DraftKings will own NH mobile sports betting
DraftKings co-founder Matt Kalish announced on Monday that his company will launch its mobile sports betting app in New Hampshire on December 30. It will be the first and only mobile sports wagering product in the state.
first and only mobile sports wagering product in the state
Kalish, who went to high school in the Granite State, told the New Hampshire Union Leader that the app launch will happen “at some point during the day” next Monday.
Accelerated timeline
DraftKings has wasted no time in getting its service up and running. The New Hampshire Lottery Commission approved the company as the lottery’s official sports betting partner just a month ago. DraftKings was awarded a six-year contract with an option for two 2-year extensions.
DraftKings will give 51 percent of its gross gaming revenue from mobile sports betting to the state.
“….I think that will be something that really fills the coffers in New Hampshire and we’re going to do what we can to make that number as big as possible,” Kalish told the Union Leader.
Brick-and-mortar to come
The company will also have retail sports betting shops. Voters in six cities have approved DraftKings brick-and-mortar locations: Berlin, Claremont, Franklin, Laconia, Manchester, and Somersworth. The gross gaming revenue share for the retail sports books between DraftKings and the state will be 50/50.
The retail locations will not open next week. Kalish expects them to be ready in the first half of next year. He explained to the Union Leader that customers should expect the same betting experience as they will find with the mobile app:
It’s really no different except if you’re a cash bettor [and] you want to transact in cash and hold a physical ticket.”
Kalish added that there are plenty of people who prefer to place their wagers in person, so having retail stores with live cashiers and automated kiosks will be a solid pairing with mobile.
DraftKings merger with SBTech
This isn’t even the biggest DraftKings news of the week, as the company announced on Monday that it is merging with sports betting technology company SBTech and going public next year.
The two companies are technically being acquired by Diamond Eagle Acquisition Corporation, a special purpose acquisition company, but once the transaction is complete, the company will change its name to DraftKings.
The new company will have a market capitalization of $3.3 billion.
In speaking with the Union Leader, Kalish summarized why the legalization and regulation of sports betting is important:
“Being confident you can trust the platform knowing there’s that oversight from the government and that they’re monitoring the activity and they’re making sure consumers are protected is really a big advantage for consumers.”