DraftKings: Live Betting Improvements Are Key to Increased Market Share

DraftKings CEO Jason Robbins provided an insight into his company’s plans for the NFL season. According to him, his company might be able to catch up to FanDuel this season and cut into its competitors’ revenue share.

DraftKings Hopes to Challenge FanDuel
DraftKings and FanDuel have long exerted dominance over the US betting sector, competing for power in an increasingly expanding market. DraftKings, however, remains bullish on further growing its share and capitalizing on the opportunities offered by the NFL.

Robbins spoke on the matter at the Bank of America 2024 Gaming and Lodging Conference, saying that he feels confident that his company can challenge FanDuel. He said that his team is careful about overpromising but believes that it has a “clear path and line of sight” of what it needs to do to increase its hold rate by 100-200 or more basic points.

The CEO explained that DraftKings’ online sportsbook is in better shape to compete with the NBA despite previously lagging behind its competitors. The company plans to pave the way to a successful NBA betting season by engaging customers with better products during the NFL season.

We have a pretty good picture of what we need to do. We just need to go out and blow it out during the most important time of the year.

Jason Robbins, CEO, DraftKings
The Company Will Bolster Its Live Betting Product
DraftKings’ efforts to grow its market share include the recent integration of Betvision, a new live betting product. Robbins is optimistic about the new offering’s success, believing that it could make all the difference.

Betvision is a low-latency feed that was introduced alongside improvements to the overall live betting experience.

Live betting in particular is a core focus for DraftKings because of the segment’s potential. Robbins claimed that as much as 80% of the European betting handle comes from live betting. In the US, live betting is not as popular but certain sports have a huge live betting potential.

As a result, Robbins said that DraftKings hopes to enhance its live betting product to the point where the company is “heads and tails above the competition.”

I think there is an opportunity to make it better but also an opportunity to see if we can lean into marketing it and merchandising it more. We’ve never really focused on that.

Jason Robbins, CEO, DraftKings
In addition to that, DraftKings plans to make further improvements to its parlays and provide more in-game parlay packages that create a smooth customer experience. To that end, the operator will make important back-end improvements, ensuring that players do not have to deal with app crashes and long loading times.