DraftKings to enter US sports betting market
The Boston-based company welcomed the Supreme Court’s decision and said that DraftKings has been preparing to enter the business for a year.
US.- Jason Robins, CEO of DraftKings, said that the company is ready to enter the sports betting market after the US Supreme Court struck down the federal law that prohibited people from gambling on sports.
The legalisation of sports betting in the US represents an “enormous” growth opportunity for the company, said Robbins earlier this years, amidst rumours that the high court would be striking down the prohibition. DraftKings has had discussions with potential land-based casino partners in New Jersey to succeed in a legal sports betting market. The state regulations require operators to work with casino companies to offer their services.
The Boston-based company said this week that it has been preparing ever since the Supreme Court announced that it would consider New Jersey’s attempt to legalise sports betting. Robbins said that he expects several states to formally legalise the gambling modality before the NFL season that starts in September.
The CEO also added that the company will push for regulations in states that have smart consumer protections in place but aren’t overly restrictive. He believes that DraftKings is well-positioned to enter the sports betting market due to its experience offering daily fantasy sports (DFS).
Robbins also said that Massachusetts is “poised” to enter the sports betting market as a major player. The state’s Governor Charlie Baker said that legislators should look into legalised sports betting and that he’s planning to hold discussions with Democratic legislative leaders about whether the state wants to be part of it and under which regulations.
State Senator John Keenan told 22News that discussions will centre on the potential impact of gambling in Massachusetts. “Is there revenue to be realized and what’s the social cost of realizing that revenue and that’s a debate that the legislature will have over the course of the next several months,” he said.
Massachusetts’ gaming commission said that a legalised sports betting market could bring more than US$61 million a year in state tax revenues. Keenan said that DraftKings’ participation will be decided by the legislature.
