Posted: December 2, 2024, 03:25.
Last updated: December 3, 2024, 09:35 hours.
DraftKings (NASDAQ:DKNG) CEO Jason Robbins says state-level legislation targeting online sports betting and iGaming could become more active next year after a series of disappointments in 2024. It is said that there is.
DraftKings CEO Jason Robins is optimistic about the potential of the iGaming bill in 2025. (Image: Getty Images)
During Craig Holm’s fourth annual online gaming conference call on Monday, Robbins said the company is “very excited about the state legislative front” in 2025. Broadly speaking, 2024 was a slow year for legislation aimed at legalizing mobile sports betting and internet casinos. , co-founder and CEO of DraftKings, attributes this to the fact that this is an election year. He expects things to improve next year.
I think this year, in 2025, it will really pick up steam and we could even get our iGaming bills over the mountain. That would be great,” Robins said in response to a question from Craig-Hallum analyst Ryan Sigdahl.
No new states approved iGaming this year, and the only state to join online sports betting in 2024 was Missouri, which did so after approving a related ballot measure on Election Day.
Robbins did not name potential iGaming newcomers.
There were several attempts to legislate iGaming this year, and plenty of rumors to that effect, but the bill never even made it to the governor’s desk. Currently, only seven states allow this form of wagering: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia.
Robbins wouldn’t speculate on which states are likely candidates to approve internet casinos next year, but it is widely believed that New York policymakers will reintroduce related legislation, and there are There is momentum towards these bills. Among other large states, Illinois is also frequently floated as an iGaming possibility in 2025.
Regarding the approval of sports betting, Robbins mentioned Minnesota and said he expects state officials to approve that form of gambling next year, but these comments are in reference to Sigdahl, who is from the state. It appears that this was done.
Georgia and Minnesota are likely to remain a focus for sportsbook operators, as it is highly unlikely that California and Texas will advance sports betting ballot proposals to voters in 2025. A related effort in Georgia failed this year, and the situation in Minnesota continues to be complicated by the state’s agreements with tribal gambling operators.
Thirty-nine states, including Missouri, and Washington, D.C., allow some form of regulated sports betting.
Robins focuses on Tier 2 competitors
The current state of the US online sports betting market is a duopoly between FanDuel and DraftKings, with these two operators controlling over 70% of the space. But that dominance doesn’t mean these companies are resting on their laurels.
Robbins pointed out to Sigdahl that DraftKings’ investor relations team frequently receives questions from shareholders about Tier 2 competitors. He added that while the aforementioned duopoly may be difficult to break, that doesn’t mean DraftKings isn’t taking competitive threats from smaller rivals seriously.
We don’t take anything for granted. We believe and recognize that everything we do every day must benefit our customers,” Robbins said. “And when you take your eyes off of that, there can always be chaos. So I think having that edge and having the ability to always point to someone coming after us was helpful.”
The second tier of U.S. sports betting is dominated by a variety of companies, including BetMGM, Caesars Sportsbook, Fanatics, and Penn Entertainment’s ESPN Bet.
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