DraftKings Inc. is planning to launch its own streaming video service, the latest evidence that sports betting and media are converging.
(Bloomberg) — DraftKings Inc. is planning to launch its own streaming video service, the latest evidence that sports betting and media are converging.
The service is expected to be free and supported by advertising, people with knowledge of the matter said. The shows will be videos of podcasts the company sponsors and are expected to debut in coming weeks, according to the people, who asked not to be identified discussing the details.
“Over the years DraftKings has expanded our media footprint by securing top talent and trusted personalities across sports media, and we’ve begun the initial rollout of DK Network,” a company spokesperson said in a statement.
Boston-based DraftKings is in fierce competition with FanDuel, a division of Flutter Entertainment Plc, to attract bettors in the more than 30 US states that have legalized online sports gambling.
While they continue to spend money on TV commercials, online sportsbooks are also starting to resemble media companies, hiring big-name personalities and operating their own channels to reach sports fans. In 2021, DraftKings acquired the Vegas Sports Information Network Inc. (VSiN), a media company focused on sports-betting shows. Last year, it hired Stacie McCollum, a former ESPN executive, as head of programming.
DraftKings has struck partnerships with Meadowlark Media, a sports-media startup founded by former ESPN President John Skipper and former ESPN host Dan Le Batard, and the radio and podcast giant iHeartMedia Inc.
With its own streaming service, DraftKings could reach a new audience or attract new brands that are more comfortable buying online video ads.
FanDuel has also been expanding into video. In September, the company introduced a new TV network and streaming service, rebranding what was formerly a horse-racing channel called TVG. Earlier this month, FanDuel announced a deal to license video podcasts from the Ringer, a sports and pop culture media company owned by Spotify Technology SA.
–With assistance from Ashley Carman.
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