G2E: Amy Howe and Jason Robins – Part 2: Maximizing competition
During G2E in Las Vegas, Amy Howe, CEO of FanDuel, and Jason Robins, CEO of DraftKings, sat down to discuss the US sports betting market together – as well as why competition and following state regulations can become a driver of innovation.
Speaking on what’s good for the consumer Jason Robins states, “Constant competition drives constant innovation and betting offerings.”
Amy Howe agreed with Robins’ point and mentioned how even though competition is increasing post-PASPA, a fair few companies dropped out. She stated how this industry, “isn’t for the faint of heart.”
The speaker mentioned the hot topic of conversation in the industry right now and something that is directly linked to FanDuel’s competition; which is PrizePicks and Underdog not abiding by regulations correctly.
The speaker goes on to state, “There’s been a lot of hard lobbying going on to try and get some intervention against their fantasy products in some states. My understanding is that in three states there have been cease and desist letters that have gone out to the companies.”
She expands and puts the CEOs into the hot seat, “But you did not get a cease and desist letter for your fantasy site. Is that accurate?”
Robins confirmed, “That is accurate.”
He expands, “There’s a legal and regulatory framework and I think it’s up to the states to adjudicate this. I think you know they will decide whether those offerings are within the legal framework.
“In the end, we expect to be treated the same way so if you want to regulate something, regulate it, if you don’t, don’t. I don’t think that having inconsistent rules for different companies is in the best interest of the consumer or competition.”
When delving into the legalization of states and having to abide by the multiple different rules and regulations and reading between the lines when it is unclear, Robins says in order to get clarity, go to the regulators and ask, “Hey, this is what it says, what exactly do you mean? What do you want us to do?
“I think that also creates opportunity because if you can figure out what the exact restraints are, what’s possible, it actually creates means to innovation.”
However, despite eradicating competition from certain markets, Robins said, “We want to be able to compete. We want to be able to offer the same things that anyone else out there offers and then once you do that, it’s competitive and it’s great for the consumer. Whoever gives the best experience and has the best operation comes on top.”
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