DraftKings Celebrates One-Year Anniversary of PASPA Ruling
DraftKings has been at the forefront of each state’s rollout offering sportsbook services and online app management.
The company’s CEO, Jason Robins sat down with Sports Illustrated to detail his outlook on the industry and where he feels DraftKings is going in the near future.
How Did DraftKings Handle the Launch of Sports Betting?
When asked about how his company reacted to the PASPA decision, Robins said, “It was a pretty exciting day. We had all been hopeful that that would be the outcome.”
But once the moment passed, the team at DraftKings knew there was work to be done.
”There was a brief moment of excitement and celebration, but then it was kinda, “Alright, it’s game time,” Robins told the magazine.
The company had been prepping their sportsbook and online betting strategy roughly one year prior to the PASPA decision.
When the Supreme Court picked up the challenge to the Professional and Amateur Sports Protection Act, DraftKings knew that a positive decision could revolutionize their entire business.
“We thought that this was too big an opportunity to not be ready,” Robins said.
The company was strangely at the time in the middle of a possible merger with rival FanDuel but that fell apart when the Federal Trade Commission blocked the agreement.
Once the merger dissolved, Robins said the company switched gears focusing solely on sports betting.
That focus led to DraftKings becoming the operator of the first sportsbook in New Jersey, a move that has been very profitable and established the company’s profile as a king in the business.
What Does Robins See as the Future of DraftKings?
Robins has indicated that the company will continue to find new ways to grow with their traditional business model.
“We’ve been an online and mobile company since our inception, so that’s definitely our bread and butter and that’s what we’ll focus on,” Robins said.
As it stands currently, DraftKings runs two sportsbooks in casinos in the U.S., one in New Jersey and one in Mississippi.
As more states adopt sports betting, DraftKings will find ways to include themselves in the market, either through a physical sportsbook or an online presence.
The company is confident in their future because the branding of DraftKings has helped draw attention to the company in these expanding markets.
“Some of it comes from also our casino and other partners want to have a retail presence and DraftKings branding on it, that’s part of the attraction of us as a partner,” Robins said.
What New Innovations Does Robins See Coming to Sports Betting?
With the high regulations and cutthroat competition of sports betting, companies like DraftKings will have to continue to evolve and innovate.
“I think social and peer-to-peer based betting options is going to be something that develops over time and becomes a significant chunk of the way that people are experiencing betting,” Robins said.
Robins added that wherever he goes, groups of friends talk about odds and bets they’ve made within the group and the social element could play a huge part in growth for the industry.