Chapter 1: What is the main topic discussed in this episode?
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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?
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Chapter 2: What are DraftKings' third quarter results and revenue forecast?
So I do think that'll motivate some states, but For us, really, the cannibalization thing isn't a huge concern. We haven't seen that happen, not just here, but as I mentioned, overseas, where there's long-established, I mean, it's not a brand new thing like it is here. There's been predictions in sports exchanges around for decades in the UK, for example.
So we feel like there's pretty good data out there to show that head-to-head, the traditional sports betting product is a far superior product for customers.
Jason, you said that this is the most bullish you've ever felt about the company's future.
Chapter 3: How does the Disney deal impact DraftKings' business model?
What are the underlying trends, data points, behaviors of your customers that give you that conviction? And why do you have it now that you didn't have previously?
Well, I think if you take a step back, you know, it really starts with the progress that we've made over the last few years and the position we put ourselves in. Remember, two years ago, we weren't even profitable. Three years ago, we had nearly a billion-dollar adjusted EBITDA loss.
At that point, you know, we were getting killed in the market because people thought we were going to run out of money and go out of business. We really buckled down. We grew revenues. We managed costs. Just a few years later, we've had over a billion and a half swing. So I think that shows that we are in a great position. But also, more importantly, now we're in a position to play offense.
We are profitable. We have scale. We have the best product in the market. We have the absolute best partnerships and presence across the media landscape. We're about to launch sports predictions, which I believe represents a huge incremental opportunity for us. So a lot of really exciting things going on, and the only real negative on the quarter was the sport outcomes.
I think all the stereo predictions is kind of nonsense, but the really only negative is sport outcomes, but that's a temporary thing. That's not something that has anything to do with the fundamentals of the business.
DraftKings CEO, Jason Robbins, thank you very much.
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Chapter 4: What are the strategic goals behind the ESPN partnership?
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