Inside Financial Services

How Banking is Like Sports Betting

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A comment last month by DraftKings CEO Jason Robins about the importance of his company’s physical retail locations echoes how bank executives tend to feel about the importance of having bank branches. “We have a brick and mortar presence in every state where we offer online betting, with the exception of Pennsylvania, Indiana, and West Virginia,” he said. “We also have retail locations in New York and Mississippi, which don’t currently allow online betting.” Why are the physical locations important?  “For one, they drive brand awareness on a local level. We recently announced a partnership with the Cubs that will see us open one of the largest retail sportsbooks in the nation, giving DraftKings exposure in a huge market.”

For banks, like sports betting firms, maintaining some sort of local physical presence really is key.