Online gambling

DraftKings CEO implores lawmakers to legalize and regulate online gambling

BOSTON- With his company’s first co-working space a minute away at 376 Boylston Street, and the 100,000-square-foot #500 global headquarters of the everyday fantasy and gaming juggernaut, the DraftKings co-founder and CEO Jason Robins presented the next evolution in a keynote at the National Council of Gambling State Legislators Friday.

Sports has made DraftKings one of the top three betting companies in the United States since the repeal of the Professional and Amateur Sports Protection Act 2018. (The company also offers DraftKings Casino under its umbrella.) But in keeping with the pivot that occurred within the industry four years after the decision, Robins again underscored the future importance of online gaming.

“Amazingly, iGaming is already legal in six states. Big states like New Jersey, Michigan and Pennsylvania have allowed both without cannibalizing existing retail gaming operators and without experiencing the hyperbolic doomsday scenarios that opponents have recklessly predicted,” he said.

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In a room full of lawmakers who helped legalize sports betting, Robins took a subtle step to legalize an entire list of gambling. Most states legalize the lottery, detail and online casinoand sports betting in phases due to the difficulty in mustering support.

However, Michigan regulators were repeatedly praised at the conference for simultaneously launching a comprehensive online gambling market.

“In the six states where full iGaming is legal, each has physical casinos that have continued to thrive and grow,” Robins said.

“Since online sports betting and iGaming have been legalized in each of these states, with the technology and industry proven, it’s time for your states to embrace iGaming, not in the future, but now. .

“iGaming is as safe as physical casino gaming and taps into a potential revenue stream that is currently funneled to unregulated offshore operators. By legalizing and regulating both iGaming and mobile sports betting, you can generate safely a substantial new source of revenue for your most valuable constituent services.

Robins presents online gambling as a defense against the economy and budgetary problems

As states continue to wrestle with budgets and often turn to gambling industry profits as cover, Robins appealed in the face of a deterioration of the national economy.

“We still have work to do to educate that it’s actually an advantage,” Robins said.

“This will not only add more tax revenue, but more jobs and grow everyone’s businesses. It will also be extremely important as we experience rapid inflation with signs pointing to the potential for a prolonged economic recession. And in fact, the stigma and fear associated with online gaming seems to be based on inaccurate and outdated ideas about how technology works.