Bloomberg Talks: DraftKings CEO Jason Robins Talks Disney Deal

Date: November 8, 2025
Host: Bloomberg
Guest: Jason Robins, CEO of DraftKings
Episode Theme:
An in-depth conversation with Jason Robins on DraftKings’ new multi-year partnership with Disney’s ESPN, expanding product offerings in the prediction markets, financial discipline, and the bullish outlook for DraftKings’ future.

Main Theme & Purpose

The episode centers on DraftKings’ recent strategic partnership with Disney (via ESPN), the evolution of sports betting and prediction markets in the US, and how DraftKings is positioning itself both in terms of product innovation and financial health. Jason Robins discusses industry trends, regulatory advances, business model risks, and DraftKings’ momentum as it enters new markets.

Key Discussion Points & Insights

1. DraftKings & ESPN/Disney Partnership

• Significance of ESPN:

  • Robins underscores ESPN's unmatched reputation in US sports and its influential media and talent portfolio.
  • Quote: “ESPN is an iconic brand. It’s by far the biggest name in sports in the United States and they have an incredible portfolio, unmatched portfolio of sports content, influencers, talent… So it's really, you know, for us just the greatest partner you can have when you're in the space we're in.” (01:01, Jason Robins)

• Strategic Fit & Familiarity:

  • DraftKings has previously partnered with ESPN, so the collaboration is “familiar territory.”
  • Partnership adds to DraftKings’ deals with NBCUniversal and Amazon, creating broad sports media presence.
  • “We know all the people there and we're looking forward to working together. And you add that to our deals with NBCUniversal and Amazon and others, we have an unmatched, I think presence across the sports landscape over the next several years.” (01:32, Jason Robins)

2. Expansion Into Prediction Markets

• Incremental Opportunity vs. Cannibalization:

  • DraftKings’ move into “exchange-based betting”—prediction markets—is positioned as additive, not cannibalistic.
  • Robins notes that in the UK, exchange betting is only about 5% of the total market, suggesting minimal impact on other offerings.
  • “I think a lot of it is largely incremental because there are market makers and others that are not present on traditional sportsbooks that generate a lot of the volume.” (02:25, Jason Robins)

• New Acquisitions & Rollout Timeline:

  • Reference to DraftKings’ acquisition of Railbird and a target to enter the US predictions market “in the next couple months.” (02:39, Jason Robins)

3. Financial Discipline & Marketing Spend

• Managing Investment in Predictions:

  • Robins details a “conservative” approach to deploying capital in prediction products given the nascent US market.
  • “We do plan to make some investment there. We mentioned this on the call that we're going to be more, I think, conservative in terms of the paybacks we're looking for...” (03:13, Jason Robins)
  • Product excellence is deemed the “most important thing”—the DraftKings approach is methodical: build, test, analyze, and scale if metrics support further spending.

• Guidance on Expenses:

  • Investors/analysts noted higher sales and marketing expenses and “ugly outcomes” in some sports games, but Robins emphasizes data-driven, flexible spend to capture upside in emerging segments.

4. Regulation & Market Access

• Predictions Product as a Path to More States:

  • Because prediction markets can be accessed in all 50 states, unlike sportsbook betting which is currently limited (~25 states + DC), DraftKings sees this as a lever to push for further legalization.
  • “It's, I think predictions are a powerful talking point for that because... it's activity that's already happening in the state at some level that they are not directly benefiting from and regulating. So I do think that'll motivate some states…” (04:30, Jason Robins)

• Minimal Cannibalization Observed:

  • Robins draws from international comparisons to reassure concerns, pointing out decades of coexistence in the UK market.

5. DraftKings’ Bullish Outlook & Turnaround

• Historic Progress & Current Momentum:

  • DraftKings turned its fortunes from heavy losses to profitability.
  • “Remember two years ago we weren't even profitable. Three years ago we had nearly $1 billion adjusted EBITDA loss. At that point, you know, we were getting killed in the market because people thought we were going to run out of money and go out of business. We really buckled down, we grew revenues, we managed costs and you know, just a few years later we've had over a billion and a half swing.” (05:37, Jason Robins)

• Position to Play Offense:

  • With profitability and scale, DraftKings can now “play offense”—meaning expansion, product launches (predictions), and leveraging premium partnerships.
  • Robins dismisses recent sports outcome “noise” as a minor, temporary issue, not reflective of business health:
    • “The only real negative on the quarter was the sport outcomes… that's a temporary thing… nothing to do with the fundamentals.” (06:29, Jason Robins)

Notable Quotes & Memorable Moments

• On ESPN Partnership:

  • “It’s really, you know, for us just the greatest partner you can have when you're in the space we're in.” (01:05, Jason Robins)

• On Predictions Market and Cannibalization:

  • “We feel like there's pretty good data out there to show that head to head, the traditional sports betting product is a much far superior product for customers.” (05:03, Jason Robins)

• On Company Resilience:

  • “We really buckled down, we grew revenues, we managed costs and you know, just a few years later we've had over a billion and a half swing.” (05:44, Jason Robins)

Timestamps for Key Segments

• [01:01] DraftKings-ESPN partnership overview and impact
• [02:21] Discussion on the nascent US prediction markets and cannibalization risk
• [03:13] Approach to investing and marketing in prediction products
• [04:24] Leveraging prediction markets to broaden state-level legal access
• [05:32] Robins on being most bullish about the company’s future
• [05:44] Company’s journey from heavy losses to profitability
• [06:29] Sports outcomes and their (non)-impact on long-term prospects

Takeaways

• DraftKings’ tie-up with ESPN/Disney is framed as a watershed moment, offering unmatched media leverage.
• Foray into prediction markets is seen as a complementary growth driver, not a threat to core sportsbooks.
• Disciplined financial management remains a priority as DraftKings pursues new product verticals.
• Prediction markets could help accelerate state-level adoption of sports betting legislation.
• Leadership’s bullishness is founded on recent performance turnaround, strong partnerships, and new markets on the horizon.

Summary Prepared For:
Listeners seeking a comprehensive, nuanced recap of DraftKings’ latest strategic moves, direct from CEO Jason Robins—highlighting the ESPN/Disney partnership, industry trends, and DraftKings’ operational direction, in his own candid, data-grounded language.