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The CEO went on to say if DraftKings does see anything that is affecting long-term value, the company would “try to turn the dials accordingly” to correct that negative impact. Robins then mentioned the new product in the works, which DraftKings hopes will be both enjoyable for customers and profitable for the company. And I think on the other side of it, if you're raising hold by either forcing people into things that they really don't want or making your pricing worse than the market, I think that that's obviously potentially going to have a negative impact on. “If you continue to create products that the customer wants, and that have demand that have higher hold, then that can do a great job, I think, of continuing to raise your hold. “And it's almost a tricky question to think about in that sense because it really depends on where you're getting hold increase from,” Robins said. This was better than the company expected “as we continued to improve our parlay mix and optimize our trading capabilities,” Robins and his chief financial officer, Jason Park, wrote in a letter to shareholders.Īsked if there was a limit for that hold rate and what tradeoff there may be between a higher win percentage and the long-term value of customers - because if users keep losing they may just stop playing, and then DraftKings gets nothing from them afterward - Robins said it’s something the company will always be balancing. 30, DraftKings’ structural sportsbook hold was north of 9.5%. The comments were in response to a question about the company’s sportsbook hold, or the percentage of money wagered that it retains after paying out winning bettors.įor the three months ended Sept. That product, Robins said, meets their dual objective “of being great for the customer and holding better than the average.” Can you take me higher? says they have a new online sports betting product coming soon that could cause customers to lose more often than on straight wagers but enjoy themselves nonetheless.ĭraftKings CEO Jason Robins said Friday during the company’s third-quarter earnings call that the Boston-based company plans to unveil a new sportsbook feature during their investor day on Nov.

The chief executive officer of DraftKings Inc.

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