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Business
August 5, 2024
DraftKings Surcharge Scheme Could Become Buying Opportunity
Earlier in the month, we reported DraftKings’ plan for a new surcharge on customers’ net winnings implemented at the start of 2025, as mentioned in a letter to shareholders. The announced surcharge, which is expected to affect DraftKings’s winning clients in Illinois, New York, Pennsylvania, and Vermont, caused the operator’s shares (NASDAQ: DKNG) to slump […]
Business
August 2, 2024
DraftKings Reports Significant Q2 Growth, Announces Share Buyback Program
Sports betting and digital entertainment company DraftKings Inc. published impressive second-quarter results for 2024, bolstered by rising customer numbers and effective engagement strategies. The Board of Directors authorized the company to repurchase up to $1.0 billion of its Class A common stock, demonstrating robust confidence in its future growth prospects. The Operator Did Not Stand […]
Industry
August 2, 2024
Surcharge to Affect DraftKings Winning Clients in Four States
Several US states announced plans to increase sports betting taxes this year. This resulted in concerns from betting operators who are offering their services in a highly competitive market. Despite the competition, DraftKings and FanDuel so far retain dominance across the country, holding a significant part of the market share. Still, the high tax rates […]
Blockchain
July 31, 2024
DraftKings to Shut Down NFT Marketplace and Reignmakers
American betting giant DraftKings had decided to shut down its non-fungible token (NFT) marketplace and cease the operation of its NFT-based fantasy sports game, Reignmakers. The decision comes amid legal challenges against NFTs’ status as investable securities. The End of an Era The ongoing challenges the NFT sector faces could have made DraftKings liable in […]
Business
July 23, 2024
DraftKings Prepares to Launch Sports Betting in Washington DC
DraftKings confirmed its intention to tackle Washington DC’s refreshed betting market. The American betting giant announced that it plans to launch its cutting-edge online sportsbook in the US capital, pending licensure and regulatory approvals. DraftKings Joined Forces with DC United to Launch in DC The arrival comes in the wake of an agreement with DC […]
Business
July 23, 2024
Musburger Media Confirms Purchase of VSiN from DraftKings
Earlier this month, Eilers & Krejcik Gaming suggested that Brent Musburger, the founder of The Sports Betting Network, VSiN, may be purchasing the media from the leading betting and gaming giant, DraftKings. The betting operator bought the multi-platform broadcast and content company back in March 2021 in a deal for $70 million. Now, Musburger Media […]
Industry
July 23, 2024
Ex-DraftKings VP’s Fight Against Non-Compete Clause Hinges on State Laws
In a major legal contest over non-compete agreements, the First Circuit Court of Appeals has questioned the efforts of a former DraftKings executive to work for rival company Fanatics while bypassing his agreement. Michael Hermalyn who formerly was the VP of marketing at DraftKings is fighting against enforceability issues surrounding his non-competition clause which have […]
Sports
July 22, 2024
DraftKings Becomes WNBA’s Official Sports Betting and DF Partner
Sports entertainment giant DraftKings has unveiled a major partnership agreement with the Women’s National Basketball Association (WNBA). Per the deal, the operator will serve as the league’s official sports betting and daily fantasy partner. According to the official announcement, the deal will provide DraftKings with rights to WNBA league and collective team intellectual property, allowing […]
Sports
July 15, 2024
Bettor Misses $1M Parlay Win after England’s Loss to Spain in Euro 2024
A bettor who had the option to cash out their three-legged wager for nearly $400,000 ahead of the final of the European Championship 2024 this Sunday turned down the offer. This resulted in the bettor’s loss who likely won’t ever forget how Spain won against England at the Euro 2024 final. The identity of the […]
Business
July 15, 2024
Rush Street Interactive Sale May Be Imminent, Suggests Report
Earlier this year, rumors emerged about the potential sale of Rush Street Interactive (RSI), the leading betting and gaming operator with a presence across the United States and owner of the popular brand BetRivers. Although the rumors emerged in March, details are scarce with only DraftKings being named as a potential buyer of RSI. Despite […]
