DraftKings Joins Forces with ECL Corbin for Kentucky Market
LISTEN TO THIS ARTICLE:Leading sports betting platform DraftKings has entered into a partnership with ECL Corbin, a subsidiary of ECL Entertainment, that would enable it to launch in Kentucky after obtaining the necessary licenses and regulatory approvals.
In March 2023, Gov. Andy Beshear signed House Bill 551, which legalizes both online and retail sports betting in Kentucky. The bill allows individuals aged 18 and above to place bets on professional and collegiate sports in the Bluegrass State.
Related: Sports Betting Coming to Kentucky
According to the timeline released by the Kentucky Horse Racing Commission (KHRC), the approved sportsbook operators in the state will be able to start pre-registering customers from August 28. Customers will be allowed to start making mobile deposits on September 7, and the state’s online sports betting market will officially go live on September 28, 2023.
Related: Kentucky Announce Starting Dates for Sports Betting Pre-Registration
By signing an early agreement with ECL Corbin, DraftKings is positioning itself to swiftly establish a strong presence and capitalize on emerging opportunities in the Kentucky market.
Together with the Corbin properties, we’re excited to bring our premier sports betting experience to yet another state and its sports fans. We want to thank the Kentucky General Assembly for passing legislation and Governor Andy Beshear for his support of sports wagering as we look forward to launching our sportsbook product during a busy football season, pending licensure and regulatory approvals.
DraftKing's Second Quarter Results
Earlier this month, DraftKings published its Q2 2023 financial report showing an impressive 90% boost in revenue, amounting to $874.9m. The company also saw positive Q2 EBITDA at $73m for the first time since its establishment.
Additionally, DraftKings experienced a 68% drop in loss from operations in Q2 which is an improvement compared to previous quarters.
From all indications of its Q2 metrics, DraftKings is on the path of achieving significant profit if it manages to sustain the growth it has maintained over the years. But keeping the momentum should not pose a problem for a company like DraftKings, which has consistently maintained dominance in 80% of the US sports betting markets and prepares to roll out in new jurisdictions like Kentucky before Q2 2024.
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