New Jersey sportsbook operators Draft Kings have recently received their biggest ever stake on a golf tournament after a New Jersey punter placed $350k on Dustin Johnson winning this weekend’s PGA Championship. At odds of +275, this stake would see a return of $962,500 if Johnson is able to see out his lead tomorrow and add a second major trophy to the cabinet.
Johnson may be the tournament favorite but as we so often see in the major tournaments, there are always a number of players who could take home the trophy. Proof of this can be seen given the fact that Brooks Koepka, at 11-1 odds, was the punter’s favorite going into this weekend, with 15% of all bets on Draft Kings backing the American.
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What we cover
DraftKings: quick review
DraftKings is one of the biggest New Jersey sportsbook operators and since the PASPA ruling in 2018 they have been a dominant presence in the state. The New Jersey sportsbook which they offer is one of the best in the state, and since our glowing review back in 2018 they have only improved the service.
Following a ought first quarter, on par with the rest of the market, DraftKings are looking at ways in which they can recoup some of that lost revenue. One way in which the company are doing that is by drumming up support and increasing visibility. We reported last week about the $1million NFL giveaway that they are involved with, and this large golf stake will bring further attention.
Draftkings Financials at a glance
Somewhat surprisingly DraftKings Q2 performance was extremely good considering the events of 2020 and they posted GAAP revenue of $71 million and Pro Forma revenue of $75 million. GAAP revenue at the same time last year was $57 million, news which certainly made investors take note. We covered what you need to do know to buy DraftKings stocks last month, understanding that many will be looking to invest.
Unfortunately for DraftKings much of their stock price is dictated by the leagues themselves. As we wrote a fortnight ago, the cancellation of MLB games did no favors for the New Jersey sportsbook or its stock price. Smart moves such as teaming up with ESPN however have shown how shrewd the sporstbook can be.
PGA Championship
Back to the golf now and things certainly look tight at the top with Johnson having only a single shot lead going into the final day. Breathing down Johnson’s neck are Paul Casey, Collin Morikawa and Brooks Koepka. It is already clear that Brooks Koepka is looking to get under the skin of Johnson, pointing out that he has ‘only’ won a single major:
“When I’ve been in this position before, I’ve capitalized. I don’t know, [DJ’s] only won one.”
There is no love lost between the two golfers, and this must be unnerving for the punter holding the virtual betting slip in hand. Whether or not Johnson will look to reverse his fortunes against Koepka remains to be seen. Johnson has so far been putting on a putting masterclass in the tournament. If he holds his nerve on final day then he will be well in with a chance of adding that important second major and shutting down Koepka.
Liability concerns
What is pretty clear here is that the New Jersey sportsbook have taken the $350k because of the enormous liability which they have given the amount of money wagered on Kopeka. That 11/1 price is now looking costly so the cushion of the $350k will certainly lighten the load. Kopeka is now 5/1 to take home the trophy, and there has been a rally for Collin Morikawa in the last few hours. The 23 year old Morikawa shot a 67 today to put himself in contention.
Even if DJ does go on to win, the New Jersey sportsbook Draft Kings will not lose much given the attention which this bet has given. Not only showing that they will accept high stakes bet, but also thanks to the increased visibility they can count on. There will of course be some nervous faces going into the final round tomorrow.
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