1 00:00:02,600 --> 00:00:05,680 Speaker 1: Hello, Michael Barr, and I'm Scott Sashnik. Every week at 2 00:00:05,720 --> 00:00:09,240 Speaker 1: this time plus Monday's, Wednesdays and Thursdays, we explore the 3 00:00:09,280 --> 00:00:11,879 Speaker 1: big money issues in the world of sports. Okay, I 4 00:00:11,920 --> 00:00:14,320 Speaker 1: am a fantasy sports geek, so I am so happy 5 00:00:14,360 --> 00:00:17,319 Speaker 1: about this. Today's show we have Jason Robbins, founder and 6 00:00:17,520 --> 00:00:19,799 Speaker 1: CEO of DraftKings. But first let's take a look at 7 00:00:19,800 --> 00:00:22,720 Speaker 1: the top stories of the week. Joining us as always 8 00:00:22,760 --> 00:00:25,400 Speaker 1: is Bloomberg Business of Sports reporter Evan Nobie Williams. And 9 00:00:25,440 --> 00:00:30,080 Speaker 1: let's start with the story. You know what, I'm sorry, uncle, Evan, 10 00:00:30,160 --> 00:00:32,560 Speaker 1: I gotta I gotta put then in there, your uncle, 11 00:00:33,280 --> 00:00:39,760 Speaker 1: congratulations than to young Oscar Crosby. Yeah, five pounds ten ounces. 12 00:00:40,000 --> 00:00:42,479 Speaker 1: But here people hear Oscar Crosby, they're gonna think that's 13 00:00:42,520 --> 00:00:47,080 Speaker 1: the middle name Crosby. We're still your mother, how I mean? 14 00:00:47,080 --> 00:00:52,920 Speaker 1: Does she listen to the podcast? All right, she's very difficult, Nina, Nobi. 15 00:00:54,040 --> 00:01:01,120 Speaker 1: She was, she was a Broadway actress. She's very difficult. 16 00:01:03,600 --> 00:01:06,520 Speaker 1: Bring it, Nita. So I think Eben may say, like, 17 00:01:06,920 --> 00:01:09,360 Speaker 1: I could definitely take her, like it would be a 18 00:01:09,400 --> 00:01:11,160 Speaker 1: fun match. It would be a fun match. Were out 19 00:01:11,200 --> 00:01:16,600 Speaker 1: to dinner, screaming match. Ye. Nita regularly gets thrown out 20 00:01:16,600 --> 00:01:18,440 Speaker 1: of restaurants for being too loud, has a few too 21 00:01:18,480 --> 00:01:21,200 Speaker 1: many SIPs. You know, it's just she's difficult. So she 22 00:01:21,280 --> 00:01:25,240 Speaker 1: wants her maiden name was Novi, thus the Eben Novi Williams. 23 00:01:25,280 --> 00:01:28,199 Speaker 1: She won out on that one. She wants the middle 24 00:01:28,319 --> 00:01:32,240 Speaker 1: name of the grandchild to now be Novie. And we'll 25 00:01:32,240 --> 00:01:35,000 Speaker 1: see if that. We'll see if that happens. I would 26 00:01:35,200 --> 00:01:41,040 Speaker 1: suspect that she will get her way, having having experienced 27 00:01:41,040 --> 00:01:43,920 Speaker 1: her for previous performance. As any indicator of the future, 28 00:01:44,319 --> 00:01:50,040 Speaker 1: she will get her way. Yes, yea. But the mom 29 00:01:50,120 --> 00:01:55,680 Speaker 1: and son both happy and healthy. Um oh, that's cool. 30 00:01:56,160 --> 00:01:58,600 Speaker 1: What's gonna be the first thing you're gonna buy your nephew? 31 00:01:59,160 --> 00:02:01,320 Speaker 1: Just all the can in the world. I'm gonna spoil 32 00:02:01,400 --> 00:02:03,760 Speaker 1: this sandy. What are you talking about? This candy? I'm 33 00:02:03,800 --> 00:02:09,960 Speaker 1: going to spoil them rotten. That's how many years. I mean, 34 00:02:10,000 --> 00:02:12,440 Speaker 1: you're gonna get something kids not like candy anymore. He 35 00:02:12,960 --> 00:02:14,360 Speaker 1: was just born. What are you gonna get in the 36 00:02:14,400 --> 00:02:21,919 Speaker 1: first week to I don't know, football man. Let's start 37 00:02:21,919 --> 00:02:25,519 Speaker 1: with a story that Emmon, which is a downer because 38 00:02:26,040 --> 00:02:29,680 Speaker 1: we thought the NFL was popular, and all of a sudden, 39 00:02:30,240 --> 00:02:32,680 Speaker 1: it's not making as much money as we once thought 40 00:02:32,919 --> 00:02:37,480 Speaker 1: the NFL is. Yeah, I mean they're making making plenty 41 00:02:37,520 --> 00:02:39,760 Speaker 1: of whatever, and that's kind of a weird position they're 42 00:02:39,800 --> 00:02:42,200 Speaker 1: in and that you know, business is booming for the NFL, 43 00:02:42,919 --> 00:02:47,400 Speaker 1: but there are so many headwinds. You know, there's concussion concerns. 44 00:02:47,440 --> 00:02:51,720 Speaker 1: There's concerns about the making the game safer and the 45 00:02:51,720 --> 00:02:54,320 Speaker 1: effect that's going to have on penalties being thrown. There's 46 00:02:54,840 --> 00:02:57,239 Speaker 1: ratings are going down. Who knows what the next round 47 00:02:57,240 --> 00:03:01,679 Speaker 1: of media negotiations are gonna look like. It's become trendy 48 00:03:02,240 --> 00:03:06,160 Speaker 1: to hate on the NFL. And yet valuations are at 49 00:03:06,160 --> 00:03:08,880 Speaker 1: an all time high. Add buy is at an all 50 00:03:08,919 --> 00:03:12,320 Speaker 1: time high. Basic revenue is at an all time high. 51 00:03:12,360 --> 00:03:16,079 Speaker 1: It's kind of hard to reconcile the two sides, the 52 00:03:16,360 --> 00:03:19,560 Speaker 1: two faces of the NFL in two So how can 53 00:03:19,680 --> 00:03:26,440 Speaker 1: they make more money than ever before and life supposedly stinks? Yeah, 54 00:03:26,480 --> 00:03:29,320 Speaker 1: that's the that's the great question. And you know the 55 00:03:29,320 --> 00:03:33,120 Speaker 1: President Trump has weighed in as well, and there he's been, uh, 56 00:03:33,360 --> 00:03:37,640 Speaker 1: he hasn't been secretive about his opinions. Colin Kaepernick's his 57 00:03:37,760 --> 00:03:40,960 Speaker 1: protest and the discussion around that. There's there's so many 58 00:03:40,960 --> 00:03:43,400 Speaker 1: ways in which people are arguing that they're turning away 59 00:03:43,440 --> 00:03:46,840 Speaker 1: from the NFL. However, we just haven't seen it yet. 60 00:03:47,640 --> 00:03:50,800 Speaker 1: Let's talk about the luxury tax and the Yankees. Oh 61 00:03:50,840 --> 00:03:56,600 Speaker 1: my goodness, for the first time, I thought, I never 62 00:03:56,600 --> 00:03:59,440 Speaker 1: thought we'd saved it. That the Washington Nationals and Red 63 00:03:59,480 --> 00:04:03,920 Speaker 1: Sox are taxpayers, the New York Yankees are not. And 64 00:04:03,960 --> 00:04:05,200 Speaker 1: that's what you get when you get a bunch of 65 00:04:05,200 --> 00:04:12,760 Speaker 1: young guys like Aaron Judge and and Torres. Yes, I mean, 66 00:04:12,960 --> 00:04:17,160 Speaker 1: I'm sorry, Mr Sterling, didn't even happen. But when you 67 00:04:17,400 --> 00:04:20,560 Speaker 1: when you're not going out and signing the the free 68 00:04:20,560 --> 00:04:23,960 Speaker 1: agent jour flavor of the month to some mega contract, 69 00:04:24,040 --> 00:04:27,680 Speaker 1: Hello Mark to sharaf Um, this is what happens. And 70 00:04:27,760 --> 00:04:31,919 Speaker 1: credit to the young Steinbrenner. They they're still one of 71 00:04:31,920 --> 00:04:33,599 Speaker 1: the best teams in the league, and there's one of 72 00:04:33,600 --> 00:04:37,279 Speaker 1: the more exciting teams. Competitive championship contended. There was a 73 00:04:37,360 --> 00:04:40,120 Speaker 1: huge bat on the market last year. They went out 74 00:04:40,200 --> 00:04:42,360 Speaker 1: and got it. You know, they're still paying money. They're 75 00:04:42,360 --> 00:04:47,640 Speaker 1: still I wonder if they're like however, they're doing it 76 00:04:47,640 --> 00:04:49,560 Speaker 1: in a much more There's another bat coming on the 77 00:04:49,560 --> 00:04:52,560 Speaker 1: market financially conservative way. I mean, there's a lot of 78 00:04:52,640 --> 00:04:56,240 Speaker 1: bats that he's not alone. He's a star. Yankees Yankees 79 00:04:56,279 --> 00:04:59,000 Speaker 1: like stars. You do one Harper and pin stripes. You 80 00:04:59,040 --> 00:05:01,279 Speaker 1: do wonder if this will eventually be a trivial question. 81 00:05:01,480 --> 00:05:03,599 Speaker 1: What was the one year in which the Yankees ended 82 00:05:03,680 --> 00:05:06,680 Speaker 1: up below the below the luxury attack. Hey, we gotta 83 00:05:06,680 --> 00:05:10,680 Speaker 1: give a shout out to the US Open winner Naomi 84 00:05:10,760 --> 00:05:14,640 Speaker 1: Osaka because she just picked up a three year Nissan endorsement. 85 00:05:14,920 --> 00:05:16,680 Speaker 1: So we're giving her the shout out for the endorsement 86 00:05:16,680 --> 00:05:19,360 Speaker 1: and not winning the tournament. But we did that a 87 00:05:19,400 --> 00:05:23,000 Speaker 1: second shodow. She deserves all of this because it got 88 00:05:23,040 --> 00:05:27,320 Speaker 1: all overshadow with the Serena Williams controversy. But she won 89 00:05:27,440 --> 00:05:30,159 Speaker 1: the whole thing. So she wished she had plenty of 90 00:05:30,279 --> 00:05:33,839 Speaker 1: endorsements before. If if the US audience maybe didn't know 91 00:05:33,920 --> 00:05:36,240 Speaker 1: where there's a lot of money to be made in Asia, 92 00:05:36,800 --> 00:05:39,200 Speaker 1: and she was certainly making it. The fact that she 93 00:05:39,279 --> 00:05:41,880 Speaker 1: now wins a Grand Slam tournament, Yeah, I guess what 94 00:05:41,920 --> 00:05:44,599 Speaker 1: she'll get. Man, you talk about poop. How many endorsements 95 00:05:44,640 --> 00:05:48,360 Speaker 1: do you have time? You endorsed me every week? Bar Well, 96 00:05:48,440 --> 00:05:52,440 Speaker 1: I know well, I love you man. So anyway, Well 97 00:05:53,320 --> 00:05:56,200 Speaker 1: are some of our topics for this week's show, and 98 00:05:56,240 --> 00:06:00,120 Speaker 1: now for our interview, and Scott Evan W. Williams will 99 00:06:00,120 --> 00:06:02,359 Speaker 1: be joining us. Yes, Michael, it's always good to have 100 00:06:02,400 --> 00:06:06,120 Speaker 1: another sports enthusiast who well sometimes knows what he's talking about. 101 00:06:06,760 --> 00:06:09,320 Speaker 1: Jason Robbins is the chief executive officer of Draft Kings, 102 00:06:09,600 --> 00:06:12,880 Speaker 1: the innovative sports tech entertainment platform. It does change the 103 00:06:12,880 --> 00:06:16,120 Speaker 1: way consumers around the world are engaging and consumed sports. 104 00:06:16,279 --> 00:06:19,560 Speaker 1: He co founded the company in twelve overseas. The strategy 105 00:06:19,560 --> 00:06:22,920 Speaker 1: and operations drives, the funding, the partnerships, and he has 106 00:06:22,960 --> 00:06:26,720 Speaker 1: built a reputation for expanding the company's reach across platforms 107 00:06:27,000 --> 00:06:30,679 Speaker 1: lots of partnerships, among them Major League Baseball, National Hockey League, 108 00:06:30,800 --> 00:06:35,840 Speaker 1: the NFL, and Bar's favorite NASCAR. Darn tooton, Scott. It's 109 00:06:35,880 --> 00:06:39,080 Speaker 1: that time of the year all the sports, especially the 110 00:06:39,200 --> 00:06:44,800 Speaker 1: NFL is a young's season that starting fantasy sports is strong. 111 00:06:44,960 --> 00:06:47,520 Speaker 1: Jason Robbins, thanks for joining us, Hey guys, thanks for 112 00:06:47,560 --> 00:06:50,680 Speaker 1: having me on. Well let's start. First of all, now, 113 00:06:50,720 --> 00:06:54,440 Speaker 1: I am a fantasy sports geek. I had totally admitted 114 00:06:55,040 --> 00:06:57,800 Speaker 1: UH had a little poor weekend for Week one, But 115 00:06:57,839 --> 00:07:02,400 Speaker 1: that's another story right now in the NFL. But fantasy sports, 116 00:07:02,760 --> 00:07:05,479 Speaker 1: where do you see it today and where do you 117 00:07:05,480 --> 00:07:10,080 Speaker 1: see its future going? Uh? Fantasy sports today, I mean 118 00:07:10,080 --> 00:07:13,840 Speaker 1: there's tens of millions of people playing. It's a game 119 00:07:14,000 --> 00:07:17,440 Speaker 1: that people enjoy free, they pay they you know, just 120 00:07:17,520 --> 00:07:20,000 Speaker 1: it's fun to play no matter what form you're playing in. 121 00:07:20,080 --> 00:07:23,560 Speaker 1: And I think over time, just as every industry evolves, 122 00:07:23,600 --> 00:07:25,800 Speaker 1: there will be new and more exciting things you can 123 00:07:25,840 --> 00:07:29,040 Speaker 1: do in fantasy sports. The technology will enable, and maybe 124 00:07:29,080 --> 00:07:33,120 Speaker 1: some cases new laws will enable. I think fantasy sports 125 00:07:33,200 --> 00:07:34,960 Speaker 1: is going to be a part of American culture for 126 00:07:35,000 --> 00:07:39,320 Speaker 1: many years to come. Also, the future of fantasy sports 127 00:07:39,360 --> 00:07:44,400 Speaker 1: compared to fat to sports betting, now those are those 128 00:07:44,400 --> 00:07:47,640 Speaker 1: are two goliath that's going to clash head to head. 129 00:07:48,080 --> 00:07:52,160 Speaker 1: Where do you see that and that battle going? I 130 00:07:52,280 --> 00:07:55,120 Speaker 1: view them as pretty complimentary. I mean, I think much 131 00:07:55,200 --> 00:07:59,240 Speaker 1: the same way fantasy drives consumption of the contents the 132 00:07:59,360 --> 00:08:03,920 Speaker 1: NFL and baseball and basketball and other sports games. I 133 00:08:03,960 --> 00:08:07,320 Speaker 1: think that in the same way fantasy and betting drive 134 00:08:07,440 --> 00:08:10,400 Speaker 1: interest in consumption of each other, because once you've done 135 00:08:10,400 --> 00:08:13,240 Speaker 1: your homework, it's more interesting to be able to find 136 00:08:13,240 --> 00:08:16,679 Speaker 1: different ways to put that knowledge to the test, and um, 137 00:08:16,720 --> 00:08:19,520 Speaker 1: I think you know. Over time, of course, there's there's 138 00:08:19,520 --> 00:08:21,760 Speaker 1: only so much money to be spent, so it's more 139 00:08:21,920 --> 00:08:25,080 Speaker 1: types of products come out. There's going to be some cannibalization, 140 00:08:25,240 --> 00:08:28,160 Speaker 1: but at least for the foreseeable future. I think the 141 00:08:28,560 --> 00:08:30,760 Speaker 1: more interest there's in fantasy, the better it is for 142 00:08:30,840 --> 00:08:33,440 Speaker 1: sports betting and vice versa. So for listeners out there 143 00:08:33,480 --> 00:08:36,640 Speaker 1: who who don't live in New Jersey and might not know, DraftKings, 144 00:08:36,679 --> 00:08:39,840 Speaker 1: which spent most of its life as a company so 145 00:08:39,880 --> 00:08:42,960 Speaker 1: far in daily Fantasy, is now also branching out into 146 00:08:43,040 --> 00:08:47,600 Speaker 1: sports betting. You're obviously hindered by which states come online 147 00:08:47,640 --> 00:08:50,760 Speaker 1: and win. But as you look five years down the line, 148 00:08:50,840 --> 00:08:54,280 Speaker 1: let's say, do you see the betting portion becoming a 149 00:08:54,320 --> 00:08:57,000 Speaker 1: bigger piece of your business than the daily fantasy portion. 150 00:08:57,240 --> 00:09:00,080 Speaker 1: How many states does it take until the bigger a 151 00:09:00,120 --> 00:09:04,640 Speaker 1: piece of your revenue pie is betting versus dfs. I 152 00:09:04,679 --> 00:09:08,520 Speaker 1: think it's gonna take properly about five to ten significantly 153 00:09:08,600 --> 00:09:13,440 Speaker 1: sized meaning you know, medium to large sized states, which 154 00:09:13,480 --> 00:09:16,120 Speaker 1: I don't think at all is is out of the 155 00:09:16,160 --> 00:09:19,280 Speaker 1: realm of reason to happen. In the next couple of years, um, 156 00:09:19,320 --> 00:09:22,240 Speaker 1: and then those markets have to develop. Uh, they're not 157 00:09:22,280 --> 00:09:24,720 Speaker 1: going to be built overnight. But you know, the fact 158 00:09:24,720 --> 00:09:27,840 Speaker 1: of the matter is that while Fantasy gets it does 159 00:09:27,840 --> 00:09:30,160 Speaker 1: a tremendous job of pulling in a lot of users, 160 00:09:30,640 --> 00:09:33,240 Speaker 1: the way the game is structured makes it hard to 161 00:09:33,920 --> 00:09:36,240 Speaker 1: offer as many different types of ways to play as 162 00:09:36,280 --> 00:09:39,240 Speaker 1: you can with a traditional betting product. And I think 163 00:09:39,280 --> 00:09:41,520 Speaker 1: for that reason, you're going to see, Um, you know, 164 00:09:41,559 --> 00:09:44,800 Speaker 1: people are able to spend more and do more on 165 00:09:44,840 --> 00:09:46,760 Speaker 1: the sports betting side. And I also think it can 166 00:09:46,800 --> 00:09:51,440 Speaker 1: appeal to a more casual and mainstream person that doesn't 167 00:09:51,480 --> 00:09:54,400 Speaker 1: necessarily want to put in as much time as it 168 00:09:54,520 --> 00:09:57,760 Speaker 1: might take to construct a Fantasy roster. But we're also 169 00:09:57,840 --> 00:10:00,880 Speaker 1: counteracting that by coming up with new, in simpler ways 170 00:10:00,880 --> 00:10:04,239 Speaker 1: to play Fantasy too. So UM, I think those audiences 171 00:10:04,280 --> 00:10:07,199 Speaker 1: will very much continue to overlap. A lot of people 172 00:10:07,280 --> 00:10:10,760 Speaker 1: learned about what DraftKings was when when you and rival 173 00:10:10,800 --> 00:10:14,360 Speaker 1: FanDuel kind of went on dueling. Advertising blitz is back 174 00:10:14,360 --> 00:10:17,560 Speaker 1: in two thousand fifteen. I've seen the ads, you know 175 00:10:17,640 --> 00:10:21,079 Speaker 1: for commuters in New Jersey. Uh, what can we expect 176 00:10:21,080 --> 00:10:24,280 Speaker 1: from you guys from a from an advertising standpoint? As 177 00:10:24,320 --> 00:10:27,040 Speaker 1: you get deeper and deeper into states. Are there are 178 00:10:27,040 --> 00:10:29,200 Speaker 1: there lessons that you guys learned from two thousand fifteen? 179 00:10:29,280 --> 00:10:33,199 Speaker 1: Is this a totally different animal? Well, I think that 180 00:10:33,440 --> 00:10:36,600 Speaker 1: in two thousand and fifteen there is a very different 181 00:10:36,679 --> 00:10:41,959 Speaker 1: dynamics than exists today. One, Um, you know, both DraftKings 182 00:10:41,960 --> 00:10:45,680 Speaker 1: and Sandal had national products, so the ability to buy 183 00:10:45,720 --> 00:10:48,800 Speaker 1: advertising at scale was far different than in a state 184 00:10:48,840 --> 00:10:51,480 Speaker 1: by state situation, which is what it looks like sports 185 00:10:51,480 --> 00:10:55,240 Speaker 1: betting is going to be. Um. Secondly, I think that 186 00:10:55,559 --> 00:10:58,920 Speaker 1: at the time there was a very significant impact on 187 00:10:59,000 --> 00:11:03,040 Speaker 1: building our brand that really isn't necessary as much anymore. 188 00:11:03,120 --> 00:11:05,680 Speaker 1: We have to obviously continue to invest in in in 189 00:11:05,720 --> 00:11:09,200 Speaker 1: the brand, so we will do that. But um, you know, 190 00:11:09,280 --> 00:11:11,400 Speaker 1: I think that a lot of that money, you know, 191 00:11:11,679 --> 00:11:13,679 Speaker 1: the good news is that we we got a lot 192 00:11:13,679 --> 00:11:16,280 Speaker 1: of value out of it. It created a very strong 193 00:11:16,400 --> 00:11:19,480 Speaker 1: amount of brand awareness, very recognizable brand for us. So 194 00:11:19,840 --> 00:11:21,960 Speaker 1: I think we feel like we we can spend a 195 00:11:22,000 --> 00:11:24,520 Speaker 1: bit more moderately now and still get the same effect 196 00:11:24,559 --> 00:11:27,600 Speaker 1: as we did in We are chatting with Jason Robbins, 197 00:11:27,600 --> 00:11:29,880 Speaker 1: the CEO of Draft Kings, and Jason, I gotta say 198 00:11:29,960 --> 00:11:32,920 Speaker 1: kudos to the n j T advertising because I'm nose 199 00:11:33,000 --> 00:11:35,840 Speaker 1: and I'm what a week into my New Jersey residency now, 200 00:11:36,360 --> 00:11:38,280 Speaker 1: and I got plenty of time on my hands sitting 201 00:11:38,280 --> 00:11:42,440 Speaker 1: on those trains that never move, So you know, why 202 00:11:42,440 --> 00:11:45,240 Speaker 1: not open up the app? I'm GEO located in New Jersey. 203 00:11:45,320 --> 00:11:47,120 Speaker 1: What's the game tonight? What do I feel like betting on? 204 00:11:47,679 --> 00:11:50,319 Speaker 1: But here's this for you. What do you tell the leagues? 205 00:11:50,360 --> 00:11:53,160 Speaker 1: What do your analytics tell you about engagement? How do 206 00:11:53,280 --> 00:11:55,400 Speaker 1: you go to the leagues and say we're actually great 207 00:11:55,480 --> 00:11:57,319 Speaker 1: for you. I think they know it. But what do 208 00:11:57,360 --> 00:12:00,439 Speaker 1: those analytics say? What? What's the evidence, uh, the tangible 209 00:12:00,440 --> 00:12:03,840 Speaker 1: evidence that that fantasy and betting is good for pro sports. 210 00:12:05,360 --> 00:12:08,600 Speaker 1: I think that there's been a number of studies done 211 00:12:08,640 --> 00:12:13,160 Speaker 1: that show that people are far more likely to consume content. 212 00:12:13,280 --> 00:12:15,520 Speaker 1: And I don't mean just watching the games. That's obviously 213 00:12:15,559 --> 00:12:18,040 Speaker 1: a big part of it, but also you know, reading 214 00:12:18,120 --> 00:12:22,840 Speaker 1: up on stats, um, you know, watching analytics shows and 215 00:12:22,840 --> 00:12:26,360 Speaker 1: and uh, you know, talk radio and things like that. Um, 216 00:12:26,520 --> 00:12:29,959 Speaker 1: people are clearly more interested if they're playing fantasy and betting. 217 00:12:29,960 --> 00:12:32,360 Speaker 1: They're more interested in the wider variety of teams and 218 00:12:32,440 --> 00:12:38,160 Speaker 1: players and not just necessarily their hometown teams and favor players. So, um, 219 00:12:38,160 --> 00:12:40,679 Speaker 1: there's just a mountain of evidence on that, and I 220 00:12:40,679 --> 00:12:42,840 Speaker 1: think you're right, they know that we don't have to 221 00:12:42,920 --> 00:12:46,199 Speaker 1: prove it to them. Um. I think there's also a question, 222 00:12:46,520 --> 00:12:49,320 Speaker 1: especially on the betting front, of you know, how do 223 00:12:49,360 --> 00:12:52,560 Speaker 1: you best do it in a way that maximizes those 224 00:12:52,600 --> 00:12:57,120 Speaker 1: benefits and doesn't create any downsides that could occur. And um, 225 00:12:57,160 --> 00:12:59,319 Speaker 1: the leagues are being very thoughtful about that, which is 226 00:12:59,360 --> 00:13:02,800 Speaker 1: a good thing. But everybody recognizes the benefits. There's no 227 00:13:02,880 --> 00:13:05,160 Speaker 1: question about that, and I think you know at this 228 00:13:05,240 --> 00:13:06,840 Speaker 1: point it's more about how to do it in the 229 00:13:06,920 --> 00:13:09,760 Speaker 1: right way and less debate about whether there's any benefit. 230 00:13:09,840 --> 00:13:12,040 Speaker 1: That's unquestionable at this point. And yet we hear so 231 00:13:12,120 --> 00:13:15,640 Speaker 1: much about TV ratings, especially the NFL down week one up. 232 00:13:16,040 --> 00:13:18,680 Speaker 1: Is that a fair measurement these days of interest in 233 00:13:18,679 --> 00:13:22,000 Speaker 1: a particular sport or TV broadcast. Uh, they're talking out 234 00:13:22,040 --> 00:13:25,520 Speaker 1: of home viewership. Just seems it's not capturing the real interest. 235 00:13:25,640 --> 00:13:31,080 Speaker 1: How would you suggest measuring the audience for sporting events? Well, 236 00:13:31,240 --> 00:13:32,920 Speaker 1: I don't know that I have the answer to how 237 00:13:32,960 --> 00:13:36,360 Speaker 1: to measure the audience for sporting events. It's a complicated question, 238 00:13:36,480 --> 00:13:39,920 Speaker 1: but I do agree with you that when media consumption 239 00:13:40,000 --> 00:13:42,839 Speaker 1: habits are changing, meaning the way people are doing it 240 00:13:42,920 --> 00:13:47,040 Speaker 1: is changing, then probably traditional measures need to evolve with it. 241 00:13:47,120 --> 00:13:50,520 Speaker 1: And um using the same thing isn't going to tell 242 00:13:50,559 --> 00:13:53,720 Speaker 1: the real story. So I absolutely buy into that. I 243 00:13:53,720 --> 00:13:56,679 Speaker 1: think that it stands to reason that while sports has 244 00:13:56,720 --> 00:13:59,200 Speaker 1: been the least disrupted because there's still that need to 245 00:13:59,200 --> 00:14:01,920 Speaker 1: watch it, lie the fact of the matter is that 246 00:14:02,000 --> 00:14:04,719 Speaker 1: more people are cutting the cord, more people are consuming 247 00:14:04,800 --> 00:14:08,240 Speaker 1: things do a different means, so that's gonna hit everything. 248 00:14:08,520 --> 00:14:11,280 Speaker 1: Um and in sports is no different, And it doesn't 249 00:14:11,360 --> 00:14:13,880 Speaker 1: mean that people are less into the sport. And they 250 00:14:13,920 --> 00:14:17,360 Speaker 1: got to be careful about connecting those two. Um, you know, 251 00:14:17,360 --> 00:14:20,120 Speaker 1: maybe people are less into watching the evs that that's 252 00:14:20,120 --> 00:14:22,720 Speaker 1: a fair statement, but it doesn't mean people are less 253 00:14:22,800 --> 00:14:27,360 Speaker 1: into the sport. We're talking with DraftKings CEO Jason Robbins 254 00:14:27,800 --> 00:14:30,880 Speaker 1: Fantasy Sports, and I've always said this. It forces people, 255 00:14:30,920 --> 00:14:33,480 Speaker 1: is something you said earlier. It forces people to do 256 00:14:33,600 --> 00:14:37,400 Speaker 1: their homework about the sport. Like for the NFL, for instance, 257 00:14:37,440 --> 00:14:40,880 Speaker 1: it's way more than just cheering for the home team. 258 00:14:40,920 --> 00:14:44,600 Speaker 1: I'm I'm a fan of the Detroit Lions. Yeah, we 259 00:14:44,600 --> 00:14:47,000 Speaker 1: we won't we won't talk about business at the dinner 260 00:14:47,040 --> 00:14:51,720 Speaker 1: table after that debacle. But but one thing about fantasy sports. 261 00:14:52,160 --> 00:14:54,680 Speaker 1: You have to do the homework. You have to know 262 00:14:54,880 --> 00:14:57,960 Speaker 1: the tight end austensive Ferry and Jenkins. You have to 263 00:14:58,000 --> 00:15:01,440 Speaker 1: wonder do I pick this guy up? See I don't 264 00:15:01,440 --> 00:15:05,280 Speaker 1: do the homework in daily fantasy sports. There's a lot 265 00:15:05,400 --> 00:15:08,800 Speaker 1: to do, a lot to go through, and it's a 266 00:15:08,840 --> 00:15:13,520 Speaker 1: great hobby if that's your thing. Can you comment on that? Oh? 267 00:15:13,600 --> 00:15:15,720 Speaker 1: I agree. I mean I think that for the right 268 00:15:15,760 --> 00:15:18,720 Speaker 1: type of person, that's a lot of what makes it fun. Um, 269 00:15:18,760 --> 00:15:22,400 Speaker 1: you know, they can they can get an advantage by uh, 270 00:15:22,640 --> 00:15:25,960 Speaker 1: you know, finding the angle others don't. What's nice about 271 00:15:25,960 --> 00:15:29,560 Speaker 1: fantasy sports is, especially in football, it's so mainstream now 272 00:15:29,640 --> 00:15:32,720 Speaker 1: that there's just a ton of easily findable I mean 273 00:15:32,760 --> 00:15:35,720 Speaker 1: just a Google search away resources that you can find 274 00:15:35,720 --> 00:15:37,920 Speaker 1: that give you a lot of really quick to digest 275 00:15:37,960 --> 00:15:41,400 Speaker 1: analysis and can make you competitive. So um, that's I 276 00:15:41,400 --> 00:15:43,720 Speaker 1: think been helpful of drawing more people in. You can 277 00:15:43,760 --> 00:15:47,000 Speaker 1: sit down for thirty minutes on a Sunday morning and 278 00:15:47,040 --> 00:15:49,080 Speaker 1: if you know, you know how to use Google and 279 00:15:49,160 --> 00:15:51,640 Speaker 1: you can probably find a lot of the same information 280 00:15:51,760 --> 00:15:55,120 Speaker 1: that that people five years, ten years ago Uh, we're 281 00:15:55,160 --> 00:15:57,400 Speaker 1: having a harder time finding and was giving more of 282 00:15:57,440 --> 00:15:59,800 Speaker 1: an edge to the players who have put the time in. 283 00:16:00,040 --> 00:16:02,240 Speaker 1: But you know, you still have to be somebody who 284 00:16:02,280 --> 00:16:04,880 Speaker 1: likes doing that. There's still the active sitting down and 285 00:16:05,040 --> 00:16:08,560 Speaker 1: even if it's minutes spending it doing that. And I 286 00:16:08,600 --> 00:16:10,840 Speaker 1: think that over time it will be easier and easier 287 00:16:10,880 --> 00:16:13,160 Speaker 1: to find that information, but you still have to like that. 288 00:16:13,280 --> 00:16:15,680 Speaker 1: And there's a lot of overlap with people who like 289 00:16:15,800 --> 00:16:17,840 Speaker 1: doing that and people who like doing the same thing 290 00:16:17,880 --> 00:16:20,400 Speaker 1: to figure out who to bet on. But there's an 291 00:16:20,440 --> 00:16:22,920 Speaker 1: audience of people that they just want to be able 292 00:16:22,960 --> 00:16:24,760 Speaker 1: to sit down and play right away and not have 293 00:16:24,880 --> 00:16:27,200 Speaker 1: to do that, and we recognize that we're continuing to 294 00:16:27,200 --> 00:16:31,000 Speaker 1: try to evolve our products to meet that audience. Which 295 00:16:31,040 --> 00:16:33,479 Speaker 1: brings me to the next point. You talk about the preparation. 296 00:16:33,520 --> 00:16:35,760 Speaker 1: You can go on to Google for thirty minutes or 297 00:16:36,200 --> 00:16:40,240 Speaker 1: there are so many other sites out there that do 298 00:16:40,360 --> 00:16:45,280 Speaker 1: the homework and it some of it costs money. There's 299 00:16:45,320 --> 00:16:48,600 Speaker 1: a lot of business involved with that, the ancillary businesses 300 00:16:49,000 --> 00:16:53,200 Speaker 1: involved with that, involved with your product that you bring 301 00:16:53,240 --> 00:16:56,760 Speaker 1: to the table. Can you comment more, Oh, that's true. 302 00:16:56,800 --> 00:16:59,600 Speaker 1: I mean I think that with any new industry which 303 00:16:59,680 --> 00:17:03,480 Speaker 1: daily fantasy sports was and now sports betting maybe not 304 00:17:03,560 --> 00:17:08,600 Speaker 1: a new industry, but uh newly uh brought into a 305 00:17:08,680 --> 00:17:12,600 Speaker 1: legal and regulated light industry. Um. There's a variety of 306 00:17:12,680 --> 00:17:17,480 Speaker 1: other industries around it that developed, and that's no different here. 307 00:17:17,520 --> 00:17:22,560 Speaker 1: There's data services. UH, there's content. Um there you know, 308 00:17:22,640 --> 00:17:27,320 Speaker 1: everything from the Amazon Web services and acamized security products 309 00:17:27,359 --> 00:17:29,880 Speaker 1: we use that all have to evolve and develop. There's 310 00:17:29,920 --> 00:17:33,040 Speaker 1: payment processing. There's so many different things that people don't 311 00:17:33,040 --> 00:17:35,000 Speaker 1: think about, and one of them, like you said, is 312 00:17:35,400 --> 00:17:39,040 Speaker 1: all of the advice sites and subscription services are a 313 00:17:39,040 --> 00:17:40,439 Speaker 1: part of it. A lot of it's out there for 314 00:17:40,520 --> 00:17:43,359 Speaker 1: free to but um, you know, both ads supported and 315 00:17:43,359 --> 00:17:48,159 Speaker 1: subscription supported content is a big industry in this space. Jason, 316 00:17:48,200 --> 00:17:51,239 Speaker 1: you guys are out there raising money. UM, give us 317 00:17:51,240 --> 00:17:53,320 Speaker 1: a sense of how those conversations have gone. I imagine 318 00:17:53,320 --> 00:17:56,040 Speaker 1: they're a little different than the last time you were 319 00:17:56,080 --> 00:18:00,359 Speaker 1: out there shopping. We don't really comment on those things. 320 00:18:00,440 --> 00:18:03,920 Speaker 1: You know, we're not actually confirming or or or commenting 321 00:18:03,920 --> 00:18:06,760 Speaker 1: on whether we're raising money right now. But I can 322 00:18:06,760 --> 00:18:09,800 Speaker 1: tell you there's a lot of investor interest. UM. You know, 323 00:18:09,920 --> 00:18:14,720 Speaker 1: it's it's I think there's certainly a lot to understand, 324 00:18:14,800 --> 00:18:16,920 Speaker 1: but everyone kind of gets that this is a big 325 00:18:16,960 --> 00:18:18,840 Speaker 1: market and it's going to grow a lot in the 326 00:18:18,880 --> 00:18:22,600 Speaker 1: next several years, and um, you know, I think that's 327 00:18:22,640 --> 00:18:25,480 Speaker 1: that's an exciting place to be for us. That's that's 328 00:18:25,480 --> 00:18:28,679 Speaker 1: the opportunity as an entrepreneur you want and you do, 329 00:18:28,720 --> 00:18:31,560 Speaker 1: you hope for We got lucky that we're handed that 330 00:18:31,760 --> 00:18:34,439 Speaker 1: we're gonna make the most of it and try to 331 00:18:34,440 --> 00:18:37,520 Speaker 1: grow this thing into a really big business and create 332 00:18:37,560 --> 00:18:40,480 Speaker 1: a lot of really positive experiences for customers in one way. 333 00:18:40,520 --> 00:18:42,480 Speaker 1: And we think if we do that, then you know, 334 00:18:42,520 --> 00:18:45,760 Speaker 1: it's a pretty nice investment story as well. But um, 335 00:18:45,840 --> 00:18:48,280 Speaker 1: that's not really something we're focusing on right now. We're 336 00:18:48,320 --> 00:18:50,160 Speaker 1: really trying to make sure we are the best product 337 00:18:50,160 --> 00:18:52,639 Speaker 1: in the market and make sure that we're ahead of 338 00:18:52,640 --> 00:18:56,119 Speaker 1: the competition on the marketing side. And I think if 339 00:18:56,119 --> 00:18:58,200 Speaker 1: we do those things, everything else will fall in Older. 340 00:18:58,720 --> 00:19:01,560 Speaker 1: You said lucky, I mean, is is that true or 341 00:19:01,640 --> 00:19:03,880 Speaker 1: in the original deck for draft Kings when you're out 342 00:19:03,920 --> 00:19:07,040 Speaker 1: there looking for funding, was there a portion of it 343 00:19:07,280 --> 00:19:09,440 Speaker 1: that's at sports betting? At some point we'll be coming 344 00:19:09,520 --> 00:19:13,399 Speaker 1: to the US. Well, you can always put yourself in 345 00:19:13,400 --> 00:19:16,600 Speaker 1: a position to be lucky, But I don't you know, 346 00:19:17,600 --> 00:19:20,480 Speaker 1: I can't take credit for sports betting coming to the US. 347 00:19:20,600 --> 00:19:22,680 Speaker 1: There are some things that maybe we did to help 348 00:19:23,359 --> 00:19:25,920 Speaker 1: the discussion, but at the end of the day, there 349 00:19:25,920 --> 00:19:29,880 Speaker 1: are nine individuals in the Supreme Court that overall decided 350 00:19:29,960 --> 00:19:32,680 Speaker 1: that this should happen, and um, probably even a lot 351 00:19:32,680 --> 00:19:35,119 Speaker 1: of ways for reasons that nothing to do with sports betting. 352 00:19:35,160 --> 00:19:38,280 Speaker 1: It was more constitutional law, and uh, it sounds pretty 353 00:19:38,320 --> 00:19:40,600 Speaker 1: lucky to me if you're US and sitting in that position, 354 00:19:40,600 --> 00:19:43,840 Speaker 1: but we'll take it. Most industries feel like a zero 355 00:19:43,880 --> 00:19:47,399 Speaker 1: sum games. Certainly, daily fantasy had the feeling that it 356 00:19:47,560 --> 00:19:50,120 Speaker 1: was two giants kind of competing to be the one 357 00:19:50,160 --> 00:19:53,800 Speaker 1: that emerges. Sports gambling is a little different. I think 358 00:19:53,840 --> 00:19:56,800 Speaker 1: at this point there are seven apps available in New Jersey. 359 00:19:56,840 --> 00:19:58,920 Speaker 1: To be totally honest, some of those companies I've never 360 00:19:59,000 --> 00:20:01,840 Speaker 1: even heard of. When you look at the long term 361 00:20:01,840 --> 00:20:04,359 Speaker 1: future of this industry, are there two major players? Are 362 00:20:04,359 --> 00:20:07,280 Speaker 1: there seven major players? Kind of what are you jockeying 363 00:20:07,320 --> 00:20:09,720 Speaker 1: for position for? How do you see it looking as 364 00:20:09,760 --> 00:20:14,720 Speaker 1: we move forward? You know, at the very beginning of 365 00:20:14,840 --> 00:20:17,560 Speaker 1: daily fantasy sports, it was a lot like this. There 366 00:20:17,720 --> 00:20:20,439 Speaker 1: was just so many but like every day there was 367 00:20:20,440 --> 00:20:23,240 Speaker 1: a new one launching that I wasn't aware of. And 368 00:20:23,840 --> 00:20:26,560 Speaker 1: in this case, there's so many incumbents in the gaming 369 00:20:26,600 --> 00:20:30,159 Speaker 1: industry that already do sports betting in some form in 370 00:20:30,240 --> 00:20:33,200 Speaker 1: the VATA or elsewhere in Europe that it's going to 371 00:20:33,320 --> 00:20:35,880 Speaker 1: be even more so. So I think it will start 372 00:20:35,920 --> 00:20:38,200 Speaker 1: off that way. Um if you look at how it's 373 00:20:38,200 --> 00:20:41,119 Speaker 1: evolved in the u k which is the more mature market, 374 00:20:41,600 --> 00:20:43,520 Speaker 1: there was a period of time, you know, for the 375 00:20:43,560 --> 00:20:46,480 Speaker 1: first several years where the whole market was growing so 376 00:20:46,520 --> 00:20:51,040 Speaker 1: fast that there are lots of upstarts and new companies 377 00:20:51,320 --> 00:20:53,879 Speaker 1: disrupted and emerged, and then it went through a period 378 00:20:53,960 --> 00:20:57,200 Speaker 1: which is currently in the midst of probably more towards 379 00:20:57,280 --> 00:21:00,320 Speaker 1: the tail end of now consolidation. Um So I think 380 00:21:00,359 --> 00:21:02,479 Speaker 1: you'll see a similar pattern here where there's a lot 381 00:21:02,520 --> 00:21:06,040 Speaker 1: of competition. Initially. It'll all depend, of course, on what 382 00:21:06,320 --> 00:21:08,600 Speaker 1: states allow for on that front, if they allow it 383 00:21:08,680 --> 00:21:11,640 Speaker 1: to be competitive by allowing for multiple companies to get 384 00:21:11,640 --> 00:21:13,879 Speaker 1: into the space. But assuming that happens, it will be 385 00:21:13,960 --> 00:21:17,200 Speaker 1: very competitive initially, and um then I think you'll see 386 00:21:17,240 --> 00:21:20,280 Speaker 1: consolidation down the road. And given that, how important is 387 00:21:20,280 --> 00:21:22,480 Speaker 1: it for you to be first in new markets. I 388 00:21:22,480 --> 00:21:24,600 Speaker 1: think a lot of people were surprised that the first 389 00:21:24,880 --> 00:21:27,840 Speaker 1: mobile app available in New Jersey was the DraftKings app. 390 00:21:28,359 --> 00:21:30,359 Speaker 1: Is there how much value is there to being the 391 00:21:30,400 --> 00:21:35,080 Speaker 1: first mover or the first available download in new jurisdictions. Well, 392 00:21:35,160 --> 00:21:38,240 Speaker 1: for us in particular, I think it's of the utmost 393 00:21:38,280 --> 00:21:41,480 Speaker 1: importance because we have such a large existing customer base 394 00:21:41,560 --> 00:21:45,960 Speaker 1: with our daily fantasy products in all these states. So, um, 395 00:21:46,000 --> 00:21:48,800 Speaker 1: you know, not only are we it's just important you're 396 00:21:48,840 --> 00:21:50,439 Speaker 1: right in general to be first and to get a 397 00:21:50,440 --> 00:21:52,840 Speaker 1: head start, But every day that we're not in the 398 00:21:52,920 --> 00:21:56,120 Speaker 1: market that our competition is our days to give reason 399 00:21:56,240 --> 00:21:59,359 Speaker 1: for our customers to say, hey, we're not getting the 400 00:21:59,440 --> 00:22:01,639 Speaker 1: products we want out of Draft Kings, we're gonna go 401 00:22:01,680 --> 00:22:04,800 Speaker 1: look elsewhere. And we're very cognizant and we've tried to 402 00:22:04,840 --> 00:22:07,480 Speaker 1: make sure that that really there's nothing that we don't 403 00:22:07,520 --> 00:22:11,480 Speaker 1: offer that we we know our competitors do, and um, 404 00:22:11,520 --> 00:22:14,640 Speaker 1: you know, that's giving people a good quality experience important, 405 00:22:14,640 --> 00:22:16,600 Speaker 1: but also making sure you actually have the products that 406 00:22:16,640 --> 00:22:19,720 Speaker 1: they want is important. We're chatting with Jason Robbins, the 407 00:22:19,760 --> 00:22:22,840 Speaker 1: CEO of DraftKings. Jason too of your investors, Bob Kraft, 408 00:22:22,840 --> 00:22:25,399 Speaker 1: owner of the Patriots Jerry Jones of the Cowboys. Have 409 00:22:25,480 --> 00:22:28,639 Speaker 1: you gotten any indication that the league may switch up 410 00:22:28,640 --> 00:22:31,560 Speaker 1: its rules forbidding their ownership, that they may have to divest? 411 00:22:33,200 --> 00:22:35,439 Speaker 1: They don't talk to me about that. I mean, you know, 412 00:22:36,320 --> 00:22:39,440 Speaker 1: I when I do get the fortunate chance to talk 413 00:22:39,480 --> 00:22:42,080 Speaker 1: to either of them, I usually am getting advice on 414 00:22:42,119 --> 00:22:45,080 Speaker 1: a business matter or something like that. But they don't 415 00:22:45,119 --> 00:22:47,080 Speaker 1: talk to me about that. All right, what's Jerry and 416 00:22:47,080 --> 00:22:48,879 Speaker 1: Bob telling you? Give me the best business advice they 417 00:22:48,920 --> 00:22:53,239 Speaker 1: give you? Well, I'll tell you something Jonathan Craft told me, 418 00:22:53,280 --> 00:22:55,280 Speaker 1: because I think this was probably the best piece of 419 00:22:55,320 --> 00:22:59,480 Speaker 1: business advice anybody's ever given me. M Jonathan as Robert's son, 420 00:22:59,560 --> 00:23:01,760 Speaker 1: and he's the head of the NFL's Digital Committee, so 421 00:23:01,760 --> 00:23:03,960 Speaker 1: he's certainly part of where your business's head. As a 422 00:23:03,960 --> 00:23:08,000 Speaker 1: matter of fact, that's right. He knows more about this 423 00:23:08,040 --> 00:23:10,240 Speaker 1: than most of the league. So he told me when 424 00:23:10,240 --> 00:23:13,480 Speaker 1: we were getting attacked by regulators, he said, you know, 425 00:23:13,600 --> 00:23:15,720 Speaker 1: you go deal with that, but put a team of 426 00:23:15,800 --> 00:23:19,200 Speaker 1: people on figuring out what you can innovate on product now, 427 00:23:19,280 --> 00:23:22,399 Speaker 1: because all your competition is going to be focusing on 428 00:23:22,560 --> 00:23:25,399 Speaker 1: just trying to stay, you know, head above water. And 429 00:23:25,440 --> 00:23:27,720 Speaker 1: you got to do that too. But this is the 430 00:23:27,800 --> 00:23:30,399 Speaker 1: time where you're gonna have the most opportunity to really 431 00:23:30,440 --> 00:23:33,560 Speaker 1: get out ahead of the thinking and progress there. And um, 432 00:23:33,720 --> 00:23:35,840 Speaker 1: that was great advice. I think that was when we 433 00:23:35,880 --> 00:23:38,000 Speaker 1: gained the most market share and when we made the 434 00:23:38,080 --> 00:23:41,040 Speaker 1: most He was right. Um, you know, it's easy to 435 00:23:41,080 --> 00:23:43,520 Speaker 1: get swallowed up when it feels like there's something big 436 00:23:43,560 --> 00:23:46,880 Speaker 1: going on, it's all consuming. But making sure that you're 437 00:23:46,960 --> 00:23:49,680 Speaker 1: thinking about what a year or two years, three years, 438 00:23:49,720 --> 00:23:52,119 Speaker 1: five years from now, it looks like it's always important. Well, 439 00:23:52,119 --> 00:23:54,480 Speaker 1: since we're looking ahead to three five years down the road, 440 00:23:54,480 --> 00:23:59,040 Speaker 1: what about an I p O. Um, you know, we're 441 00:23:59,080 --> 00:24:01,960 Speaker 1: not really sure this point. So much depends on how 442 00:24:02,040 --> 00:24:05,199 Speaker 1: fast this market develops, which also in part depends on 443 00:24:05,320 --> 00:24:09,400 Speaker 1: how fast the states decide to legalize and regulate sports setting. 444 00:24:09,440 --> 00:24:12,160 Speaker 1: And UM, I think you know a lot of that 445 00:24:12,240 --> 00:24:14,639 Speaker 1: will dictate and that's not within our control with the 446 00:24:14,720 --> 00:24:17,479 Speaker 1: timeline for for something like that to be so at 447 00:24:17,520 --> 00:24:20,040 Speaker 1: this point, we're really just focusing on trying to make 448 00:24:20,040 --> 00:24:22,960 Speaker 1: sure we have the best product and we we grow 449 00:24:23,080 --> 00:24:26,000 Speaker 1: and and and learn how to how to be number 450 00:24:26,040 --> 00:24:29,440 Speaker 1: one in this new industry, and hopefully it will develop 451 00:24:29,480 --> 00:24:32,120 Speaker 1: at a rapid pace, and those types of opportunities will 452 00:24:32,160 --> 00:24:34,840 Speaker 1: present themselves, but we'll make sure that it either way, 453 00:24:34,880 --> 00:24:37,000 Speaker 1: we're prepared and we have a good group of investors 454 00:24:37,040 --> 00:24:40,280 Speaker 1: that's patients that understand the big opportunity ahead of us, 455 00:24:40,320 --> 00:24:42,639 Speaker 1: and um, you know, they all just want to do 456 00:24:42,680 --> 00:24:45,040 Speaker 1: whatever is right for the company. So I think we're 457 00:24:45,119 --> 00:24:47,280 Speaker 1: very fortunate to be in a position where we can 458 00:24:47,359 --> 00:24:49,320 Speaker 1: kind of wait and see how things play out on 459 00:24:49,359 --> 00:24:52,080 Speaker 1: that front. Were they patient the entire time or when 460 00:24:52,080 --> 00:24:55,520 Speaker 1: the Attorney General was taking action? Did your phone ring 461 00:24:55,560 --> 00:24:59,080 Speaker 1: a little bit more than usual, ring a little more 462 00:24:59,119 --> 00:25:01,760 Speaker 1: than usual? But if he was great, I mean, I 463 00:25:01,760 --> 00:25:04,600 Speaker 1: have to say that everybody involved that the company was 464 00:25:04,640 --> 00:25:09,040 Speaker 1: an absolute pro and we're very lucky because it makes 465 00:25:09,080 --> 00:25:12,119 Speaker 1: a big difference if you have people that are breathing 466 00:25:12,160 --> 00:25:15,480 Speaker 1: down your neck and making it hard to execute and 467 00:25:15,520 --> 00:25:19,000 Speaker 1: do your jobs, and that makes a big difference versus 468 00:25:19,040 --> 00:25:23,840 Speaker 1: what we had, which is just you know, very professional. Obviously, 469 00:25:23,880 --> 00:25:25,199 Speaker 1: they wanted to know what was going on and they 470 00:25:25,240 --> 00:25:27,720 Speaker 1: wanted to help where they could, but nobody panicked and 471 00:25:27,720 --> 00:25:30,119 Speaker 1: everyone just did kind of stake horse, and then you 472 00:25:30,160 --> 00:25:33,280 Speaker 1: know that was the right strategy. Well, Jason We'd love 473 00:25:33,320 --> 00:25:35,080 Speaker 1: to talk with you more, but I gotta run out 474 00:25:35,080 --> 00:25:36,919 Speaker 1: of here and try to put a million dollar lineup 475 00:25:36,920 --> 00:25:40,840 Speaker 1: winning strategy together for He's see if Ryan Fitzpatrick can 476 00:25:40,880 --> 00:25:43,400 Speaker 1: do the same thing that he did last weekend. See 477 00:25:43,760 --> 00:25:47,439 Speaker 1: Oh is that tight end again? Austin Safari and Jenkins? 478 00:25:47,440 --> 00:25:50,679 Speaker 1: All right, thank you Arson. You guys know more than 479 00:25:50,720 --> 00:25:55,440 Speaker 1: I do about this. Draft Kings CEO Jason Robbins, thank 480 00:25:55,480 --> 00:25:57,679 Speaker 1: you so much, sir for talking with us. Thanks for 481 00:25:57,720 --> 00:26:01,679 Speaker 1: having me. Takeaways. Big thing that I think about, guys, 482 00:26:02,119 --> 00:26:04,720 Speaker 1: about what happened with Draft Kings when they put out 483 00:26:04,760 --> 00:26:09,520 Speaker 1: those fifteen and you can win a million dollars. But 484 00:26:09,600 --> 00:26:13,240 Speaker 1: all of a sudden, states and regulators were saying, hey, 485 00:26:13,240 --> 00:26:15,360 Speaker 1: wait a minute, well what the heck is this? Because 486 00:26:15,560 --> 00:26:19,119 Speaker 1: fantasy sports was flying under the radar until that, it 487 00:26:19,200 --> 00:26:22,160 Speaker 1: might takeaways, nobody cares about fantasy sports anymore, bar any 488 00:26:22,440 --> 00:26:25,439 Speaker 1: like the accept you you you're heavy on fantasy sports, 489 00:26:25,600 --> 00:26:28,080 Speaker 1: but you say two years and sports betting revenue will 490 00:26:28,119 --> 00:26:33,040 Speaker 1: exceed the fantasy sports. This company is now full fled, behind, 491 00:26:33,200 --> 00:26:38,600 Speaker 1: full throttle, open them up, V twelve engine sports betted. Yeah. 492 00:26:38,640 --> 00:26:40,280 Speaker 1: I was even surprised that he said it was going 493 00:26:40,320 --> 00:26:43,359 Speaker 1: to take that many more big states before or five states. Yeah, 494 00:26:43,400 --> 00:26:47,119 Speaker 1: before you know, the sports betting revenue eclipses the daily 495 00:26:47,119 --> 00:26:49,720 Speaker 1: fantasy revenue. Some numbers in from New Jersey this week. 496 00:26:49,760 --> 00:26:53,760 Speaker 1: More than nine million was wagered in in sports books 497 00:26:53,760 --> 00:26:56,040 Speaker 1: in August in New Jersey. When does the past Vegas? 498 00:26:56,520 --> 00:26:59,160 Speaker 1: I think it already already happened. Yeah, it's gonna happen 499 00:26:59,200 --> 00:27:03,080 Speaker 1: soon if it hasn't happen already. Of that DraftKings had 500 00:27:03,119 --> 00:27:06,119 Speaker 1: a significant amount of the of the revenue. First moving, 501 00:27:06,520 --> 00:27:07,600 Speaker 1: you hit it, You hit it in the show that 502 00:27:07,680 --> 00:27:10,560 Speaker 1: first move for status Saturday. Um, yeah, this is going 503 00:27:10,600 --> 00:27:12,320 Speaker 1: to be a much bigger part of their business than 504 00:27:12,400 --> 00:27:17,920 Speaker 1: DFS is. And shortly it feels better to be number 505 00:27:17,920 --> 00:27:19,959 Speaker 1: one than number five. I'll wear a number because of Mike. 506 00:27:20,080 --> 00:27:21,600 Speaker 1: We have a chance to go for three in a row. 507 00:27:21,640 --> 00:27:23,560 Speaker 1: Kids numbers at a good time, and let's first started 508 00:27:23,600 --> 00:27:27,000 Speaker 1: wearing the number. I would just have the floomberg business 509 00:27:27,040 --> 00:27:31,280 Speaker 1: of sports. The number of the week time now for 510 00:27:31,320 --> 00:27:35,639 Speaker 1: the number of the week, three, the three number of 511 00:27:35,680 --> 00:27:38,680 Speaker 1: hosts of this show. Number of points Steph Curry gets 512 00:27:38,680 --> 00:27:42,959 Speaker 1: for most of the shots. Actually that's pretty good, and 513 00:27:43,040 --> 00:27:46,159 Speaker 1: actually you're not that far out of the ballpark the 514 00:27:46,840 --> 00:27:49,960 Speaker 1: number of times I will make the service person go 515 00:27:50,080 --> 00:27:54,160 Speaker 1: back to refill my shrimp order at the Red Lobster 516 00:27:54,359 --> 00:27:58,760 Speaker 1: endless shrimp meal. Alright, cold, just cold, nice cold. Man. 517 00:27:59,240 --> 00:28:02,520 Speaker 1: Evan is fairly close. Hey, let's give it up. W 518 00:28:02,640 --> 00:28:05,840 Speaker 1: n b A. They won the championship to the Seattle Storm, 519 00:28:06,040 --> 00:28:09,679 Speaker 1: their third w NBA title. Hey, Brianna Stewart and Su 520 00:28:09,760 --> 00:28:11,360 Speaker 1: Bird on the same team. I don't see how you lose. 521 00:28:12,880 --> 00:28:18,040 Speaker 1: That's pretty much you said. I mean, come on, I don't. 522 00:28:18,080 --> 00:28:20,480 Speaker 1: I don't see if you need like, you know, everybody's 523 00:28:20,480 --> 00:28:22,440 Speaker 1: trying to get a big three in the NBA these days. 524 00:28:23,000 --> 00:28:25,080 Speaker 1: I'll take Sue Bird and Brianna Stewart on my team 525 00:28:25,119 --> 00:28:28,360 Speaker 1: any days. You know. By the way, fantasy sports they 526 00:28:28,400 --> 00:28:32,520 Speaker 1: follow w n b A. Yeah, do you w n 527 00:28:32,520 --> 00:28:35,480 Speaker 1: b A Fantasy sports? If you know what, because people 528 00:28:35,640 --> 00:28:39,160 Speaker 1: don't follow it. That actually is the sport to make 529 00:28:39,200 --> 00:28:42,960 Speaker 1: some money on. Right, there's an opportunity giving out secrets here. 530 00:28:43,040 --> 00:28:45,960 Speaker 1: Oh I'm sorry. Hey, you've been listening to the Business 531 00:28:46,000 --> 00:28:49,880 Speaker 1: of Sports right here on Bloomberg Radio. We're here each 532 00:28:50,000 --> 00:28:53,960 Speaker 1: and every week at the same time, plus online as 533 00:28:53,960 --> 00:28:57,000 Speaker 1: an Apple podcast. You can catch that Monday's, Wednesdays and Thursdays. 534 00:28:57,080 --> 00:28:59,480 Speaker 1: I'm Michael Barrow on Twitter at Big Bar Sports Bar. 535 00:28:59,720 --> 00:29:02,040 Speaker 1: I'm Eben Novie Williams. You can find me on Twitter 536 00:29:02,080 --> 00:29:04,600 Speaker 1: at Novi Underscore Williams soon to be Uncle Evan. And 537 00:29:04,600 --> 00:29:07,440 Speaker 1: I'm Scott Sashnik. You can follow me on Twitter at Sasnick. 538 00:29:07,520 --> 00:29:09,440 Speaker 1: Thank you very much for joining us. Please tune in 539 00:29:09,520 --> 00:29:11,719 Speaker 1: next week when we speak with the biggest and brightest 540 00:29:11,760 --> 00:29:14,560 Speaker 1: in the sports business industry. You're listening to Bloomberg Business 541 00:29:14,560 --> 00:29:17,400 Speaker 1: of Sports from Bloomberg Radio around the world and online 542 00:29:17,440 --> 00:29:19,400 Speaker 1: as an Apple podcast on iTunes.