DraftKings inching closer to goal to 'gain share' on top rival FanDuel: CEO
DraftKings reports better-than-expected Q2 revenue, aims to be ‘number one’ in online sports betting and iGaming
DraftKings CEO Jason Robins says the company has a ‘great plan in place’ to beat competitor FanDuel for the top-earning online sports betting and iGaming platform.
Following a "tremendous" second-quarter revenue report, DraftKings CEO Jason Robins says the online gaming and betting platform is closer to its goal of beating its principal competitor, FanDuel.
"We've been up or down versus them [in] market share depending on the month," Robins told FOX Business’ Stuart Varney on Friday, "so I really feel like we're doing a good job, but our goal is to gain share on them."
On "Varney & Co.," the CEO discussed the better-than-expected earnings which showed 57% growth year-over-year, reporting $466 million in Q2.
Robins also teased a "great plan" in place for the next two quarters to become the top gaming platform across the industry in both online sports betting and iGaming categories.
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DraftKings CEO Jason Robins said the company has a "great plan" to gain market share over top online sports betting and gaming competitor FanDuel on "Varney & Co." Friday, August 5, 2022. (Getty Images)
"On the iGaming side, we're a little bit ahead of [FanDuel], I think plus or minus," Robins explained. "I think we're roughly in line but a little bit behind BetMGM. So we want to be number one across the board."
The CEO noted that the company improved its bottom line through a "balanced effort" to improve cost efficiencies and user feedback.
"The company, for the better part of the year and really going into the end of last year, has been very focused on finding cost efficiencies, and we're starting to really see those materialize," Robins noted.
"It's been a great effort by the company, a really balanced effort, to continue to focus on the customer and continue to focus on growing that top line," he continued.
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DraftKings CEO Jason Robins says the company’s jump in revenue is due to a focus on cost efficiencies and user feedback.
Headquartered in Boston, DraftKings’ CEO voiced the team’s excitement over Massachusetts’ recently passed sports betting legislation, but pointed out the regulatory and licensing process won’t be completed in time for football season.
"Obviously Massachusetts is a great state for sports. There's a lot of really passionate sports fans here. So we think it'll be a great market," Robins anticipated. "Being our headquarters is personal. I think, for all of our almost 1,400 employees here, it was a special moment to see that get over the line. And we're hopeful the governor will sign it shortly."