*By Chloe Aiello* New Jersey fans could wager as much as $100 million on the Big Game ー and that would be good news for DraftKings, CEO Jason Robins told Cheddar Friday. "I've heard estimates that as much as $100 million could be wagered in New Jersey ー and we certainly are hoping for a big number like that, that would be fantastic. I'd be happy, frankly, if it came in even half of that," Robins said on Friday, adding that bets have come "overwhelmingly" in support of the Patriots. The 2019 Super Bowl is the first Big Game on which fans can legally bet. After the Supreme Court green-lit gambling last May, several states ー Delaware, New Jersey, and Mississippi ー quickly moved to legalize. Already the biggest sporting event of the year, the Big Game will prove to be an important test for the viability of the legal sports betting industry ー and a defining moment for companies like DraftKings that have wagered their fortunes on its success. Although DraftKings won't know the final tally of bets placed on its platform until a Super Bowl champion is crowned, Robins said the company has already seen explosive growth ー in new users on the betting side, and in game expansion on the fantasy side. The "Showdown" fantasy product, which Robins called DraftKings' most "mainstream" product to-date, has been especially successful. "A little over a year ago, we launched the showdown product which is a single game variant and that's just been taking off," Robins said. "The adoption on that product has really been enormous." Boston-based DraftKings has focused much of its energy on expanding its sports betting business in New Jersey ー and to a lesser degree in Mississippi ー but Robins said the company expects to be up and running in many other states within the next couple of years. Where DraftKings goes next has everything to do with a state's willingness to embrace the industry. "Sensible" laws and regulations, and enabling online and mobile device betting are two absolutely critical components to ensuring the legal sports betting business has a fighting chance against the black market, Robins said. "The harder you make it to compete with the black market, which has no taxes and no regulations imposed on it, the more challenging it is going to be for companies like us to bring those people over," he added.

Share:
More In Business
Nestlé dismisses CEO after he has relationship with a subordinate
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz undoes blockbuster merger after a decade of falling sales
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
Load More