Despite legal sports betting, black market is still king: DraftKings CEO

By SportsFOXBusiness

DraftKings CEO on Buffalo Wild Wings partnership

DraftKings CEO Jason Robins on the growth in sports betting, the company's partnership with Buffalo Wild Wings and the potential for an IPO in the future.

As more states look to legalize sports betting, gamblers are still ponying up in the black market, according to DraftKings CEO Jason Robins.

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The Supreme Court in May struck down the federal law barring most states from sports gambling, clearing the way to legalize sports betting in all 50 states.

“We’re about 300 percent ahead of where our target was,” Robins told FOX Business’ Stuart Varney on Tuesday. “It’s only New Jersey that has mobile betting now -- two others have retail— I think it’s still largely black market.”

Experts suggest that illegal sports betting in the United States is a $50 billion to $150 billion business. But Robins pointed out despite his belief, it’s very hard to nail down accurate statistics.

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Meanwhile, DraftKings is betting on the restaurant industry to boost business. They recently announced a partnership with Buffalo Wild Wings for the 2018 football season to bring an exclusive fantasy football game to fans inside its restaurants.

“I think their brand fits very well with our target demographic,” he said. “They have a great vision for what they want to create an already a nice network of established restaurants that people generally go to, to watch sports and I think it’s just a very good fit for what we are trying to do.”

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