DraftKings is moving business to a new, larger headquarters; remains committed to its hometown Boston
Daily fantasy sports turned sports betting operator DraftKings is moving into new corporate headquarters this week.
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DraftKings is set to unveil its new headquarters in downtown Boston on Tuesday. A ribbon-cutting ceremony and a tour around the new place will mark the beginning of the new chapter in the company’s growth.
The sports betting operator first unveiled plans to move into a larger office early last year. That was even before it went live with legal sports betting in New Jersey and Mississippi. DraftKings will now occupy 105,000 square feet of space, almost twice as much as its previous headquarters.
The company’s new office is located near Copley Square in Boston’s Back Bay neighborhood.
DraftKings’ old headquarters is located in a building near South Station. One of Boston’s largest tech companies, DraftKings was founded in 2012. It quickly established itself as one of the leaders in the daily fantasy sports space.
As mentioned above, the company moved to expand into the sports betting field after the US Supreme Court struck down last May a long-standing federal ban on the practice.
DraftKings relocating to a new corporate headquarters was part of the company’s strategy to grow its staff. Last year, it announced plans to increase the number of its employees to more than 700 from 425. Around 600 of its staffers are expected to be based in Boston.
Last August, DraftKings was the first company to go live with digital betting in the newly regulated sports gambling market of New Jersey. Its product quickly took off in the state and became among the main drivers of growth in the sector.
However, the company has had a strong competitor for the largest share in New Jersey’s online gambling market. That competitor happened to be its archrival in the daily fantasy sports field, FanDuel.
According to February financial data by the New Jersey Division of Gaming Enforcement, FanDuel surpassed DraftKings, generating revenue of $6.6 million. DraftKings had an extremely bad month, suffering a 46% drop in monthly revenue to $3.7 million.
Late last month, DraftKings penned a strategic, multi-year sports betting partnership with casino and hospitality powerhouse Caesars Entertainment Corp. The partnership will enable the online gambling company to gain access to states where Caesars operate properties and where sports betting is legal.
As part of the deal, the Las Vegas gambling giant has acquired an undisclosed equity stake in its new partner and will get a cut of its revenue in the state where their partnership is effective.
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