DraftKings

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Get insights into DraftKings including business profile, stock information, news, and rankings from Fortune.

DraftKings (DKNG): Company Profile, Stock Price, News, Rankings

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DraftKings | Fortune

DraftKings (DKNG): Company Profile, Stock Price, News, Rankings | Fortune

Stuart Dyos

More Americans see gambling on sports as an investment tool, but DraftKings CEO says most bettors know ‘they’re likely to lose money’ over the long term

/2025/02/15/sports-betting-investment-draftkings-ceo-jason-robins-dkng-earnings/

The Associated Press

Missouri just became the latest state to legalize sports betting—and it comes after a record-setting $43 million campaign funded by DraftKings and FanDuel

/2024/12/05/missouri-legalize-sports-betting-record-campaign-43-million-draftkings-fanduel/

Summer Ballentine

DraftKings and FanDuel score a major win after the ballot measure to allow sportsbetting in Missouri barely scrapes by

/2024/12/05/draftkings-fanduel-missouri-sportsbetting-ballot-measure/

Amanda Gerut

DraftKings fined over CEO’s LinkedIn post

/2024/09/26/draftkings-fined-over-ceos-linkedin-post-sec/

Jef Feeley

Bloomberg

MLB players sue DraftKings for allegedly using likeness without consent

/2024/09/16/mlb-players-sue-draftkings/

Sasha Rogelberg

Americans are draining stock portfolios to shovel more money into sports betting

https://fortune.com/2024/08/27/sports-betting-gambling-investment-stock-bankruptcy-gen-z-men/?itm_source=parsely-api

https://fortune.com/2024/12/05/missouri-legalize-sports-betting-record-campaign-43-million-draftkings-fanduel/?itm_source=parsely-api

On the latest episode of Executive Exchange, host and Leadership Editor Ruth Umoh sits down with DraftKings cofounder and CEO Jason Robins to discuss the partnership between LeBron James and how their deal came together right before Super Bowl LVIII.

Jason discusses how the NBA changed the rules to allow active NBA players to endorse betting companies and that LeBron was their top target to sign. DraftKings also recently partnered with Barstool Sports once again and talks about why it made sense to bring them back as a sponsor.

Finally, Jason touches on the 9/11-themed 'Never Forget' parlay bet that was issued last September 11th and how to deal with situations that are challenging when running a company. He gives insight on making mistakes that you can learn from and turning that into a stronger person.

How DraftKings got LeBron James to join its lineup

Entertainment

Ruth Umoh sits down with DraftKings cofounder and CEO Jason Robins to discuss the partnership between LeBron James and how their deal came together right before Super Bowl LVIII.

How DraftKings got LeBron James to join their lineup

On the latest episode of Executive Exchange, host and Leadership Editor Ruth Umoh sits down with DraftKings cofounder and CEO Jason Robins to discuss the partnership between LeBron James and how their deal came together right before Super Bowl LVIII.

Lebron James is now a brand ambassador. He showed up for the Super Bowl in Las Vegas, a sponsor in the brand. How that collaboration come about? Well, we've been friends with the, you know, folks in lebron Circle for many years, Matt Carter has been a good friend for a long time. Um You know, we've gotten to know Rich Paul recently too. And so, uh when the NBA changed the rules recently to allow athletes to allow active NBA players to do endorsements for betting companies. Um he was our top target and um thankfully they were interested in doing something together and um I think it's going to be a great partnership for many years to come even when eventually, hopefully no time soon he's not playing. I think um there will be even more we can do because we can't do things oriented towards betting on NBA while he's an active player, for example. So he was doing a lot of stuff like the Super Bowl and everything for us. Um But very exciting one. I mean, I think lebron is one of those figures that just he transcends sports and transcends generations in a way that, you know, I think there's probably count on one hand athletes that you could even consider putting in the same category I want to really dig into, you know, my bet and obviously it's not legal in any, in every state, but the ease of access to betting as, you know, sports betting in particular can increase the likelihood of, of a gambling addiction. You know, one could be bedding away their entire house without any real friction. What role do you play in combat and that any potential of related mental health effects? Well, first, um, we take responsible gaming very seriously and I think one of the things that's important is it's not this black and white line between, I'm either, you know, somebody that is playing completely the way I should be or, uh I'm somebody with a real serious issue. Uh There's a lot of things everyone can do to play responsibly like knowing what is my monthly limit that I'm not willing to go over. And we actually provide tools that say I can set that where if you want us to make it so you can't spend more than X in a month or you can't play for more than, you know, this many days or whatever it is, we have tools like that, that can set those types of uh ability. And I, I think it's something we encourage everyone to use. Not just people who think, you know, if you think you may have a problem, you shouldn't be playing at all. Right. Um So I think it's really about using those tools if you're somebody that wants to play and can play responsibly and it's helpful to you versus having to mentally keep track of a budget to use the tools we provide. I think that's a very important part of it when you're talking about the, the, you know, very small percentage of people that do truly, you know, do not have the ability to play and just shouldn't be playing at all. Um I think our role is to one help identify those people and to help them get the help that they need. In the end, it's up to them, we can't force somebody to do that. Um But we can certainly point them towards the resources. All of our advertisements have that listed very prominently. We also publish those things to customers. If we uh you know, suspect that somebody has an issue based on what we're seeing, we have direct interventions that we do with them at times to ask them questions and make sure that they understand where they can get help. So I think this is a real opportunity that we have to take activity that really no matter what we do is gonna be happening one fact or another and put it in an environment where we really can make a difference in this area. Um It doesn't mean that, you know, it's something that, that we're going to completely fix anymore than anyone can fix anything where people have addiction issues. But I think much like, um, you know what you've seen, uh, in other industries, I think that it is something that we can play a real role in and should play a real role. Oh, you, so you do think that the onus is partly on companies as well or should fall on customers. It's both. So I'll give you an example. It is absolutely on us to make sure that we do not let a minor register for an account in play. However, I cannot stop a parent if they're in their home from handing their phone to their kid and saying, make a bet for me on this account that I the parent registered and properly KYC any more than I can stop them from going down to the store and buying a six pack of beer and bringing it home and giving a beer to their kids. So there is some onus on the individuals in, in these situations too, but there's a role we also have to play. We have to make sure that we're both doing what we can do to prevent it and that we're providing the tools and the education to help people understand this is where you can go. This is what you can do if you got an issue that we're flagging things that we see they're problematic. But in the end, it's a delicate line. Right. I mean, you go to somebody and you think maybe there's something there and they insist that it's not, and by the way that person is down money and then you tell them I'm cutting you off, they get upset with you. Right. So there is some level of, and by the way, the other thing is if you get them to go self exclude properly, they go through a statewide list. That doesn't mean they can just hop over to the next operator. That's something we're trying to work on together as an industry because it shouldn't be that hard to do that. But there, there are very strong benefits to getting somebody to self identify just like with anything else because ultimately, that's what's going to get them to get the help that they need. And in the end, you can't make someone go get help for something. You can tell them that you're not comfortable with what they're doing with you, but you, it has to be on them to decide that they want to change that behavior. All right. Well, I have to ask because we did talk marketing draftkings famously, you know, had that 911 promotion last year in which users could bet on several New York sports teams winning their games that day. You obviously faced a swift backlash and were decried for being tone deaf who got fired that day. Hopefully he got fired. We don't fire people over that. But we, we definitely made sure the person understood they made a mistake. I mean, it was a young 20 something who is like really hard worker, um, uh, person from another country that didn't understand the context and made a mistake. It sounds like you're taking the blame it on the internal loophole. No, it's not that you have to look at context for everything. I mean, you know, in this case, I, I think it was an honest mistake by somebody who otherwise was a strong performer and, you know, you make mistakes and you learn and um, some mistakes I think based on the way that they, you analyze them, maybe do deserve something like that. But this, this was ii, I really think that, um, if you have a culture where people are fearful that they make a mistake and they're gonna get fired, that also creates a lot of negative, not a negative aspects too. I mean, what it's been 13 years or so since you launched, I'm sure there've been many challenges of the year. What, what, what have you learned through? What, what, what immediately comes to mind in terms of challenges and what you learned from it. You know, I think the most important thing I've learned is just try to stay even keel. I had somebody uh at our company who's been with us for a long time, um, about six months or so ago. I was having dinner with him and he said, like, you've mellowed a little bit. I said, thank you. I guess I've like, you know, gotten beaten up a lot, uh along the way. But like, you know, you just learn not to freak out when like, challenges and just focus on what do I need to do to solve it? And same thing on the other side of it, like, you can't get too excited when you have a great day or a great month either. I mean, you know, it's good to celebrate. Everybody should recognize, especially recognizing employees. But if you allow yourself to get too up or too down, I think it's just, it's too much you can't survive. Um, the swings are just too great. Has there ever been a time where you blew up in the past? No, I wouldn't say blew up. I just, like I would say, I, like, I was much more stressed about it. Like, I, I like to the point where, like, I couldn't sleep or like, I, like, I never really got to up but I mean, we went through some really tough stuff at times and it was very stressful and I think anytime you go through anything that's really hard, um, the next thing just seems like, ok, like I'll figure it out because we got through that. And so I think a lot of the early ups and downs just really solidified for me, like, ok, I'm gonna be, even if I feel stressed now in some period of time, a month, three months, like it's gonna be fine. So, you know, can you give us an example because we want color for the article? Can you give it, for instance, you said you went through some really tough stuff. I mean, in 2015, late 2015 when we, you know, had the New York Attorney General coming after us and all these states and stuff and like, um, you know, we're getting beat up in the press and we were still as a company, a private company losing money, like very reliant on investor capital. Like I didn't know, like I had weeks where, like, I was like, I don't know if I'm going to make payroll next week kind of stuff. And like, you have all these people that are there relying on you and I mean, that takes a toll on you, especially when you also have media and other stuff covering it. It's very public. I went um and, you know, a short period of time from having a company that was very unknown to being, you know, just again, the seasonality of it, there was this big advertising campaign between us and Sandel in 2015 and ended up creating the whole New York situation and everything else. And um that was a very stressful period for us. But, you know, also you look at it and most things have a silver lining. That's what led us to become a regulated business, which is what ultimately opened the door for us to have a lot of the regulatory, you know, KYC, all the other infrastructure we needed to go into the regulated gaming business and the Supreme court overturned pass. But so actually ended up being one of the best things that could have happened to us. So that's another thing you kind of tell yourself is like, you know what, even the worst things that felt terrible in the moment that you were going through. Um Usually there's something positive that comes from it, even if it's just something you learn. Um, most people don't learn as much when things are going really well as you do when there's hard times that's what causes you to learn and evolve. So I think if you can go through enough of those experiences, you can channel that every time something challenging comes up, remind yourself one, I've been through this other thing this whole past two and two. How do I actually reorient myself towards getting the maximum benefit from learning something here.

It's football season and fantasy sports companies are dominating the airwaves with ads. Erin, who wins in this scenario? Companies or customers? I think it's obviously the companies in this scenario. We're looking at two main companies that are really dominating Dominating the airwaves, this is FanDuel and DraftKings. They are both venture- backed start- ups that are spending tons, hundreds of millions of dollars on ads both in apps, on TV, everywhere and it is really interesting because it is kind of like a circular movement of money. A lot of their venture funding is coming from the TV companies that are actually running these ads. So it's almost like they're buying their own ads, which I think is completely unsustainable. Well you're saying that companies, Gwen look, I think it's all about the customers in this scenario. Any economist would say that this kind of cut- throat competition will just Help drive down prices. It'll be good for consumers. So this has got to be good, right? I disagree because honestly I don't think that these two services are that differentiated from each other. I don't think there's really one that's much better than the other. And so ultimately the costumers are losing because we are being bombarded by ads. In our phone, on TV, everywhere we look and I think it's just kind of becoming annoying. Well I agree with you it's absolutely annoying they're everywhere but we're limiting our scope a little too much. So we're talking about these two companies but they're not the only players in fantasy sports right? We've got Yahoo! You've got CBS. There are other major media companies who play in this space. And the way I see it, again, coming back to the competition, more competition is better for the users. This differentiation, this lack of it, will only prompt The incumbents to keep trying. Well see that's the thing that I think is problematic here. I think ultimately people watching this market realize that there's kind of only room for one player. This arms race is essentially going to end with a winner and really the real winner here I think is going to end up being the broadcasters who are airing TV because You played fantasy, you're gonna watch more football. You watch football, you're gonna play more fantasy. They really actually do work really well together, so ultimately, these kinds of companies I think belong under the umbrella of a large broadcaster. That's a fair point. For one show that's always a touchdown, come to fortune. com for more TechDebate. [ SOUND ]

As football season revs up, online fantasy sports companies are going head to head. But with ads bombarding the airwaves, does any of this competition really help the customers? Fortune's Andrew Nusca and Erin Griffith discuss.

What's with all the FanDuel and DraftKings ads?

Sports

Disney has invested $ 250 million in the online fantasy site Draft Kings, valuing it at 900 million. Robert, is it worth the money? I don't see how it could be, Andrew. So Draft Kings, they've raised money three times in the past year, shooting their valuation from $ 200 million all the way up to $ 900 million. That's huge. That's a massive jump. It almost makes it a unicorn. Right, a billion dollar company. Right, so meanwhile you've got that happening and you've also got FanDuel in another corner, and other fantasy sports cast backed by Comcast and some others and it's considered the bigger player of the two. And you don't, you, you don't think this is Personally, I'm bored by sports, I find them boring, I don't understand why people like them so much. [ CROSSTALK ] Roger, come on, come one. Well, 41 million. Players in the US and Canada certainly think so. So you've got a series of very large companies trying to attract there attention. You've got CBS, you've got Yahoo !, you've got ESPN which is of course owned by Disney, and then you've got Fox. The interesting thing about these startups is that they have a different business model. So the incumbents make most of their money off of display advertising. Just like a classic media model. The start ups make their money off of a good old fashioned wager. Wha, what makes this okay, though? I mean, don't we have laws about online gambling? Is, is this even legal? Well, it, it is, and indeed we do have laws about this. You know, games of chance are, are typically illegal, but- So like a slot machine. Right, right. No online slots. But you've got, games of skill. And those are legal like an online poker game, right? So, the interesting thing also about these two start ups though, they are breaking the business model down. So the incumbents typically make you sign up for a whole season. It's a really big ask for a new player. Who has time for that? Yeah exactly. Play the start ups. They break it down. You can sign up for a single game or a single day. That's how they're gonna get the occasional players, and that's where all the growth in this market's coming from. Here's what I find really interesting. You've got Disney backing draft teams in one corner, and you've got Comcast and some others backing Fan Duel in the other. Right. I mean, that's the real fantasy game to watch. Which one of these start ups is gonna take the crown? Fair point. For one show that's always worth the gamble comment Fortune. com for more tech debate.

Are online fantasy sports really a billion-dollar business?

Tech

Fortune's Andrew Nusca and Robert Hackett discuss whether DraftKings will win big for Disney or if the recent valuation is out of bounds.

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