Tag: DraftKings

DraftKings Sportsbook Lands Partner For Michigan Sports Betting

[ad_1]

A major player in the world of legal sports betting has found an entrypoint into Michigan.

DraftKings Sportsbook announced it has partnered with Bay Mills Indian Community, a tribe in the Upper Peninsula that operates two casinos in the state.

As a result, ahead of Michigan launching online sports betting, DraftKings gains an avenue to its eighth state to offer legalized online wagering.

DraftKings pads state sports betting portfolio

The daily fantasy sports giant began its quick rise to power in 2018 by making its debut in New Jersey. It has since taken over as a dominant force in the Garden State and has aggressively expanded as other states passed legislation to regulate wagering.

Since its New Jersey origins, DraftKings Sportsbook has started operations in the following states:

  • Pennsylvania
  • West Virginia
  • Indiana
  • New Hampshire
  • Iowa
  • Colorado

In addition, DraftKings boasts branded retail sportsbooks in Colorado, Iowa, New Hampshire, New Jersey, Mississippi, and New York.

DraftKings, which recently started to offer DFS in Michigan, became a publicly traded company toward the end of April and has become quite successful as stocks have risen from $17 to $41 during that stretch.

The company certainly has high expectations for Michigan sports betting, as stated by Ezra Kucharz, chief business officer for DraftKings, in the press release.

“The Great Lakes State presents a number of gaming opportunities and we look forward to collaborating with Bay Mills to provide residents with the best-in-class experience DraftKings is known for.”

Bay Mills gets into the swing of sports betting

As indicated, DraftKings will operate a branded brick-and-mortar sportsbook at Bay Mills Resort & Casino, the longest-running casino in Michigan.

The Bay Mills tribe stood as one of 15 partnerships available for sportsbook operators and actually became one of the later land-based properties to land such a partner.

That said, while late, Bay Mills gained quite an asset in DraftKings.

After all, competing properties boasted renowned sportsbooks as FanDuelWilliam HillFox Bet, BetMGM and PointsBet.

With DraftKings, Bay Mills wields a powerful tool as the company features a wide customer base and great familiarity. For good reason, Bay Mills has expressed excitement for the next step.

“We are excited about our new partnership with DraftKings,” Bryan Newland, tribal chairman for the Bay Mills Indian Community, said in the release.

“Expanding on what entertainment options we can offer at Michigan’s longest operating gaming facility is always our goal. Our new on-site DraftKings Sportsbook will be one more great reason for Michiganders to vacation with us in the Upper Peninsula.”

[ad_2]

Source link

Colorado Sports Betting Officially Launches; DraftKings Offers Broncos Promo

[ad_1]

Colorado has become the 18th state with legal sports betting, going live today, May 1.

Though the state’s physical casinos — located in rural Cripple Creek, Black Hawk, and Central City — are closed until May 8 due to recent extended shutdown, bettors can take advantage of the state’s online sports betting and place their bets.

Despite launching during the looming COVID-19 pandemic, operators recently told PlayUSA how optimistic they are about Colorado’s future as a US betting power player.

There are four CO sports betting apps live today, including DraftKings. To mark the occasion, it has released a new promo boost through May 5 that might entice even the most die-hard Denver Broncos fans.

Read on for more Colorado sports betting info and how to take advantage of this limited offer.

Colorado sports betting basics

Colorado has an impressive and expansive list of brands on tap. Draftkings is expected to be a dominant force in the Colorado market once things begin to normalize around the country. But the company will also have to compete with other top-tier brands like FanDuel Sportsbook and William Hill.

As PlayColorado notes, patrons will have four CO sports betting apps to choose from on launch day. Other sportsbooks are expected to roll out mobile applications in due time.

  • FanDuel
  • DraftKings
  • BetMGM
  • BetRivers

Additionally, the state has approved 11 online operators which vary from operators like Rush Street Interactive to Fox Bet.

Approved sportsbooks:

  • theScore
  • PointsBet
  • Fox Bet
  • Circa Sports
  • Smarkets
  • Roar Digital
  • William Hill
  • Rush Street Interactive
  • Penn Sports Interactive
  • FanDuel Sportsbook
  • DraftKings Sportsbook

Not only will customers have access to traditional sports leagues (NFL, NHL, MLB, NBA), they will also be able to bet on in-state colleges like the University of Colorado and Colorado State. However, books are not authorized to offer individual collegiate prop bets.

DraftKings Sportsbook Colorado promo

For a limited time, DraftKings Sportsbook will be offering Colorado users +100 odds on the Denver Broncos to win over 6.5 games.

The Broncos went 7-9 last year finishing second in the AFC West with quarterback Drew Lock going 4-1 as a starter. Denver invested heavily in offensive weapons to help their young QB for the 2020 campaign, selecting top wide receiver Jerry Jeudy with the 15th overall pick and wideout KJ Hamler in the second round. Couple this group with emerging stars like tight end Noah Fant, wideout Courtland Sutton and newly acquired running back Melvin Gordon and +100 odds look very nice.

Denver Broncos CO Boost

  • Boost excludes: no parlays, free bets, cashout bets, void bets, live bets
  • Boost odds must be placed in the state of Colorado as individual bet slip
  • Max bet $50
  • One bet per user
  • Odds were -305, now +100

Bettors have until May 5 at 11:59 PM ET to place wagers.

Mobile Colorado betting at a glance

A significant CO sports betting rule is the ability for customers to register for accounts remotely. With the pandemic sweeping the country and quarantine measures in place, remote registration is beneficial.

Another benefit to mobile registration is its ability to drawn in potential customers from neighboring states. Residents from Wyoming, Nebraska, and Utah only need to cross the Colorado border to be able to register for an account and place a wager. With geolocation, once a player exits the state, they will no longer be allowed to bet.

The current list of available sports to bet on may be limited. But major sports leagues are continuing to discuss ways some seasons can be salvaged (NBA, NHL) or begin on time (NFL).

[ad_2]

Source link

DraftKings Acquires SBTech And Finally Goes Public

[ad_1]

Another week of social distancing and quarantining is in the books. Another week closer, hopefully, to the light at the end of the tunnel.

We hope everyone is staying safe, smart and sane in these trying times.

It used to be that sports provide an outlet from reality. Alas, they remain sidelined. Even casinos could offer an escape. Similarly, they are still shuttered. But US gambling news persists. So at least there’s something.

On to the Rewind:

DraftKings acquires SBTech, goes public

Following years of building up its daily fantasy sports pedigree and rising as a legal sports betting powerhouse, DraftKings has now become a publicly traded company.

Shareholders last week approved the company’s acquisition of SBTech, setting up DraftKings’ announcement a day later that it completed various transactions to complete the reverse merger.

Then, under the DKNG ticker symbol, DraftKings made its Nasdaq debut.

The details of the deal feature Diamond Eagle Acquisition Corp. paying $2.7 billion in cash and stock for both DraftKings and SBTech, a sports betting tech supplier. DraftKings is expected to receive $2.055 billion in the transaction.

For clarity, this does not mean a change of ownership for DraftKings. Rather, the deal was merely a method for the company to go public.

Diamond Eagle projects DraftKings revenue would increase by $460 million by 2021. This is partly due to the combination of DraftKings Sportsbook and SBTech, which will become one of the largest online sports betting, iGaming and DFS platforms.

A path for online sports betting in New York?

One of the biggest advocates for expanding legalized sports betting in New York showed a bit of his hand to finally bringing online wagering to the Empire State.

Assemblyman Gary Pretlow told Legal Sports Report that he would push for a constitutional amendment bill to do just that.

This decision comes during a time featuring uncertainty surrounding lawmaking sessions because of COVID-19 and on the heels of another failed effort to convince Gov. Andrew Cuomo to include mobile betting in the state budget.

Additionally, Pretlow said the amendment would allow legal wagering at off-track betting parlors and sports facilities.

With an obstacle-free path, such a proposal would require legislative passage in each of the next two years before hitting the public ballot in November 2021.

The state has obviously shut down due to the coronavirus, which will certainly affect overall revenue. It is believed that when lawmakers reconvene, they could piece together a supplementary revenue bill. And as Legal Sports Report detailed, that bill could create an opening for online sports betting in New York.

While Sen. Joseph Addabbo Jr. stands against an amendment, he conceded that he would get behind one “as a last resort. If the revenue package doesn’t materialize, I’ll do the amendment.”

Twin River acquires three Caesars, Eldorado casinos

Casinos may remain closed due to the coronavirus pandemic, but that has not stopped Twin River Worldwide Holdings, Inc. from padding its portfolio.

The group announced two agreements last week, one to acquire a pair of casinos owned by Eldorado Resorts as well as one with Caesars Entertainment to take on Bally’s Atlantic City in New Jersey.

The two Eldorado properties include Eldorado Shreveport Resort and Casino in Louisiana and Mont Bleu Resort Casino & Spa in Nevada.

According to the release, Twin River acquires both Eldorado casinos for $155 million, while the Bally’s deal will cost the group $25 million in cash.

As a result, Twin River adds three more states to its reach.  It already owned and managed properties in Rhode Island, Mississipi, Delaware and Colorado.

Recall that Caesars and Eldorado have a merger pending, which will obviously include three fewer properties.

[ad_2]

Source link

Categories: Gambling News

Tags:

Diverse Gambling Offerings Make DraftKings, FanDuel Built To Last

[ad_1]

The physical gambling world represents something of a nationwide ghost town: brick-and-mortar casinos shuttered, retail sportsbooks void of traffic, a general eeriness permeating the gaming world.

Online, however, another story unfolds: Business is carrying on, mostly for online casinos. And while established brands — such as Golden Nugget and Borgata in New Jersey — have flourished, newcomers have thrived.

That includes DraftKings and FanDuel, two companies that were solely dedicated to daily fantasy sports just a few years ago. Now, both are also legal sports betting powers and rising online casino operators. The two have seemingly been built to last and to sustain any situation.

“When you have multiple verticals like we do, it’s a big advantage,” said Johnny Avello, director of DraftKings Sportsbook. “We do have retail (sportsbook) locations, in New York and Mississippi and New Jersey and we were just about to open up one in New Hampshire and Colorado shortly.

“But we are an online company. That makes us a little different than a lot of others. We do have the casino, which is actually doing fantastic. I must say there’s been a shift from sportsbook to casino. … It’s nice to know that when one’s not doing so well, another area can pick up the slack.”

Online casinos pick up in popularity

The online casino industry — even online poker — has become more popular of late as regulated wagering has been sidelined due to the coronavirus pandemic.

Many still want gambling opportunities and the likes of DraftKings and FanDuel have obliged.

Near the end of March, DraftKings saw an 8% spike in iGaming bets over a week. From March 10 on, DraftKings Casino enjoyed a 34% increase in active players.

It only makes sense for any business to have some sort of backup plan in its arsenal. Just in case some relatively unexpected situation arises, said business can push forward, following that new track.

Yet as everyone will tell you, including Avello, nobody could have predicted the coronavirus pandemic.

“You could have contingency plans and lay them out in case ‘X’ happens,” Avello said. “But nobody expected ‘Z’ to happen. When you lose (all the sports), all pertinent content that you offer and that everybody’s used to, especially surrounding some of the bigger events that were coming up … you lose all of that and you have to scramble what you’re going to offer your patrons.”

FanDuel, DraftKings catering to online casino customers

FanDuel Group, which runs FanDuel Sportsbook as well as online platforms Betfair Casino in New Jersey and FanDuel Casino in Pennsylvania, noted how it — like every other sports fan — looks forward to the return of sports.

In the meantime, FanDuel said, “we remain as committed as ever to giving our fans more ways to win. We’ve seen a jump in new casino players in NJ and PA as casino games become some of the most appealing content within our sportsbook app.”

In part, that spike in casino participation stems from brand familiarity and loyalty. Bettors who have no sports turn to other FanDuel offerings, for example.

However, FanDuel continues its quest to offer a wide range of products to best accommodate as many people as possible. In essence, like its counterpart DraftKings as well as other online gaming operators, FanDuel is built to last.

“We’re always looking to build on our offering and provide the best possible experience to FanDuel/Betfair players. We’re evaluating lots of different options for how to enhance the FanDuel Casino experience in PA. Since we launched with a limited set of games in PA, we were already working on adding more games and given the recent activity/interest in casino, we’ve accelerated that effort and plan to have new games in market in the very near future.”

Not about revenue for some operators

Not all sports are lost. Avello, for example, pointed to Pennsylvania and West Virginia, where DraftKings offers markets surrounding Taiwan’s Super Basketball League.

Books have also listed lower-tier soccer, darts cricket. Table tennis has become quite popular, even. Some sportsbooks have expanded into esports betting, which included wagering on the likes of Counter-Strike ESL Pro League.

Sports betting, though, appeals to only a fraction of the public. Cross-selling with DFS and online casinos allow DraftKings and FanDuel to reach other demographics. Once again, both are seemingly built to last.

“Being around sports as long as I have, being in the casino industry for over 40 years, being in the sportsbook arena for 35, I know that sports is something that people lean to, migrate to, especially when things aren’t going well. It’s nice just to be able to watch it and get your mind off of things. So I’m glad that we can still offer things for people to do that.

“It’s not about the revenue right now for us. We just want to make sure those people are safe and staying on board with us, knowing that we’re there to support them. We’re all in a tough time right now, but you don’t just drop the ball. You keep plugging forward.”

[ad_2]

Source link

DraftKings, Buffalo Wild Wings & More

[ad_1]

One of the best aspects of Sunday’s upcoming Super Bowl is the many ways to get into the game. Sure, there’s only one game on the board to bet on. But whether you just want to throw $100 on the game or just get really into the Super Bowl spirit, there’s a vast array of props, free contests and general promotions.

We’ve rounded up a list of the best freebies available to you both at sportsbooks and in general. With so many shots at winning big prizes, you might as well try your luck, right?

Some of the best free Super Bowl contests for 2020

DraftKings Super Bowl Squares: $54,000 In Prizes

DraftKings is also offering up its version of Super Bowl squares, which will be free to residents of New Jersey. Pick the last digit of the score for each team and then after each quarter, you’ll get points if you’ve guessed correctly. In total, they’ll be giving away $54,000 in prizes.

Volvo Safety Sunday: $1 Million Giveaway

Swedish automaker Volvo, who is known for the safety rating of his cars, is running a Super Bowl sweepstakes to promote the topic for the big game. How it works is you’ll have to visit VolvoSafetySunday.com before the game starts, design your own Volvo from 2020 models and from the summary page, click on “Try To Win This Volvo”. That’ll give you a unique code to enter the contest. If there’s a safety in the Super Bowl, they’ll give away $1 million in cars.

Rocket Mortgage: Win Up To $500,000

Rocket Mortgage usually has a funny ad running during the Super Bowl and this year, they’re also running a free contest. Essentially, it’s one big Super Bowl squares contest. Everyone who enters plays the popular Super Bowl Squares game and then they’ll put the winners into one big draw. The winner of that draw gets up to $50,000. Just by playing, you also enter a big draw for all participants to win $500,000.

H-E-B: Free Groceries For Life

When you’re watching the big game, keep an eye for the Eva Longoria commercial with grocery store H-E-B. You could win a lifetime of free groceries.

How it works is you’ll want to download the H-E-B app and register for an account. When you see the 60-second ad, you’ll have to remember the 10 H-E-B items from the commercial. Those who correctly submit the 10 items will be put into a draw to win free groceries for life.

Sabra’s Super Bowl 2020 Sweepstakes: With $100,000

The popular hummus company is launching a contest where one lucky player will dip into $100,000. In total, they’re giving away about $500,000 but the $100,000 is the biggest cash prize.

The RiDIPulous Sweepstakes is pretty simple: from now until 4:59 p.m. ET on Super Bowl Sunday (February 2), enter into the sweepstakes. Five lucky names drawn will win $100,000 and free hummus for a year.

Super Bowl contests with food freebies

Although you can’t win millions (or even thousands) with these promos, it’s worth noting these appetizing incentives available around the country in case you want to get a bite while watching the Super Bowl.

Buffalo Wild Wings

The famous sports bar and wing spot will be offering up free wings at all of their nationwide locations…if the game goes to overtime. If it does, they’ll hand out a free snack-sized order to every patron in their American and Canadian locations.

Applebee’s

Not to be outdone (or maybe out-winged), Applebee’s also has a freebie for foodies. Any delivery order totaling $40 or more placed on Super Bowl Sunday will get a free order of wings. Just use the promo code “FREEWINGS” at check out. Only valid for the first 40,000 orders.

DiGiorno

Thinking about DiGiorno instead of delivery? The frozen pizza giant might be able to hook you up. If at any point in the game the score is either 3-14 or 14-3, they’ll tweet out a link where fans can enter to get a free coupon for a free frozen pizza. The coupon will be redeemable in early March, ahead of Pi Day, which is March 14.

[ad_2]

Source link

Categories: Gambling News

Tags:

PlayUSA’s ‘On The Record:’ DraftKings Co-Founder Talks Sports Betting Domination, Plans

[ad_1]

Welcome to 2020 and a new volume of the PlayUSA series On The Record!

To kick off this new decade, I wanted to explore the explosive way DraftKings ended the year and attempt to understand what this means for the future of sports betting.

Ideally, you too ended 2019 with a merger announcement, a new partnership in New York, and the addition of New Hampshire to the sports betting portfolio — right?

You probably didn’t, but DraftKings sure did. Now, some might say — New Hampshire a state with a population of 1.356 million, what’s so significant about that?

Excellent question.

With the addition of the Granite State, Draftkings firmly establishes itself as one of the top sports betting providers in the Northeast. The company now has operations in New Jersey, Pennsylvania, and West Virginia and is starting its conquest of the Midwest with Indiana.

DraftKings now has five sports betting states, an established network of daily fantasy sports players, and on top of that, a new exclusive partnership with Madison Square Garden that includes the NY Knicks and NY Rangers.

And that’s not all.

The company is merging with sports betting technology provider SBTech, and both are being acquired by Diamond Eagle Acquisition, which is already listed on Nasdaq. Is that too much to process? If so, don’t worry. I found someone to help clarify all this information.

A brief discussion with DraftKings co-founder Matt Kalish

In addition to co-founder, Matt Kalish is also the chief revenue officer for DraftKings. I reached out to him and asked if he could answer a few pressing questions for me.

The following interview has been edited and condensed for clarity.

What does the launch in New Hampshire mean for the company?
As a New England-based company with our HQ in Boston, as well as a good number of employees who either live in New Hampshire or a short drive away, we were excited to win the opportunity to establish a presence in the Granite State. We are excited to have the opportunity to work with the New Hampshire lottery as the exclusive mobile provider in the state.

Are there any retail sportsbook locations you are looking to open in 2020?
As part of the deal with the New Hampshire Lottery, we will be opening some retail locations in the state. We are in the process of identifying appropriate sites for retail sportsbooks. Ultimately, we believe the mobile and retail sports betting experiences are complementary and work well together.

What is the next sports betting frontier? Is DraftKings monitoring any specific states?
We are keeping a close eye on every state that is considering legalizing or has legalized sports betting. We were excited to see bills progress in states like Michigan and Colorado. Our goal is to get a path to market, apply for a license, work to get regulatory approval for launch, and then go live as quickly as possible.

If other sports betting companies attempt to follow and become publicly traded companies, what does that mean for the future of sports betting as a product?
I can’t speculate on what other companies might or might do. But we think the US has the potential to become the world’s biggest sports betting market. Upon closure [of the deal], DraftKings will become the only vertically-integrated pure-play sports betting and online company based in the US. DraftKings is well-positioned to play a leadership role in the US market.

Where do we go from here?

Kalish is right when he said DraftKings is “well established to play a leadership role,” as the company is basically writing the playbook. You monitor a state, provide some testimony on a bill, apply for a license, and boom — you become the dominant force in the sports betting space. That makes the future of sports betting is anything but dim.

With Michigan now in play, and Illinois coming to the table, the Midwest is well-positioned to challenge any region as a sports betting hub. Expect it to become the next primary market as expansion steadily moves West.

The northeast market is far from done; there are still a few places that might get their five minutes of fame — Massachusets and mobile wagering in New York, to name a few.

The south will, eventually, become the crux of college football betting, which leaves us with Nevada and the west coast. So far, Oregon and Colorado have been soaking up the spotlight. But until the Golden State decides that it too wants to be part of the sports betting conversation, California will remain a glistening gem off in the distance.

[ad_2]

Source link

DraftKings, Nevada’s New Record, & A Congressman’s Focus On Tribal Betting

[ad_1]

We have hit the homestretch of 2019. A new year awaits.

It is a time to look ahead, to make resolutions, to leave the past in the past and move forward.

For some, however, simply putting 2019 in the rearview is not enough. They want to go out with a bang.

DraftKings merger makes waves

Turn back the clock to summer 2019, when Legal Sports Report caught wind of DraftKings standing on the threshold of a monumental deal.

Now, six months later, that deal has come to fruition.

The daily fantasy sports and sports betting power announced that it was entering into “a definitive business combination agreement” with betting technology provider SBTech and special purpose acquisition company Diamond Eagle Acquisition Corp.

Diamond Eagle already operates as a publicly traded group. Under this deal, Diamond Eagle would take on the DraftKings name. As such, DraftKings will become a publicly traded company.

This merger creates the only vertically integrated sports betting and online gaming company in the United States. DraftKings Sportsbooks is obviously a major player in the sports betting world with operations open in four states; SBTech has partnerships in five states. DraftKings currently leverages Kambi Group to develop its sports betting platform, but SBTech now provides the company with an in-house solution.

The deal is expected to close in the first half of 2020.

Nevada sports betting has a mammoth month

For those who thought the Nevada sports betting industry would take a hit because other states were coming online: think again.

The Silver State took in $614.1 million in wagers during November. It was not only a state record for that specific month but also a state record for any month in Nevada and national legalized sports betting history.

In fact, in no other month prior has a state sports betting industry exceeded $600 million in handle. The previous best for Nevada was $596.8 million, set in March 2019.

This data shows that Nevada remains a heavy hitter amid the ever-expanding world of regulated sports betting. Boasting Las Vegas as a destination certainly helps, as does the existence of online wagering. That said, other states have instituted better and easier ways for users to sign up for betting apps.

That at least cracks the door open enough for New Jersey and Pennsylvania, each of which features an online market that accounts for more than 84% of their respective state handles.

Congressman proposes tribal sports betting bill

As states continue to introduce and pass legislation legalizing sports betting, one Congressman has turned his focus toward Native American tribes.

Rep. Anthony Brindisi, from New York, has introduced bill HR 5502, which aims to “remove Federal barriers regarding the offering of mobile sports wagers on Indian lands when the applicable State and Indian Tribe have reached an agreement, and for other purposes.”

While not necessarily needed for tribes to offer online sports betting, it would definitely help clear the air. For example, there is the belief that the federal Indian Gaming Regulatory Act mandates that mobile wagering could only occur via servers existing on tribal lands.

This new legislation, however, would help eliminate such confusion. Per the bill, a wager occurs entirely on tribal lands if:

  • The person placing the sports wager and the server or other computer equipment through which the sports wager is accepted are in the same State
  • The applicable State and Indian Tribe have entered into a Tribal-State compact under the Indian Gaming Regulatory Act authorizing the placing of sports wagers through interactive sports wagering platforms

New York does not have online wagering available, although stakeholders remain persistent in correcting that; the state does feature retail sportsbooks run by tribes. Tribes also operate brick-and-mortars in OregonNew Mexico and Mississippi, and Michigan just legalized sports betting that would become available at 23 tribal casinos.

[ad_2]

Source link

DraftKings Will Become Publicly Traded Company After SBTech Merger

[ad_1]

After months of conjecture and speculation, the mammoth merger between DraftKings and sports betting technology provider SBTech has become official.

DraftKings, a daily fantasy sports giant and legal sports betting power, has “entered into a definitive business combination agreement,” according to a release, with Diamond Eagle Acquisition Corp. and SBTech. As a result, among other byproducts, DraftKings will become a publicly-traded company.

Details of the DraftKings deal

Without getting too far into the weeds, institutional investors will funnel some $304 million toward the newly combined DraftKings, which itself will feature a market cap of $3.3 billion and over $500 million in unrestricted cash.

The newly formed company becomes the only US-based vertically integrated sports betting and online gaming company. The deal is expected to close within the first half of 2020.

Diamond Eagle, a publicly traded “special purpose acquisition company,” will change its name to DraftKings once the merger finalizes. As such, DraftKings will become a public company.

“I look forward to building significantly upon our goals of continuing our state-by-state rollout,” said DraftKings CEO Jason Robins, “and creating the most entertaining and engaging customer experiences for sports fans globally.”

Two major sports betting players unite

As it has been well-publicized, DraftKings has grown into a prominent operator in the legal sports betting world. Its DraftKings Sportsbook has evolved into a market-dominant product in New Jersey as well as West VirginiaIndiana and Pennsylvania.

While DraftKings has leveraged its partnership with Kambi Group to develop online and retail sportsbooks, SBTech provides a turnkey solution, as it did for the only mobile sportsbook in Oregon earlier this year.

In an investor presentation, DraftKings noted that it will have a greater ability to release more innovative and unique betting products. With SBTech’s risk management, DraftKings will obtain better odds and more revenue.

In addition, with SBTech in its corner, SBTech will not have to rely on third-party help, aka Kambi. With in-house tech, DraftKings will be able to reduce costs.

DraftKings expanding outlook on gaming

While sports betting has quickly become a significant revenue-driver for DraftKings, the company is keeping its eyes on other verticals, as well.

When considering ways in which to boost betting business, cross-selling via an online casino is a pretty good solution.

In its investor presentation, DraftKings estimated that iGaming and sports betting could generate between $2.9 billion and $4.7 billion in annual revenue. Up to $1.2 billion could stem from iGaming such as online casinos. In New Jersey, 98% of DraftKings’ iGaming customers have been “cross-sold” from other DraftKings products.

How expansive could this merger become?

As noted, DraftKings is already a major DFS and sports betting player and still finding states in which to expand.

SBTech itself is no slouch with partnerships in New Jersey, Pennsylvania, Oregon, Arkansas and Mississippi. Internationally, SBTech operates in Mexico as well as in 15 European countries.

Now, courtesy of this merger, SBTech gains a stronger foothold on American soil. Now, DraftKings has its own tech. Now, if desired, it has an avenue overseas.

Now, DraftKings has more power.

[ad_2]

Source link

Categories: Gambling News

Tags:

DraftKings Sportsbook Aims For Jan. 2020 Online Launch In New Hampshire

[ad_1]

It has become official: DraftKings Sportsbook is on its way to the Granite State.

Mere days before Thanksgiving, the New Hampshire Executive Council approved the contract between DraftKings and the New Hampshire Lottery. Thanks to that Nov. 25 approval, New Hampshire and DraftKings can begin legal sports betting plans in earnest.

“Fresh off a victory in New Hampshire,” as he put it, DraftKings Chief Compliance Officer Tim Dent said the bookmaker could launch the state’s online sportsbook “some time” in January, thus making New Hampshire the ninth state with regulated mobile wagering.

Movement in New Hampshire sports betting is a win for all

Dent called it a win, and it certainly was for DraftKings. But New Hampshire also pockets a victory, as Gov. Chris Sununu noted in a press release.

“We moved fast to get this done, and the deal is a win for New Hampshire,” Sununu said. “We are partnering with a world-class company to provide a first-rate customer service experience. With today’s vote, everyone will now be able to bet on Tom Brady and the New England Patriots in time for this year’s Super Bowl.”

Added New Hampshire Lottery Executive Director Charlie McIntyre:

“The introduction of sports betting will broaden the appeal of the New Hampshire Lottery and engage new and existing customers, while generating millions of dollars in additional revenue to support education. We are working directly with DraftKings to implement a sports betting system that both engages players, while also ensuring all appropriate safeguards are in place.”

DraftKings offered what New Hampshire Lottery couldn’t refuse

DraftKings was selected as the lottery’s sports betting partner following a competitive bidding process.

The field of bidders appears as a who’s who of top bookmakers in the country, as the likes of KambiFanDuel SportsbookWilliam HillBetAmerica and Roar, among others, were also considered.

Using a scoring system that values each company’s mobile, retail and lottery capabilities, the New Hampshire Lottery determined DraftKings as the most suitable partner based on the “best financial package, the most highly rated mobile sports betting app, and the fastest implementation timeline,” per the release.

Under the approved contract, the state lottery would land 50% of gaming revenue from sports betting sales, which would go toward New Hampshire education. DraftKings intends to integrate New Hampshire into its singular app that runs in New Jersey, Pennsylvania, West Virginia and Indiana, thus allowing customers to use the DraftKings shared wallet.

Of course, DraftKings will have to configure its app to meet the regulations set forth by the lottery, such as an age restriction that requires users to be at least 18 years old to wager.

Additionally, as in New Jersey, New Hampshire prohibits betting on college events featuring universities from the state or on events staged in New Hampshire.

What about retail sports betting in New Hampshire?

In July 2019, Sununu signed legislation that allowed the New Hampshire Lottery to conduct sports betting, not only online, but also in as many as 10 physical locations around the state.

Certainly, the mobile app will launch first in New Hampshire, and Dent said the retail aspect still has some figuring out to do.

“We committed to a minimum of four retail locations, but there may be more to that,” Dent said. “We just completed a tour of various cities in New Hampshire and looking at potential partners and locations. It’s still being formulated as it relates to the retail configuration. It may be that there will be different configurations in different locations.”

In the meantime, DraftKings — based out of nearby Boston — will set up a local office in New Hampshire. Down the road, this will allow DraftKings personnel to be closer to the New Hampshire action should issues arise with the online or retail products.

Sports betting on the way to New Hampshire

The sports betting legislation signed by Sununu allows individual communities in the state to ask voters if they should incorporate regulated retail wagering. So far, six cities have given the thumbs-up:

  • Berlin
  • Claremont
  • Franklin
  • Laconia
  • Manchester
  • Somersworth

“We look forward to collaborating further with the New Hampshire Lottery to bring the DraftKings experience to sports fans in the Granite State,” Matt Kalish, co-founder of DraftKings, said in the release. “Our best-in-class mobile sportsbook and several retail locations throughout the state are sure to be a hit with all types of customers as legalized sports betting continues to expand across the country.”

Now, New Hampshire can begin its sprint toward a DraftKings mobile launch.

Said Dent: “It’s a win for New England.”

[ad_2]

Source link