DraftKings Set to Launch Mobile Sports Betting in North Carolina on March 11
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Insights
The expansion of DraftKings into North Carolina represents a significant development in the sports betting industry. North Carolina's robust sports culture, which includes a strong NASCAR presence and several professional sports teams, positions DraftKings to capitalize on a large and engaged customer base. The timing is strategic, coinciding with major sports events like the NCAA Tournament and the NASCAR season, which are likely to drive initial user engagement and betting volume.
From a market research perspective, the entry into a new state is not just about immediate revenue but also about establishing a foothold in a region with potential for long-term growth. The mention of DraftKings' responsible gaming features, such as 'My Stat Sheet', indicates a commitment to user safety and compliance, which is crucial for maintaining a positive brand image and ensuring regulatory support. This focus on responsible gaming is particularly relevant as it aligns with Problem Gambling Awareness Month, demonstrating corporate responsibility.
Legally, DraftKings' launch in North Carolina is predicated on navigating the state's regulatory framework successfully. The written designation agreement with NASCAR underscores the importance of forming strategic partnerships to gain market access. Such agreements are critical in the sports betting industry, where regulatory hurdles vary significantly between jurisdictions. Moreover, the collaboration with NASCAR and the involvement of state representatives in the launch event indicate a strong alliance with local stakeholders, which can be beneficial for future legislative developments.
It's also noteworthy that DraftKings emphasizes its alignment with the American Gaming Association's responsible gaming campaign. This not only serves as a protective measure for consumers but also as a strategic legal positioning to mitigate potential regulatory challenges. By promoting responsible gaming practices, DraftKings is likely to curry favor with regulators and advocacy groups, potentially smoothing the path for future expansions and regulatory negotiations.
For investors and stakeholders, DraftKings' expansion into North Carolina is a move that could have positive implications for the company's growth trajectory and market share. With North Carolina being the 27th U.S. state to host DraftKings' online sportsbook, this expansion is indicative of the company's aggressive growth strategy and could be a bellwether for future revenue increases.
However, investors should also be mindful of the costs associated with such expansions, including marketing and promotional activities, which can be substantial. The ceremonial first bet event and partnerships for responsible gaming initiatives represent investments that DraftKings is making to secure a strong market entry. The company's financial performance in the new market should be monitored to assess the return on these investments and the long-term sustainability of its competitive positioning.
BOSTON, March 07, 2024 (GLOBE NEWSWIRE) -- Today, DraftKings Inc. (Nasdaq: DKNG) announced plans to launch its top-rated online sportsbook in North Carolina on March 11, 2024. This announcement is the culmination of DraftKings’ continued work with stakeholders and regulators across North Carolina to offer fans a responsible form of sports betting. Earlier this year, DraftKings and NASCAR agreed to terms on a written designation agreement, paving the way for the digital sports entertainment and gaming company to operate in the state. Once live in North Carolina, DraftKings Sportsbook will be available in 27 U.S. states, in addition to Ontario, Canada.
North Carolina is known for its strong sports culture, housing the majority of the NASCAR industry, professional teams in the NFL, NBA and NHL, as well as several universities competing at the Division-I level. Starting March 11, DraftKings will provide eligible fans in the state several new and responsible ways to get in on the action. DraftKings’ online sportsbook provides a wide variety of betting markets and key offerings such as same-game parlays, in-game betting, special odds boosts and more, on a safe, regulated platform with various customer protections in place, such as deposit and time limits, access to responsible gaming resource materials, cool off and self-exclusion features along with DraftKings’ all new “My Stat Sheet,” an innovative responsible gaming feature that shows customers exactly how much time they’ve spent on DraftKings, and the total amount of deposits they’ve placed on the platform.
“With the NCAA Tournament right around the corner and the NASCAR season in full throttle, we are thrilled to be launching our top-rated sportsbook app in North Carolina,” said Matt Kalish, President, DraftKings North America. “The Tar Heel State is home to a passionate fanbase and some of the most iconic college basketball programs of all time, making this an exciting time to introduce legalized online sports betting. We’re proud to be working alongside NASCAR as our market access partner and look forward to enhancing the fan experience across North Carolina with a fun, safe and seamless sports betting product.”
To celebrate the launch of legalized mobile sports betting going live in North Carolina, DraftKings, in collaboration with NASCAR, is teaming up with Carolina Panthers legend Greg Olsen for a ceremonial first bet on March 11, 2024. The event will take place at the NASCAR Hall of Fame in Charlotte and feature remarks from Olsen as well as DraftKings Chief Commercial Officer Jeremy Elbaum and North Carolina State Rep. Zack Hawkins.
In addition to hosting the ceremonial first bet in North Carolina on March 11, DraftKings is also recognizing Problem Gambling Awareness Month (“PGAM”) in March, led by the National Council on Problem Gambling (NCPG) to increase public awareness of problem gaming and the availability of prevention, treatment, and recovery services. DraftKings works closely with the NCPG to highlight the company’s responsible gaming initiatives and resources such as cool offs, limitations, key partnerships and mental health services.
Both active members of the American Gaming Association (“AGA”), DraftKings and NASCAR are 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 creating inclusive and responsible pathways for people to build, create, imagine and innovate through the DraftKings S.E.R.V.E.S. program.
Eligible customers in North Carolina 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, North Carolina 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 26 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’ 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, 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 both DraftKings Network and Vegas Sports Information Network (VSiN), to provide 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.
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FAQ
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