DraftKings adds high-priced giveaways to rewards program seeking enhanced loyalty from sports betters

Sports betting giant DraftKings is enhancing its rewards program with premium giveaways. The company has added its 2025 Elite Rewards Gifts and Experiences Catalog to its Dynasty Rewards program. Anyone who buys in will get the chance to earn travel and hospitality experiences.

"As a customer-centric brand, we are always looking for new ways to best serve our customers and Dynasty Rewards was created to deliver unforgettable, customizable experiences and gifting opportunities for our players," said DraftKings Vice President of Loyalty and Experiences Chika Chandrashekar. "It’s important to us that we’re providing a best-in-class loyalty program to our players, as well as the most rewarding offerings and exclusive access that they can’t get anywhere else."

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For the company, the initiative is part of its mission to strengthen the loyalty it has from its customer base.

"For us, loyalty and a loyal fan is someone who enjoys our product," Chandrashekar told Fox Business. "We put a lot of emphasis on responsible gaming, so with the education and tools on responsible gaming, they're having fun with DraftKings, they have a positive affinity for the brand, and when they're using DraftKings they're being rewarded for it." 

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In August, for the three months that ended on June 30, DraftKings reported revenue of $1.104 billion, an increase of $230 million, or 26%, compared to $875 million during the same period in 2023.

The increase in the company’s second-quarter 2024 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, the expansion of the company’s Sportsbook product offering into new jurisdictions, higher structural sportsbook hold percentage, and the impact of the acquisition of Jackpocket Inc., which closed on May 22.

"We very efficiently acquired many more new customers than we expected and saw continued healthy existing customer engagement in the second quarter," said Jason Robins, DraftKings’ chief executive officer and co-founder.

"We will continue to capitalize on the healthy customer acquisition environment for the rest of 2024 which positions us to achieve $900 million to $1.0 billion of Adjusted EBITDA in 2025. Additionally, we plan to implement a gaming tax surcharge in high tax states that have multiple mobile sports betting operators on January 1, 2025 which could drive Adjusted EBITDA upside on an annual basis."

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