DraftKings to launch NFT Marketplace

Simona Boshkova | Published 22 Jul 2021, 8:26 a.m.

DraftKings is an American sports betting and daily fantasy sports operator. It’s one of the most popular companies that delivers a variety of gaming products across different platforms. 

Recently, DraftKings launched craps in New Jersey, which is the first state to offer this popular casino game. It also made partnerships with different leagues for market expansion, including the Professional Fighters League.

But, DraftKings’s business doesn’t stop there, as the company is moving into the world of digital collectibles called NFTs (non-fungible tokens). Namely, the company announced the launch of DraftKings Marketplace, a platform for customers to buy and sell NFTs.

Content from Autograph

DraftKings announced an NFT marketplace, which is described as “a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions”. The platform will launch later this summer and it’s a great opportunity for a wider expansion of this fantasy sports betting company.

The concept of NFT is similar to the popular online markets, such as Amazon. At DraftKings Marketplace, millions of customers will be able to buy, sell, and trade digital collectables across sports, entertainment and culture. This will be possible through the existing DraftKings accounts. 

Additionally, DraftKings has partnered with the NFT platform Autograph and will distribute its exclusive content. It’s expected that the first items available for purchase in the Marketplace will be the “Pre Season Access” collection, showcasing Autograph’s NFTs for some popular athletes.

In a press release, DraftKings co-founder and president Matt Kalish said that the DraftKings Marketplace will provide its customers with an easily accessible experience that rivals all legacy marketplaces. 

On the other hand, Dillon Rosenblatt, Autograph chief executive and founder, has greeted the partnership and said it will connect millions of users to things they love and to other users with the same interests.

Evolution posted exceptional revenue growth

In the meantime, another operator posted significant success, but in terms of revenue. Live dealer supplier Evolution Gaming posted that its revenue and profit has more than doubled in the first half of the year. This is due to the acquisition of NetEnt and Big Time Gaming.

The company has reported a revenue of €256.7m ($301.8m) for the second quarter of 2021, which is a 100% increase from the respective quarter of 2020. This caused EBITDA to increase by 115% to €174.7m. Evolution Gaming highlighted that the main driver behind this exceptional growth was the Live Casino products, with the vertical growing 59% year on year. 

Martin Carlesund, CEO of Evolution, said that strong demand contributed to the margin development in the second quarter of the year. However, he explained that in a trade-off situation between margins and growth, the company always goes for long-term growth.

Furthermore, Evolution reported financial results for H1 2021, with revenue growing by 102% year on year to €492.5m. To this, Carlesund said that he is looking forward to the second half of the year. He added that Evolution Gaming will continue to “widen the gap to competitors”.

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