DraftKings CEO Jason Robins Talks Disney Deal
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Find new episodes of Bloomberg Daybreak Europe Edition by 7am London time on Apple, Spotify or wherever you get your podcasts. We head back to earnings with DraftKings out with their results, cutting its revenue forecast for the full year. The company also out though with news that Disney signed a new multi-year deal to make the sports betting company the official betting site and odds provider for the ESPN Sports Network. Let's bring in DraftKings CEO Jason Robbins. It's an interesting partnership and I think that's where we should start. How much does this move the needle for you? You know, we've talked in the past on this program, Jason, with you about the integration of the live sports event and the broadcast with the betting activity.
Your big picture goal with this deal?
Well, first of all, ESPN is a, you know, iconic brand. It's, you know, by far the biggest name in sports in the United States, and they have an incredible portfolio, an unmatched portfolio of sports content, influencers, talent. So it's really, you know... for us, just the greatest partner you can have when you're in the space we're in. And Jimmy Pataro, who runs it, really understands and I think values the sports betting space and understands that the customer overlap is high and it's important that they engage their customers by being partnered with somebody like DraftKings. So really excited to embark on it. We've been partners with them many times in the past, so it's familiar territory. We know all the people there and we're looking forward to working together.
You add that to our deals with NBC Universal and Amazon and others, we have an unmatched, I think, presence across the sports landscape over the next several years.
Prediction markets. Wednesday night, we were with Robinhood at their in-person earnings call. That was wacky. Don't know if you consider that. But the month of October, massive volumes for them. You're being super thoughtful about predictions. I understand that. And you have a clear strategy. My question has always been how much a growth in a nascent predictions market cannibalizes other offerings that you have.
I think very little. If you look at the UK, for example, exchange-based betting is about 5% of the total pie. So, you know, that's probably about right. And I think a lot of it is largely incremental because there are market makers and others that are not present on traditional sportsbooks that generate a lot of the volume. So I think it's very much an incremental opportunity for us, and that's why we're so excited about it. We acquired Real Bird, and we're also looking to, you know, enter the market sometime in the next couple months
What's interesting, Jason, is investors, analysts out there called out on the actual earnings script, talking about how marketing expenses, higher sales expenses did eat into the results. And they call them also some ugly outcomes when it comes to the sports games. For that, you can't control. But what about the expenses you're going to have to have on the predictions markets?
Well, we do plan to make some investment there.
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