DraftKings is getting greater. So much greater.
The daily fantasy sportsbook firm stated it’s shifting its headquarters inside Boston. It has additionally began what it calls “an aggressive hiring marketing campaign” that the corporate says will improve the scale of the corporate by 75 % within the subsequent 18 months.
Extra on the DraftKings transfer
Right here’s what we all know, by way of DraftKings:
- The DFS firm plans to develop from 425 staff to greater than 700 by the center of 2019. About 600 of these positions shall be primarily based in Boston. The transfer will happen in 2019.
- DraftKings additionally unveiled plans for a brand new Boston headquarters. The corporate will now be situated at 500 Boylston Avenue within the Again Bay neighborhood of Boston. The brand new area is 105,000 sq. ft and greater than double the scale of DraftKings’ present workplace.
- DraftKings stated that the transfer will include an enlargement of its in-house media manufacturing studio.
“We’re coming into an thrilling section of accelerated progress at DraftKings as we proceed to develop new merchandise and diversify our choices. To fulfill these wants and stay on the forefront of innovation, DraftKings is concentrated on hiring high expertise,” stated Jason Robins, co-founder and CEO of DraftKings, in a press launch.
“We’re additionally honing in on our dedication to Boston by opening a brand new headquarters within the metropolis. We’re particularly grateful to Governor Baker, Mayor Walsh and the state’s legislative management for his or her continued help of our firm and Boston’s thriving tech financial system.”
Why now for DraftKings?
The final yr has not precisely been one for explosive progress within the DFS area, though DraftKings has stated its numbers — lively customers and income — are up yr over yr.
Regardless of that, there are many causes for DraftKings to eye enlargement:
- DraftKings has designs on the sportsbook betting area. The New Jersey sportsbook betting case within the US Supreme Court docket may strike down the federal ban. And the person database and platform of DraftKings may very well be engaging if that occurs. After all, a transfer into the sportsbook betting area may very well be difficult by the fairness the likes of Main League Baseball and the NHL have in DraftKings.
- It’s clearly within the lead within the DFS business. Whereas FanDuel as soon as held an enormous edge over DraftKings — based in 2012 — the latter is by far the larger DFS platform. There may be definitely curiosity in persevering with to create a bigger hole between the businesses.
- DraftKings has been increasing internationally and needs to make additional in-roads. It’s already within the UK (FanDuel left final yr), Germany, Austria and Eire. With a purpose to actually develop the worldwide market, extra sources shall be required.
After all, whether or not that cocktail of variables warrants large enlargement is within the eye of the beholder. The final identified funding in DraftKings got here a couple of yr in the past, to the tune of USD100 million. Whether or not it’s searching for to lift extra funds for the enlargement — or if it has already raised behind the scenes to make this potential — is unknown.
In the meantime, what’s happening at FanDuel?
Development has not been on FanDuel’s agenda. As an alternative, DraftKings’ competitor has stated on a couple of event that it’s targeted extra on profitability, and that it’ll attain that objective for the whole thing of 2018.
What can we find out about what’s happening at FanDuel?
Indicators appear to level to the corporate being bought someday in 2018.