But on 2 January, Missouri Gaming Commission (MGC) chairman Jan Zimmerman told Sports Betting Dime, “Depending on how quickly the process goes with getting the rules to the governor’s office, getting them signed, getting everything to the attorney general’s office, we could be looking at earlier in the summer than we anticipated.”

The emergency rules process is moving more quickly than expected, said Zimmerman. She is hopeful that the emergency regulations will reach the governor and attorney general for approval by the end of January. Should that happen, the MGC could op..

December 31, 2024

DraftKings, Fanatics settle Hermalyn suit

The settlement allows Michael Hermalyn to continue working as VIP president for Fanatics.

A high-profile legal battle between DraftKings and Fanatics Sportsbook is coming to a close. Just before Christmas, the companies reached a settlement in their dispute over executive Michael Hermalyn’s transition from DraftKings to Fanatics.

Reuters reported that the settlement effectively ends the litigation between the parties. It was announced on 22 December and finalised in a filing with the US District Court for the District of Massachusetts. The court dismissed the case with prejudice, which means the issue cannot be legally revisited.

The conflict began earlier this year when Hermalyn, a former senior executive at DraftKings, accepted a position at Fanatics Sportsbook. DraftKings accused Hermalyn of breaching his employment agreement and potentially sharing confidential business strategies and trade secrets with his future employer.

Hermalyn hired to build out VIP base

Fanatics, an eme..

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Tag: DraftKings