DraftKings Archives - Bookiecity

DraftKings further increases full-year guidance after Q2 growth

DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.

The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.

This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.

Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.

DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..

May 23, 2023

MA regulator “frustrated” by DraftKings betting violations

Sports Betting News Bookiecity

Commissioners from state gambling regulator the Massachusetts Gaming Commission (MGC) said they were “frustrated” by DraftKings' betting violations.

DraftKings self-reported itself to the Commission after discovering it offered bets on the tennis UTR pro-series, which is not an approved betting event in the state.

The MGC’s Investigations and Enforcement Bureau (IEB) looked into the case. The wagering took place over a 12-day period from March 10 to March 22.

During this time, players placed 864 bets on three events for a total handle of $7,867. DraftKings said the reason the error took place was because of a “miscommunication” between its trading and trading compliance teams.

The fault occurred after the operator copied a list of tennis offerings from a different jurisdiction without verifying if the event was approved in Massachusetts.

After discovering the issue, the DraftKings returned stakes to the players who had placed a bet, as well as removed any winnings and returne..

March 10, 2023

Massachusetts’ mobile sports betting market goes live

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The six online operators approved to launch mobile sports betting offerings in Massachusetts – FanDuel, DraftKings, WynnBet, Barstool, BetMGM and Caesars – have gone live in Massachusetts.

More than six months on from when then-governor Charlie Baker signed House Bill 5164 into law, players have begun placing bets from the six online operators licensed by the Massachusetts Gaming Commission (MGC) – joining the now majority of US states that have legalised the activity.

The rollout follows the launch of retail sports betting towards the end of January, that permitted any land-based casino or racetrack operator to apply for a licence.

“The debut of sports betting in Massachusetts has delivered an incredible amount of excitement and activity to our retail sportsbook at MGM Springfield,” said BetMGM CEO Adam Greenblatt. “We’re proud to expand our best-in-class wagering experience statewide during one of sports’ biggest months of action.”

Role of sports fans

President of Caesars Digit..

November 30, 2022

CDI to develop DraftKings horse racing offering

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Race track and gaming business Churchill Downs Incorporated (CDI) has entered into a multi-year agreement with DraftKings to develop DK Horse, a pari-mutuel wagering horse racing product for the sports betting operator.

CDI’s B2B horse racing subsidiary TwinSpires will develop the white-label solution. This will involve providing the company’s advanced deposit wagering technology to DraftKings.

While TwinSpires initially started life as CDI’s B2C online betting and casino platform, the business pivoted to being a B2B provider after facing intense market competition in 2021.

Under the terms of the deal, CDI will also provide the pari-mutuel wagering rights to content that the business owns or controls, such as the Kentucky Oaks and Kentucky Derby. CDI will also provide additional horse racing content on the operator’s behalf.

“We are excited to collaborate with Churchill Downs Incorporated, not only to give our existing customers an opportunity to engage with pari-mutuel horse wa..

November 23, 2022

Maryland’s regulated sports betting market officially opens

Sports Betting News Bookiecity

Maryland’s online sports betting market is officially live, with seven operators now active in the state as of today (23 November).

Barstool, BetRivers, BetMGM, Caesars, DraftKings, FanDuel and PointsBet can now accept wagers in the state.

Caesars and DraftKings launched before the regulated market officially opened, in preparation for the imminent commencement.

Read the full story on iGB North America

November 18, 2022

Betfred and DraftKings launch sportsbook products in Maryland

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DraftKings and Betfred have become the latest operators to announce their entry into the Maryland sports betting market.

Betfred’s physical sportsbook will go live from today (November 18), while DraftKings’ sportsbook app is set to launch on November 23.

Both operators completed the mandatory early access test period, a measure implemented by the Maryland State Lottery & Gaming Control Agency, and paid the $500,000 application fee.

Read the full story on iGB North America.

September 13, 2022

Amazon to promote DraftKings odds during Thursday Night Football broadcasts

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Amazon has selected DraftKings as its sponsor and in-game odds partner for Thursday Night Football (TNF), a live NFL broadcast streamed on Amazon streaming service Prime Video.

The multi-year agreement will involve TNF integrating DraftKings content into the live pregame section of the show, which will include odds and a number of sports betting insights.

Content from DraftKings will be featured within all 15 TNF games played throughout the 2022 NFL season. The first game will take place on 15 September 2022.

Read the full story on iGB North America.

May 6, 2022

DraftKings beats EBITDA target, but still reports $467.7m Q1 loss

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DraftKings’ losses continued to grow to $467.7m in Q1 of 2022, but the business raised its earnings guidance for the year after its EBITDA loss was much lower than its target range for the period.

Revenue grew 33.6% to $417.2m in the quarter.

B2C online betting and gaming continued to make up the vast majority of DraftKings revenue, with revenue from this segment up 41.6% to $386.7m.

DraftKings chief financial officer Jason Park added that revenue in this area would have been $25m higher if not for lower-than-normal hold percentages.

Other revenue, such as revenue from media operations and the operator’s non-fungible token (NFT) “marketplace”, more than doubled to $17.0m.

“DraftKings delivered significant growth across our key revenue and performance metrics,” said Jason Robins, DraftKings’ co-founder, chief executive officer and chairman. “We are not seeing any impact from inflationary pressures on customer demand, and we continue to improve the user experience by adding breadth ..

May 5, 2022

Californians to vote on legalising online betting this year

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A proposition to allow online sports betting in California – but with licence fees of up to $100m – will to appear on the state’s ballot this November.

Flutter chief executive Peter Jackson confirmed that the measure – backed by Flutter’s FanDuel brand, as well as DraftKings and BetMGM – was set to appear on the ballot this November, having gained more than the required 997,139 signatures.

“We’re very excited abut the Californian situation,” he said. “Clearly getting to this stage was not straightforward but we’re very, very happy to be on the ballot.”

These signatures must still be verified, though the measure reportedly has enough signatures that this is expected to be a formality. If it appears on the ballot and is approved by a majority of voters, it will become law.

The measure is titled the California Legalize Sports Betting and Revenue for Homelessness Prevention Fund Initiative (2022), as 85% of tax proceeds will gowards reducing homelessness. Sports wagering will be taxed ..

April 26, 2022

New Yorkers using multiple mobile betting apps, research suggests

Sports Betting News Bookiecity

Mobile sports betting players in New York use an average of 3.3 apps to place bets, suggesting a lack of operator loyalty, according to research from mobile gaming customer acquisition company Betting Hero.

The research took place over March 2022 and assessed the answers of 215 respondents aged 21-64.

Most of the respondents (83%) were male.

The research revealed a number of key facts about New York’s mobile sports betting market, which opened on 10 January 2022.

Respondents reported using an average of 3.3 apps to place mobile sports bets. This is more than in New Jersey where an average of 2.8 apps are used.

A total of 23% of respondents stated they used four apps, while 19% used two apps. Using three apps was the third most popular choice, at 18%.

Six percent of respondents reported using six apps, while 4% reported using seven.

Turning to operators, 63% of sports bettors included DraftKings in their lists when asked to name as many real-money online sportsbooks as they could..

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