At a time when most businesses in the entertainment sector are looking at their past year financial reports with concern, quite a few might be thinking in the same line as DraftKings. The company has published its first ever Environmental, Social and Governance (ESG) Report. Instead of choosing to publish loss reports occasioned by the Covid-19 pandemic, DraftKings has focused energies on the positives of the year 2020.
With the ESG report, DraftKings is able to showcase to the world activities that they have been involved in outside the work environment. In particular, the report seeks to highlight achievement in the areas of corporate and social responsibility in New Jersey. Even at times of losses, the community would still benefit from CSR activities; internal staff could also gain from a roadmap on topics that affect their capacity to do their best.
Everybody admits that 2020 was a tough business year but very few are walking into the future with a plan. The ESG report allows DraftKings to outline details of how the management will ensure sustainable growth. This report is quite critical because DraftKings stakeholders in the form of shareholders who are curious to know how the sportsbook giant is going to navigate the murky waters.
The business culture at DraftKings has for a long time been shaped by the value that the management has placed on ethics and corporate responsibility. Jason Robins who is the CEO, co-founder, and board chairman of DraftKings, breaks down the areas in which the company has placed immense value.
While they boast of a healthy workforce, the management of DraftKings also takes pride in compliance, cybersecurity, responsible gaming and sustainability. By improving the community around them, DraftKings has throughout their journey to industry leadership, left a trail of success in business.
What we cover
Developing the ESG
A lot of work went into the compilation of the ESG report to create a document that forges a roadmap for accomplishing targets. The report was the product of a sustainability working group that was tasked with analyzing key factors that drive business for DraftKings.
The team went through some of the major views of DraftKings shareholders that pose risks and opportunities for success. They also discussed top frameworks that define the ESG. In making sense of the framework of the ESG, the team put to use components from the Climate-related Financial Disclosures Task Force and the Sustainability Accounting Standards Board.
In addition to that, the working group aligned the company’s goals with U.N. Sustainable Development Goals to come up with key focus areas. Following intense research, this core team working on the ESG narrowed in on some key topics that would shape the discussion on impactful sports betting operations of DraftKings. They are namely;
- The community and its people
- Responsible Gaming
- Community participation
- IEB
- Cybersecurity
- Employee development, wellness and engagement
- Business risk management and compliance
- Energy & waste management
In spite of the challenges and unpredictable market forces, the management of DraftKings is deliberately on a mission to ensure that the company’s impact is felt in the above areas. To keep their stakeholders updated on their progress and achievements, the ESG progress report will be availed on a regular basis.
This is just the first in a series of many reports but its key agenda has been to make it official that DraftKings is on a mission to succeed internally as well as externally. The full report with details on each of the specific key points can be read from the investor relations section of the DraftKings site.
About DraftKings
DraftKings is a major name as far as online casino business is concerned. The company is in the business of gaming creation and platform provision for sports fans looking to bet safety. As a business entity that boasts of online operations, DraftKings provides sportsbooks and digital casino games to many players in the same industry. Some of the innovative products that DraftKings offers to its direct and indirect clients include DFS, digital media and regulated gaming.
With its headquarters in Boston, this casino services provider is strategically positioned to take over the new markets as they are being regulated in the United States. They definitely have an operating license for running operations in the US and this means that they can comfortably keep up with the pace of emerging markets.
When the founders of DraftKings; Matt Kalish, Paul Liberman and Jason Robins chose The United States as their base of operation in 2012, none would have guessed that the decision would pay off massively in the next 9 years. The current Covid-19 pandemic has played a major role in enhancing the brand presence in this market and the report can only be good. A lot more people are staying indoors as they adhere to social distancing guidelines necessary to curb the spread of the virus.
In its capacity as a multi-channel platform builder and sports betting provider, DraftKings powers gaming and sports entertainment in various destinations across the globe; the industry giant is behind the success of more than 50 casino operators running their businesses across 17 countries. Those who use the DraftKings sportsbook for live betting can avail the link to multiple device use. The platforms are optimized for mobile, PC and tablet operating systems.
In the United States alone, the Betting king boasts of operations in regulated markets such as Colorado, Indiana, Michigan, Iowa, Tennessee, Virginia, West Virginia, Pennsylvania, Oregon, New York, New Hampshire, Mississippi, Illinois and New Jersey which is second after Las Vegas in terms of revenue accumulated from casino operations.
Conclusion
DraftKings’ nature of business makes it successful regardless of the prevailing market forces. By virtue of the fact that the operator gets revenue from own operations as well as platform lease services, DraftKings is guaranteed of a great performance anyway. At a time when the market is rather slow because most casinos are operating on losses, DraftKings is working on a model to ensure that the future remains bright.
