DraftKings has reached an agreement with ECL Corbin, a wholly owned subsidiary of ECL Entertainment, to enter the mobile sports betting market when it becomes legal in Kentucky.
Sports betting at physical locations will launch in Kentucky on September 7th, when the NFL season begins.
Mobile operations will begin on September 28th. The Kentucky Horse Racing Commission (KHRC) has received license applications from seven of the state’s licensed tracks.
In addition to offering mobile sports betting, DraftKings and Corbin intend to open in-person sports betting spaces at Corbin properties such as The Mint Gaming Hall Cumberland and Cumberland Run.
The launch would make Kentucky the 22nd state where DraftKings operates with its mobile betting platform and the 24th overall with sports betting.
Matt Kalish, President of DraftKings North America, said, “Along with the Corbin properties, we are excited to bring our world-class sports betting experience to yet another state and its sports fans.”
“We want to thank the Kentucky General Assembly for passing the legislation and Governor Andy Beshear for his support of sports betting, as we look forward to launching our sports betting product during a busy football season pending licenses and regulatory approvals,” completed Kalish.
Marc Falcone, joint managing partner with Ron Winchell of ECL Corbin, added: “Corbin Properties is really excited to be working with DraftKings, one of the country’s leading sports betting operators. This will be a great partnership for both companies. .”
DraftKings Q2 financial results
In early August, DraftKings reported financial results for the quarter ended June 30. The company reported revenue of $874.9 million, an increase of 87.7% compared to the prior year period.
Adjusted EBITDA was positive at US$72.97 million, compared to a loss of US$118.1 million in the same period last year.
Operating loss improved to $69 million, a 77% year-over-year change. Net loss decreased 64.4% to $77.3 million.
The operator ended the second quarter with $1.1 billion in cash and cash equivalents, an increase of $26 million compared to the end of the first quarter.
