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DraftKings to Launch Online Sportsbook in 26th State: Vermont

DraftKings

DraftKings will launch its online sportsbook in Vermont on Thursday (Jan. 11), bringing to 26 the number of states in which it operates.

The DraftKings Sportsbook app is also active in Ontario, Canada, the company said in a Wednesday (Jan. 10) press release.

“As a Boston-based company, we are thrilled for the opportunity to further expand in the New England region and provide Vermont with access to safe and legal sports betting,” Matt Kalish, president of DraftKings North America, said in the release.

With the DraftKings Sportsbook app, eligible sports fans in Vermont will be able to bet on professional sports and sporting events and access same-game and cross-sport parlays, in-game betting, special odds boost and other promotions, according to the release.

They can access the betting markets and other offerings by downloading the app, which is available via iOS and Android, the release said.

Online sports betting and iGaming in the United States will be a $30 billion total addressable market (TAM) in 2028, up from $20 billion in 2023, DraftKings said in November.

That projection includes only the states in which sports betting was legal at that time, DraftKings CEO and Co-founder Jason Robins said in prepared remarks for a Nov. 14 Investor Day event.

Further online sports betting and iGaming legalization in the U.S. provides the potential for up to an additional $6.2 billion of Adjusted EBITDA, Robins said.

“This is an important concept for today,” Robins said at the Investor Day event. “Any additional state legalization would add significant revenue growth and additional long-term Adjusted EBITDA, and improve our long-term Adjusted EBITDA margins.”

PYMNTS Intelligence has found that the legalization of online sportsbooks has ushered the sports betting industry into the mainstream market.

For example, the American Gaming Association (AGA) said in February 2023 that it expected a record 50 million Americans — 20% of the country’s adult population — to bet on that year’s Super Bowl.

That forecast included 30 million who were expected to place a bet online, at a retail sportsbook or with a bookie, the AGA said.

The scale of sports betting is likely to continue increasing, according to the “Disbursements Satisfaction Report 2023: Instant Payouts Reach an Inflection Point,” a PYMNTS and Ingo Money collaboration.