DraftKings – Page 4 – FairOdds Network

July 9, 2024

NJ DGE slaps DraftKings with $100,000 fine, stern words

The New Jersey Division of Gaming Enforcement (DGE) has smacked DraftKings with a six-figure fine and a verbal undressing for reporting inaccurate sports wagering numbers over several months, the Associated Press reported on Monday (8 July).

In a letter sent to DraftKings on 16 June, DGE’s acting director Mary Jo Flaherty wrote, “These types of gross errors and failures cannot be tolerated in the New Jersey gaming regulatory system.” Flaherty, not mincing words, described DraftKings’ conduct as “unacceptable”.

The DGE levied a $100,000 fine against the company for the offence, wrote the AP.

Every month, each of New Jersey’s 16 licensed mobile sportsbooks has to report its financials in a number of categories. Included are handle (amount wagered) and revenue, broken down by sport, with multi-leg parlay bets separated out. According to the DGE, the Boston-based company over-reported the amount wagered on parlays and under-reported in other categories.

The company has consistently bee..

April 4, 2024

ESPN Bet can challenge market leaders, Truist report shows

ESPN Bet could soon challenge US market leaders Draftkings and FanDuel according to Truist's nationwide survey focused on consumer preferences.

Data collected by Truist Securities analysts in their 2024 Interactive Gaming Survey shows that Penn Entertainment’s ESPN Bet gaming brand has the potential to take on the big two.

According to Truist, it is ESPN’s position as the primary app for bettors to check scores that could help its branded sports betting platform rival DraftKings and FanDuel.

Some 44% of sports fans surveyed said they checked scores on ESPN and 64% of those said they would have interest in betting integration beyond listed lines.

Of the respondents who both frequent ESPN and showed an interest in betting integration, a majority (52%) stated it was likely that ESPN Bet will become their primary wagering platform. Nearly all others (45%) stated it was possible.

Penn’s prospects of overhauling DraftKings and FanDuel

Reflecting on the results, Truist managing d..

March 28, 2024

PGAM 2024: How is the industry raising RG standards?

This year’s US Problem Gambling Awareness Month (PGAM) comes amid the first concerted backlash against gaming expansion, so how has that changed the way operators are leveraging the initiative? iGB speaks to executives from DraftKings, Betr and OpenBet to find out what these companies are doing to raise standards.

Following the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, gambling fever has swept large sections of the US, with 40 jurisdictions since taking up the option to offer legal wagering.

The National Council on Problem Gambling (NCPG) launched PGAM in 2003 with the aim of raising awareness on the issue. Since its inception, and particularly post-PASPA, the event has marked an important month in the calendar in the fight for responsible gambling (RG).

Chrissy Thurmond, head of RG relations at DraftKings, hails the influence of PGAM in helping the gambling industry to combat irresponsible play.

“One of the things that has been really benefic..

March 27, 2024

Leading US operators launch Responsible Online Gaming Association

Seven of North America's largest operators have joined together to launch the Responsible Online Gaming Association (ROGA) in a bid to promote responsible gaming (RG).

ROGA is aiming to promote best RG practices among the industry. BetMGM, Bet365, DraftKings, Fanatics Betting & Gaming, FanDuel, Hard Rock Digital and Penn Entertainment are all collaborating.

According to the launch announcement, the companies involved represent over 85% of the legalised online sports betting and igaming industry in the US. They have pledged more than $20m (£15.8m/€18.5m) to support ROGA’s objectives over the first year of its existence.

Dr Jennifer Shatley will serve as ROGA’s executive director, tapping into her 25 years of experience within the industry and extensive work as an RG executive to facilitate widespread education on the topic.

Shatley’s work with ROGA will take place alongside her role as president of the Nevada Council on Problem Gambling, as well as her position as a member of t..

March 22, 2024

Defendant claims “character assassination” from DraftKings in preliminary injunction case

A former DraftKings employee has accused the company of “aggressive smearing” of his reputation in a response to attempts to block him from working with Fanatics.

Michael Hermalyn worked at DraftKings as senior vice-president of both its business development and growth departments, spending three and a half years with the company. Hermalyn then departed for Fanatics in February 2024, joining as president of VIP and head of its Los Angeles office.

DraftKings has since accused Hermalyn of stealing company secrets and soliciting customers and former colleagues.

In early February, at the request of DraftKings for a preliminary injunction, a federal judge placed a temporary order barring Hermalyn from utilising trade secrets, as well as soliciting customers or employees, in his new role.

However, Judge Julia Kobick of the United States District Court in the District of Massachusetts rejected DraftKings’ request to completely bar Hermalyn from working for Fanatics.

In response, Hermal..

February 16, 2024

DraftKings ups 2024 forecast after strong end to 2023

DraftKings has lifted its forecast for 2024 after posting positive earnings as well as soaring revenue in the final quarter of 2023.

DraftKings expects to post its first full year of positive adjusted EBITDA in 2024, with earnings of up to $510m (£405.2m/€473.7m), compared to the previously stated $450m. Revenue for 2024 is now expected to be between $4.65bn and $4.90bn from the range of $4.50bn-$4.80bn. The forecast was published in its preliminary results for 2023 and Q4 results.

Significant operating efficiencies

draftkings will acquire lottery app jackpocket for $750m, it announced on thursday

In the year to 31 December 2023, DraftKings saw revenue rise 63% to $3.7bn. Loss from operations was $789.2m, compared to $1.5bn in 2022, while negative adjusted EBITDA was $151.0m. This was significantly less than last year’s $721.8m.

During the year, DraftKings saw cost of revenue grow by 57% to $2.3bn. However, sales and marketing was flat and general and administrative expenditure de..

February 12, 2024

Barstool scores sports betting partnership with DraftKings

Barstool Sports has announced details of a new a multi-year sports betting partnership with DraftKings.

Under the agreement, DraftKings is now the official sports betting partner of Barstool. David Portnoy, the founder of Barstool, confirmed the news in a blog post shortly after Super Bowl LVIII ended last night (11 February).

The deal marks the second time that the two parties will be working together. DraftKings and Barstool were previously partnered on a marketing collaboration 10 years ago.

“I’m proud to announce Barstool has signed a multi-year monster deal with DraftKings,” Portnoy said. “We’re back to our roots. DraftKings is once again the exclusive sports betting partner of Barstool Sports. The more things change the more they stay the same.”

DraftKings is yet to comment on the announcement.

Barstool back with Portnoy

The deal comes just a few months after Portnoy took back the Barstool brand from Penn Entertainment. Penn purchased the brand in 2020 and was running spo..

January 31, 2024

DraftKings partners with LeBron James

DraftKings has partnered with professional basketball player LeBron James, in a deal that will see James become a talent ambassador for the operator.

Announced today (31 January), the deal will see LeBron share insights on football, as well as a number of select events.

Jason Robins, CEO of DraftKings said that partnering with LeBron was a privilege for the operator.

“Welcoming one of the most influential and greatest athletes of all time, LeBron James, to the DraftKings family is an absolute honour and privilege,” Robins wrote on LinkedIn.

The partnership will result in opportunities for sports fans and fans of LeBron to further engage with DraftKings’ product offering.

“We look forward to working with a passionate sports fan who shares the same competitive mindset that echoes throughout the walls at DraftKings, while delivering exciting engagement opportunities to our customers and his loyal fanbase for years to come,” he continued.

In a post on X – formerly known as Twitter –..

January 8, 2024

DraftKings and BetMGM secure market access in North Carolina

DraftKings and BetMGM have struck market access agreements in North Carolina ahead of the Tarheel State launching its legal sports betting market.

Both arrangements cover sports wagering in North Carolina. DraftKings will partner with stock-car racing series Nascar and BetMGM the Charlotte Motor Speedway in the state.

Under DraftKings’ deal with Nascar, the operator becomes the series’ exclusive daily fantasy sports partner in the US and Canada. DraftKings will also be an authorised gaming operator of NASCAR and secure additional sponsorship benefits across Nascar.

Subject to regulatory and licence approvals, North Carolina will become the 27th US state in which DraftKings is active. This comes after it also secured approval in Vermont last month.

“DraftKings and Nascar have collaborated closely with each other over the years, sharing a like-minded commitment to enhancing the fan experience,” DraftKings’ North America president, Matt Kalish, said. “We look forward to the next chapt..

December 13, 2023

Tennessee passes $500m handle for first time in November

Tennessee reported $515.5m (£412.0m/€477.8m) in gross handle for November, the state’s Sports Wagering Advisory Council announced on Monday (11 December).

It is the first time handle has passed $500m in a month since sports betting went live in Tennessee in November 2020.

The 16.2% increase was a marked improvement from the 6.2% rise recorded in October. It fell short of the 72.9% month-to-month growth seen in September, although that coincided with the NFL and college football seasons getting underway.

Gross wagers also surpassed $500m for the first time, receiving $517.1m for the month. This is up 17.7% from November last year, while it is a 41.4% increase on November 2021.

The state collected $9.5m in privilege tax, again the highest amount since sports wagering was launched there.

Continued growth in Tennessee

A challenging start to sports betting in Tennessee saw revenue fall to a record low of $10.1m in August 2021.

The state has rebounded impressively since then, however,..

December 6, 2023

DraftKings CEO Robins “keeping a close eye” on ESPN Bet launch

Speaking at the third annual Craig-Hallum Online Gaming Conference, DraftKings CEO, Jason Robins, says he is “keeping a close eye” on ESPN Bet's launch.

DraftKings CEO Jason Robins isn’t concerned over ESPN Bet’s launch, instead claiming it could be a positive for the market.

ESPN Bet, a product of a $1.5bn (£1.2bn/€1.4bn) deal earlier this year between Penn Entertainment and Disney-owned ESPN, launched across 17 states on 14 November.

The ESPN Bet mobile app was downloaded over a million times in the first six days after its introduction. This was no doubt helped by the busy sports calendar of Thanksgiving week.

Unfazed by the competition

Despite ESPN Bet smashing the record for sportsbook downloads, Robins is unfazed by the competition.

Taking time during his presentation at the third annual Craig-Hallum Online Gaming Conference, he re-affirmed DraftKings’ position as one of the top two operators in North America alongside FanDuel.

“[It’s] not the end of the world in ..

November 1, 2023

DraftKings partners Passamaquoddy tribe for Maine sportsbook

DraftKings has reached an agreement in principle to partner with the Passamaquoddy tribe and launch an online sportsbook in the state of Maine.

The deal, DraftKings says, remains subject to licensing and regulatory approvals. Should it get the green light, DraftKings and the Passamaquoddy tribe will jointly launch the Maine-facing sports betting offering.

Players aged 21 and over will be able to access the DraftKings sports betting app. This offers a wide range of wagering options across various sports leagues and competitions.

The launch would mark the 25th US state in which DraftKings offers sports wagering.

“Building a relationship with the Passamaquoddy tribe is a fantastic opportunity for DraftKings, as we look to bring customers in the state of Maine safe and legal sports betting,” DraftKings co-founder and CEO Jason Robins said.

“We look forward to our continued collaboration with the Maine Gambling Control Unit as we become the official mobile sports betting provider of ..

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Tag: DraftKings