Sports betting and the rise of DraftKings

Asia's Tech News Daily

Sports betting in the U.S. is booming. For the 2021 NFL season, an estimated 45 million Americans are expected to wager a total of at least $12 billion. Since a 2018 Supreme Court ruling, sports betting is now legal in more than 30 states.

A flood of new customers eager for risk and excitement has made DraftKings one of the nation's biggest sportsbooks.

In November, the company announced third-quarter revenue increased 60% from a year earlier to $213 million. During that same period, with mobile betting launching in several states, the company said it had on average 1.3 million monthly unique paying customers engaged with its platform.

“We've seen just massive, massive levels of engagement, from the perspective of people that are excited about being able to add this component to their viewing experience, whether it's in-person or at home in places where you have mobile betting,” said Bill Miller, president and CEO of the American Gaming Association.

And the online sports betting and gaming industry is just starting to grow. Only 4% of gross gaming revenue in the U.S. was generated online in 2021 compared with 45% in the U.K., which is a more mature market, according to Wall Street research firm Argus.

But critics argue that greater access to mobile sports betting could lead to an increase in gambling addiction. The National Council on Problem Gambling estimates the cost of obsessive gambling in the U.S. is $7 billion annually, including fees related to the justice system, job loss and bankruptcy. 

To prevent gambling issues DraftKings advises users to set limits on how much money you deposit in your account, how much money you wager and on the amount of time you play.

“The last thing we want at this exciting stage when people are talking about all the great things happening is to have negative experiences for people so this is something we made a priority at the company,” DraftKings CEO Jason Robins said in August 2019. “Responsible gaming is in our mission statement.”

So what does the future look like for legal sports betting in America and what challenges lie ahead for sports betting providers like BetMGM, FanDuel and DraftKings.

Watch the video to find out what's next for DraftKings.

Watch more:

Leaving a tip is an American custom. Why that's a problem
Why Americans are eating more snacks

Disclosure: CNBC parent Comcast and NBC Sports are investors in FanDuel.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Tesla signs deal to source key battery component graphite from Mozambique in bid to reduce dependence on China

Tesla is turning to Mozambique for a key component in its electric car batteries in what analysts believe is a first-of-its-kind deal designed to reduce its dependence on China for ... Read more »

After Telangana, Maharashtra minister invites Elon Musk

Elon Musk (Illustration: Moneycontrol) Maharashtra Water Resources Minister Jayant Patil on Sunday offered Tesla CEO Elon Musk to set up manufacturing in the state for electric cars. This comes after ... Read more »

Director Tata Steel: started producing cleaner too late

Photo: ANP Tata Steel in IJmuiden started too late with the greening of the production process. That is what Hans van den Berg, director of the steel group, says in ... Read more »

Earnings to guide market momentum this week: Analysts

The stock market’s momentum will be guided by the ongoing quarterly earnings season, with Reliance Industries, HUL and Bajaj Finance among those scheduled to announce their results this week, analysts ... Read more »

Power consumption grows 1.5% in first fortnight of January amid third COVID-19 wave

(Representative image) India’s power consumption grew marginally at 1.5 percent in the first fortnight of January to 49.34 billion units (BU) compared to the same period a year ago, showing ... Read more »

IPO-bound India1 Payments aims to deploy 20,000 ATMs in next 4-5 years

Representative image IPO-bound India1 Payments Ltd, which is currently rolling out 300-400 ATMs in a month, is hopeful of deploying over 20,000 such machines in next 4-5 years to ensure ... Read more »

Budget 2022: Govt could consider levying TDS/TCS on crypto trading, make it reportable in SFT

Cryptocurrency (Representative image) The government could consider in the upcoming Budget levying TDS/TCS on sale and purchase of cryptocurrencies above a certain threshold and such transactions should be brought within ... Read more »

Life insurers seek separate bucket for life insurance premium, tax-free annuity in Budget

The life insurance industry has recommended the government to create a separate bucket for tax rebate under section 80 (C) and make annuity tax-free for the benefit of subscribers as ... Read more »

Ethiopian diaspora torn by ethnic tensions in Tigray war

Thousands of miles away from the war in Ethiopia, the ethnic cracks have started to show in an Ethiopian church in Ohio, in a lawsuit between trustees and clergy. The ... Read more »

India's overall macroeconomic situation on recovery mode but facing stagflation: Kaushik Basu

World Bank Chief Economist Kaushik Basu (image Source: World Bank/live.worldbank.org) India’s overall macroeconomic situation is in a recovery mode but the growth is concentrated at the top end, which is ... Read more »

Covid-19 Omicron outbreak: Apple's tough new staff jab rule revealed with workers required to get boosters

Apple employees will now be required to get Covid booster shots or face harsh testing regulations, the company has announced. Once an employee is eligible for the boosters, they will ... Read more »

Hong Kong's Omicron restrictions could be the end of the road for many restaurants, say industry insiders

Hong Kong’s battered catering industry, which braved through the initial storm after the city imposed stringent restrictions to contain the coronavirus pandemic, expects the latest measures to battle the Omicron ... Read more »

Aditya Birla Fashion and Retail faces data breach on its portal

Representative Image Aditya Birla Fashion and Retail (ABFRL) is facing a data breach on its portal, and the company is investing the incident. Meanwhile, the company has assured that it ... Read more »

Budget Expectations | 75% businesses positive on economic growth, expansion, finds Deloitte survey

Representative Image: Shutterstock Indian businesses are optimistic about the economy and believe that the measures taken by the government as well the RBI brought growth back on track, with the ... Read more »

Daily Voice | Budget should focus on sectors that create jobs, boost exports to secure 7% growth, says Abhay Agarwal of Piper Serica

Abhay Agarwal is the Founder and Fund Manager at Piper Serica. Despite the Omicron crisis running riots across the world and interest rates on the rise, the market has given ... Read more »

Cafes and bars open their doors in defiance of closure orders

Cafes in Groningen were open. Photo: Remco de Waal ANP Saturday’s protests by dozens of bar and cafe owners, who opened in defiance of the government’s closure orders, passed off ... Read more »

Mumbai-based Edifice to bring down Supertech's twin towers in Noida

(File image of the twin towers) Mumbai-based Edifice Engineering is expected to get the job to bring down two residential towers at Supertech‘s Emerald Court Society in Noida, Uttar Pradesh, almost ... Read more »

China's retail sales set to grow 6 per cent in 2022 as focus shifts to green living and rural consumption, Hong Kong think tank says

China’s economy has shaken off the impact of the coronavirus, with retail sales likely to grow by some 6 per cent in 2022 as the government strengthens measures and policies ... Read more »

Cryptocurrency Prices Today: Market dips marginally even as Bitcoin, Ethereum dip

Cryptocurrency | PC-Shutterstock The global cryptocurrency market-capitalisation dipped by 0.12 percent over the last 24 hours to $2.06 trillion, while the trading volume also tumbled by 27.12 percent to $61.66 billion as ... Read more »

MP says casinos are safe bet Thai Local Power Party leader urges law change to halt post-Covid slump

Chutchawan Kong-u-dom poses for photos at his Thai Local Power Party. (Photo: Varuth Hirunyatheb) Known to be one of the most vocal proponents of legalising casinos, Chutchawan Kong-u-dom, leader of ... Read more »

Sandbox runs out of toys Expanded scheme welcomed, but still can't compare with Test & Go

Tourists visit Maya bay in Krabi on Jan 3, 2022 after Thailand reopened its world-famous beach after closing it for more than three years to allow its ecosystem to recover ... Read more »

Swine fever in wild boars worries Italy's pork industry

ROME — The discovery of African swine fever in northern Italy has Italian pork producers fearing significant economic damage to a major agricultural export and has forced curtailing of the ... Read more »

Dekamarkt recalls beef products

Read more »

Fendi leads Milan trends with feminine silhouettes for men

The Associated PressModels wear creations for the Fendi fall winter 22/23 collection, in Milan, Italy, Saturday, Jan. 15, 2022. (AP Photo/Antonio Calanni) MILAN — Milan menswear designers seem to have ... Read more »

GSK rejects $68b Unilever bid for consumer healthcare unit

LONDON — The pharmaceutical giant GlaxoSmithKline said Saturday it has rejected an unsolicited 50 billion-pound ($68.4 billion) bid from Unilever for its consumer healthcare goods unit, a joint venture it ... Read more »

Will Maastricht airport close or will there be a makeover?

Collaboration with Schiphol? Just before Christmas, it was revealed that the airport is in talks with the Schiphol Group about cooperation. The Schiphol Group may take an interest in Maastricht ... Read more »

Netflix raises prices on plans in US, Canada

The company said Friday that prices are going up by $1 to $2, depending on the plan. Read more »

Dr. Anthony Fauci's financial disclosure shows $10.4M in investments

Dr. Anthony Fauci and his wife had $10.4 million in investments at the end of 2020. ZUMAPRESS.com If this medicine thing doesn’t work out, Dr. Anthony Fauci can always get ... Read more »

BP: charging station more profitable than petrol pump

This milestone marks an important moment for BP, which is looking to move away from the oil markets and expand its activities in electricity markets and electric charging. Electric charging ... Read more »

Turkish minister: inflation for elections below 10 percent

Photo: ANP Turkish inflation will fall below 10 percent next year. That will happen before the Turks elect a new parliament and a president in mid-2023, says Finance Minister Nureddin ... Read more »

Russia denies allegation about the cause of gas shortages

Russia has supplied “significantly more” gas to countries such as Germany and Turkey than it was obliged to, according to Novak. According to the Russian deputy prime minister, the gas ... Read more »

Here's what it's like watching an NBA game courtside — in the metaverse

Jabari Young wearing the Oculus Quest 2 device.Source: Jabari Young Boston Celtics head coach Ime Udoka popped up from the team bench, and before I knew it, he was blocking ... Read more »

Unilever makes multi-billion offer for consumer arm of British pharmaceutical group GSK

Unilever made an offer at the end of last year to acquire the consumer arm of British pharmaceutical group GlaxoSmithKline (GSK). The food giant confirms this in a press release ... Read more »

As McDonald's Japan restricts French fry sales, rival Freshness Burger increases fry sizes by 25 percent, for free

Freshness Burger sources its potatoes domestically from the northern prefecture of Hokkaido, allowing it to keep its French fries flowing. Japanese fast-food chain Freshness Burger will increase the number of ... Read more »

Russia denies IEA allegations about causing gas shortages

Photo: ANP Russia disagrees with the International Energy Agency’s (IEA) accusation that it is guilty of gas shortages in Europe. “Neither Russia nor our main exporter Gazprom has anything to ... Read more »

How the U.S. fell behind in lithium, the 'white gold' of electric vehicles

The United States has a lithium supply problem. Nearly every major automaker has announced a transition to electric vehicles, Tesla delivered almost one million cars in 2021, and a handful ... Read more »

Annual investments into startups increase to $36 billion: DPIIT Secretary

Representative image Investors are taking huge interest in the country’s startup ecosystem and in the last one year, annual fundings into startups have increased from USD 11 billion to USD ... Read more »

Shops see ‘regular Saturday crowds', no problems

Photo: ANP In most cities in the Netherlands it is not so bad with the crowds, indicate large retail chains. Few problems arose on the first day that shops were ... Read more »

Unilever eyes GSK's consumer goods arm in possible 50 billion-pound deal

Consumer goods giant Unilever said it had approached Glaxosmithkline about buying the pharmaceutical group’s consumer goods arm, after a newspaper reported that a 50 billion-pound ($68.4 billion) bid it made ... Read more »

RIL unit, Hyundai, Mahindra among 10 cos to bid under PLI scheme for ACC battery storage

Representative image RIL subsidiary Reliance New Energy Solar, Hyundai Global Motors, Ola Electric, Mahindra & Mahindra and Larsen & Toubro are among the 10 firms that have submitted bids under ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic