DraftKings CFO exclusive: Taking the next step
DraftKings CFO Jason Park, who has been in the role since June, speaks to Tim Poole about his start to life with the company, his outlook on daily fantasy sports and the operator’s hopes in the US gaming market.
Tell us about your career so far and how you can use that experience with DraftKings.
My entire career, extending back to even before my time at Bain Capital [an investment firm], has been about improving how businesses perform and aiding them in unlocking their full potential. I will be able to apply my learnings as a former private equity investor to provide clarity on all our important priorities; aligning with our customers, employees and stakeholders, and to do whatever I can to ensure we execute flawlessly to achieve our desired outcomes.
What do you think of DraftKings’ progress to date within the technology sector?
The progress we have made has been nothing short of phenomenal. DraftKings created the daily fantasy sports [DFS] industry as we know it today. As a sports tech company, we were able to quickly pivot and offer a sportsbook and online gaming product and that is a clear testament to the strength of our team’s technological capabilities.
What are some future goals you have for DraftKings and working with CEO Jason Robins?
From a strategy perspective, we have an incredible amount of potential. It is my job to help actualize that potential and see how far we can go. Of course, establishing ourselves as a leading national provider of an online sportsbook is a core goal; but we have many beyond that.
From a people perspective, I truly believe we should be – and have the capability to be – the number one employer of choice for people seeking careers in any of our functions at any of our locations around the world.
What most appealed to you about leaving your previous role for DraftKings?
I wanted to be the CFO of a technology company. Though I had not technically held the position previously, I played very similar roles in many of my portfolio companies in the past 10 years. I strongly felt I was ready to take the next step.
Having the opportunity to combine my own career aspirations with a stellar organization and team, a great and aligned investor base and an exciting and dynamic industry, I am personally interested in – while remaining in Boston – made this a great fit for me.
As a whole, how do you view the progression of the DFS market?
Our DFS product continues to grow and remains at the core of our business. Through May, our gross revenue is up 19% year-over-year for DFS. Offering both DFS and sportsbook products to our customers gives us a competitive advantage.
Did you monitor much of the sports betting expansion since the overturning of PASPA in your previous role?
That was headline-making news nationally and hard to ignore. Obviously, once I began having discussions with the team here at DraftKings, I read as much as I could about the industry. As an American-made company, I recognize the enormous potential we have, which can be created here in the US.
What are your thoughts on US gaming as a whole, particularly online?
The profound impact mobile and online sports betting has had on the industry is evident with online platforms accounting for 85% of all tax revenue generated in New Jersey. In May, New Jersey took in more sports wagers than Las Vegas for the first time. For the regulated market to keep up with the illegal and offshore market, the need for favorable laws around online and mobile gaming is imperative and will ultimately provide the consumer with the most innovative, safest and reliable sports betting experience.
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