DraftKings CEO, Jason Robins, has expressed confidence in the company’s position in the online gaming market, stating that the recent launch of ESPN Bet does not pose a threat to DraftKings’ trajectory. 

DraftKings CEO Jason Robins Stresses Product Excellence

Speaking at the 3rd Annual Craig-Hallum Online Gaming Conference, Robins acknowledged the competitive landscape but emphasized DraftKings’ focus on maintaining a strong product and staying true to its playbook.

Despite the significant impact of ESPN Bet’s launch, with over a million downloads in the first six days, Robins remains optimistic about DraftKings’ market standing. He highlighted the company’s history of facing waves of competition and its ability to navigate through them successfully. Robins mentioned that ESPN Bet seems to be playing for the long term rather than making a short-lived splash, and he welcomed the potential for market growth brought by new players and innovations.

Robins stressed the importance of having the best product, citing it as a key factor in DraftKings’ ability to outperform in the market. He believes that a superior product leads to organic benefits in terms of customer acquisition and lifetime value. The CEO expressed confidence in DraftKings’ playbook, emphasizing that sticking to it will yield positive results regardless of competitive challenges.

Robins Unveils DraftKings’ Next Moves with Progressive Parlays, iGaming Success, and More

Looking ahead, DraftKings is set to launch progressive parlays in the coming weeks, offering sports bettors a chance to win consolation prizes even if all legs of their parlays do not hit. Robins sees this as a differentiated product that will meet customer demand.

On the iGaming front, Robins considers it a hidden gem for DraftKings, noting the company’s success in gaining market share, especially in the face of initial doubts about reaching close to 30%. He expressed enthusiasm about the untapped potential of iGaming, highlighting the company’s bullish stance and significant investments in the product.

Robins also briefly touched on the potential for international expansion and new product verticals in the longer term. While acknowledging these opportunities, he emphasized the current focus on the existing market and the upside within the United States, emphasizing the benefit of maintaining a singular focus:

“I think, we would be executing well anyway, but I have to say it is at least in part due to the fact that we are really focused on one geography and on winning there. And I think if you look at some of our competitors, they are not so or they are focused on other lines of business.”

In other recent news, DraftKings launched Pick6, a new peer-to-peer fantasy sports game available in six US states, including Maryland, Minnesota, Oklahoma, South Carolina, Tennessee, and Wisconsin.

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Hector Fernandez, the chief executive officer of Aristocrat Gaming, spoke with CNBC about the future of the gambling industry and the resilience of gaming. He highlighted that the industry has demonstrated its strength time and time again, surviving periods of economic difficulties and financial unrest.

While macroeconomic conditions do have some effect on gaming, the American industry has recorded no significant change in consumer behavior during difficult periods. Fernandez noted that many US companies have reported impressive march figures, attesting to the strength of the gambling ecosystem.

Fernandez pointed out that, interestingly, companies that invested during the COVID downturn actually came back stronger. On the contrary, companies that made cuts are now lagging behind those that were able to lean in.

Fernandez: Asia Presents Tremendous Growth Opportunities

The interviewers asked Fernandez about the importance of the Asian market to his company. To that, the CEO replied that Asia presents tremendous growth opportunities. The Philippines and Singapore, for example, are markets that have surpassed the pre-COVID GGR levels.

At the same time, Macau is showing positive signs of recovery. While the special administrative region is yet to fully recover, the visitation rates are rebounding, sparking optimism about the future of Macau gaming. In April, for example, hotel occupancy exceeded 80%, Fernandez noted.

Aristocrat Gaming’s CEO noted that there are many similarities between North America and Macau.

Through COVID, through lockdown periods, people kind of missed out on live experiences – the ability to go somewhere and have social interactions. What we saw is that as the world opened back up, humans just really craved that live experience and that ability to have fun and disconnect, if you will.

Hector Fernandez, CEO, Aristocrat Gaming

He added that he is certain Asia is experiencing a similar thing right now.

Many Customers Tend to Spend More

When asked to comment on the trends in player spending Fernandez said that his company noted that player wallets in certain regions are now bigger.

One of the phenomena we’ve seen is that the wallets are bigger. As consumers do come back and engage in gaming, the overall wallet has grown. I think that’s really as a result of that period where they weren’t able to engage.

Hector Fernandez, CEO, Aristocrat Gaming

Overall, Fernandez seems optimistic about the future of gaming in spite of the temporary economic headwinds. He believes that the industry is poised to rebound and grow further.

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