DraftKings Plans to Launch Mobile Sports Betting in Washington D.C.

Rhea-AI Summary

DraftKings Inc. (Nasdaq: DKNG) has announced plans to launch its online sportsbook in Washington D.C., pending regulatory approvals. This expansion follows a market access agreement with D.C. United, potentially making Washington D.C. the 29th jurisdiction in North America for DraftKings Sportsbook. The launch will offer D.C. sports fans access to various betting markets, including same-game parlays and in-game betting.

DraftKings emphasizes its commitment to responsible gaming, offering tools like deposit limits, cool-off features, and the 'My Stat Sheet' for personalized gaming insights. The company is also an active member of the American Gaming Association, promoting responsible betting practices.

Positive

• Expansion into Washington D.C. market, potentially becoming the 29th jurisdiction for DraftKings Sportsbook
• Market access agreement with D.C. United, providing entry into the nation's capital
• Offering a variety of betting markets and features to D.C. sports fans

Negative

• None.

Insights

Financial Analyst

DraftKings' expansion into Washington D.C. is a significant step in its growth strategy. This move opens up a new market that includes a large base of sports enthusiasts. The partnership with D.C. United adds credibility and could facilitate a smoother entry into the market. From a financial perspective, entering the D.C. market can boost revenue streams, especially given the high population density and strong local support for sports. However, investors should remain cautious due to the dependency on regulatory approvals and the potential competition from other established sports betting platforms in the region. Long term, this expansion could position DraftKings strongly in the burgeoning online sports betting market across the United States.

Market Research Analyst

The Washington D.C. market is particularly attractive due to its diverse and affluent population, which may have a higher discretionary income for sports betting activities. The involvement of professional sports teams across various leagues (MLB, MLS, NBA, etc.) also ensures a consistent sports calendar, providing numerous betting opportunities year-round. The market access agreement with D.C. United is a strategic win, likely offering promotional benefits and brand association with a well-known sports team. However, it’s essential to monitor how quickly DraftKings can navigate regulatory requirements and launch the app effectively. Furthermore, DraftKings' commitment to responsible gaming is important to maintaining its reputation and customer trust in an increasingly scrutinized industry.

Legal Expert

DraftKings' entry into Washington D.C. will depend heavily on obtaining the necessary licensure and regulatory approvals. The legislative environment in D.C. has been evolving to accommodate sports betting, but any delays or changes in the regulations could impact the launch timeline. Additionally, DraftKings must comply with stringent local and federal laws related to online gaming and consumer protection. Their proactive stance on responsible gaming and their association with the American Gaming Association's public service campaign bode well for meeting regulatory requirements and establishing trust with regulators and consumers alike. However, any unforeseen legal challenges or public backlash could present obstacles to their successful entry.

BOSTON, July 23, 2024 (GLOBE NEWSWIRE) -- Today, DraftKings Inc. (Nasdaq: DKNG) announced its intention to launch its top-rated online sportsbook in Washington D.C., pending licensure and regulatory approvals. The expected arrival into the nation’s capital follows a market access agreement with D.C. United, which would pave the way for the digital sports entertainment and gaming company to operate in The District of Columbia. Once live, Washington D.C. would become the 29^th jurisdiction in North America in which the DraftKings Sportsbook operates.

“It has been incredible to see legalized sports betting grow rapidly over the past six years, and with plans to launch our online sportsbook in D.C., DraftKings looks forward to expanding its presence in more than half the country,” said Matt Kalish, President, DraftKings North America. “We would like to thank the D.C. Council for creating a path to bring DraftKings’ top-rated sportsbook to the nation’s capital. Together with D.C. United, we look forward to delivering fans a best-in-class experience through our customer-friendly product.”

Washington D.C. is home to professional sports teams across the MLB, MLS, NBA, WNBA, NWSL and NHL and soon, eligible sports fans will have access to a wide variety of betting markets and key offerings such as same-game parlays, in-game betting, special odds boosts and more on DraftKings online sportsbook.

“With the D.C. Council’s recent decision to expand the world of sports betting in D.C., we look forward to working with DraftKings to introduce their online sportsbook as another way for D.C. residents to bet in the city,” said Danita Johnson, President of Business Operations for D.C. United. “Our goal is to always make every fan experience seamless, and this platform will help us to deliver on that promise.”

Responsible gaming is one of DraftKings’ top priorities and a core part of the company’s mission. As a safe, regulated sportsbook, DraftKings is committed to offering robust consumer protection standards. Available tools and resources include deposit and time limits, access to responsible gaming resource materials, cool off and self-exclusion features and “My Stat Sheet” – an innovative feature to track personalized gaming statistics and insights.

As an active member of the American Gaming Association (“AGA”), DraftKings is committed to promoting the AGA’s Have A Game Plan.^® Bet Responsibly™ public service campaign, which educates customers on responsible gaming best practices, such as establishing and adhering to a budget and only engaging with legal, regulated operators. DraftKings is committed to providing a safe and fun gaming environment that all customers can enjoy responsibly in states where sports betting is legal. A core part of the company’s mission, DraftKings has robust consumer protection standards on its platforms and provides consumers with responsible gaming tools and resources while leveraging advanced technology to detect signs of potentially problematic behavior.

Eligible customers in Washington D.C. can access the latest betting markets and more by downloading the DraftKings Sportsbook app available via iOS and Android here. DraftKings is committed to providing customers with resources to help bet responsibly. Customers can review DraftKings’ Responsible Gaming tools here. For additional problem gaming support or services, Washington D.C. customers can call 1-800-GAMBLER.

About DraftKings
DraftKings Inc. is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. Headquartered in Boston and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games and betting experiences. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 27 states and in Ontario, Canada. The Company operates iGaming pursuant to regulations in five states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in three states under its Golden Nugget Online Gaming brand. DraftKings owns Jackpocket, the leading digital lottery app in the United States. DraftKings’ daily fantasy sports product is available in 44 states, certain Canadian provinces, and the United Kingdom. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NHL, PGA TOUR, WNBA and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. In addition, DraftKings owns and operates DraftKings Network a multi-platform content ecosystem with original programming. DraftKings is committed to being a responsible steward of this new era in real-money gaming with a Company-wide focus on responsible gaming and corporate social responsibility.

Forward-Looking Statements
Certain statements made in this press release are “forward looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” ”would,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ filings with the Securities and Exchange Commission. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:
media@draftkings.com
@DraftKingsNews

FAQ

When is DraftKings (DKNG) planning to launch its mobile sports betting in Washington D.C.?

DraftKings (DKNG) has announced its intention to launch in Washington D.C., but the exact date is not specified as it is pending licensure and regulatory approvals.

How many North American jurisdictions will DraftKings (DKNG) operate in after launching in Washington D.C.?

Once live in Washington D.C., DraftKings (DKNG) Sportsbook will operate in 29 jurisdictions across North America.

What responsible gaming tools does DraftKings (DKNG) offer to its customers?

DraftKings (DKNG) offers responsible gaming tools including deposit and time limits, cool off and self-exclusion features, and 'My Stat Sheet' for tracking personalized gaming statistics and insights.

Which team has DraftKings (DKNG) partnered with for market access in Washington D.C.?

DraftKings (DKNG) has entered into a market access agreement with D.C. United for its planned launch in Washington D.C.