DraftKings CEO: 'Huge Potential Market' After SCOTUS Ruling on Sports Betting
*By Alisha Haridasani*
The Supreme Court decision to effectively lift the ban on sports betting in most of the country will create a vast, competitive market for online bookmakers, said Jason Robins, the CEO and co-founder of the fantasy sports site DraftKings.
Soon after the Justices announced their 6-3 ruling Monday, DraftKings [said](http://about.draftkings.com/2018/05/14/draftkings-moves-to-offer-sports-betting-after-u-s-supreme-court-overturns-outdated-ban/) it was already “working with state regulatory officials to apply for operating licenses,” a process it preemptively started last year.
"I think that this is going to significantly increase the amount of competitors out there for us," said Robins in an interview with Cheddar after the ruling. And likely the amount of money wagered, too.
The Court ruled in favor of a case brought by New Jersey that would allow the expansion of legal sports gambling beyond some jurisdictions in Nevada. Illegal sports gambling accounts for between $60 billion to $150 billion, according to some [estimates](https://www.bloomberg.com/news/articles/2018-03-05/how-u-s-sports-betting-is-rampant-and-mostly-illegal-quicktake).
Bringing that illegal activity out from under a cloud creates opportunities for legal companies like DraftKings and its rival, FanDuel, to garner some of that business. "The rules around what you can do are about to expand in a great way," said Robins.
DraftKings and FanDuel are the two largest fantasy sports sites in the world, but that market domination may soon "look like nothing compared to how competitive sports betting will be," Robins said.
Both fantasy sites have come under fire for allegedly dipping into the illegal betting scene. Three years ago, more than [a dozen states](https://www.wsj.com/articles/fantasy-sports-industry-mounts-lobbying-blitz-1455585446) challenged the legal status of fantasy sport sites, arguing that while the teams on these fantasy sites are imagined, performance is based on the real outcomes of sporting leagues. But since then, the two sites worked with legislators in those states to create a regulatory framework around fantasy sports.
DraftKings plans to use those relationships with lawmakers to push into sports betting.
"A lot more is going to happen now a lot faster that the doors are open," Robins said.
For the full interview, [click here](https://cheddar.com/videos/draftkings-to-get-in-on-sports-gambling).
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
