During its third quarter earnings call on Friday morning, DraftKings hinted at a launch in North Carolina. However, it seems that bettors in the Tar Heel state may not be offered the type of promotions seen in other states where legal sports betting has been introduced.

According to Jason Robins, the CEO of DraftKings, the company anticipates a decrease in marketing efforts in 2024, even with the upcoming launch in North Carolina. This is because customers from states with established legal sports betting markets tend to generate revenue without requiring promotional spending.

It’s unlikely that we will see the return of promotions over $2,000 or bonus bets anytime soon. Instead, online sports betting enthusiasts in North Carolina can expect offers that are roughly one-tenth of that amount, along with potential North Carolina sports betting promos and DraftKings North Carolina promo codes.

Robins mentioned during the call that DraftKings expects a decline in external marketing next year, including potential launches in North Carolina and other states. The company aims to maintain its approach and not overreact to new market openings. Their focus is on remaining disciplined and allowing their user

base to naturally mature over time. That being said, in North Carolina, Robins and DraftKings will encounter a challenge that wasn’t present when Michigan or Kentucky opened their markets. This challenge comes in the form of ESPN Bet and Fanatics, two sportsbooks that are emerging as competitors to established leaders like DraftKings. These brands will be striving to attract and retain customers, which may involve increased efforts in North Carolina, considering it is likely to be the largest market for sports betting in the near future.

Despite the intensified competition, Robins emphasized that they will still prioritize management of promotional investments. “With the anticipated rise in competition,” Robins clarified, “we anticipate new markets developing similarly to what we have witnessed in the past.”

While we cannot predict what the bonus offer for sports betting in North Carolina will be, we can look at the launch in Kentucky back in September as a reference point. During that launch period, DraftKings offered up to $500 in bonus bets for users who lost their wager.

One potential benefit of reduced spending on promotions and marketing efforts in North Carolina is that consumers might experience fewer commercials and online advertisements from DraftKings.

DraftKings Reports Impressive 57% Revenue Growth in Q3 Compared to the Previous Year (2022)

The standout highlight from Friday’s earnings call was a successful third quarter, where year-over-year revenue saw a remarkable growth rate of 57%. That represents an increase of $790 million compared to the same quarter of 2022.

The company’s impressive performance has led them to predict a revenue of around $3.72 billion for 2023. DraftKings, which has been competing with FanDuel for the leading position in sportsbooks, anticipates a revenue of $4.5 billion to $4.8 billion in 2024, nearly double compared to their 2022 revenue.

Robins mentioned that the growth in the third quarter of 2023 can be attributed to customer retention and engagement surpassing expectations. He also highlighted a strong MLB betting season and shared that DraftKings managed to capture approximately 5% of Kentucky’s adult population following their launch in September.

As North Carolina sports betting apps prepare to launch, it is expected that similar growth and competitive strategies will unfold in the state, with various operators vying for a share of the market. The introduction of legal sports betting in North Carolina is set to bring a new dimension to the state’s gaming industry, offering exciting opportunities for sports fans and bettors alike.

✅ Fact Checked on January 27, 2024 by Ken Weaver