DraftKings Sportsbook appears to be taking a page out of the Penn National Gaming book. Similar to how Penn purchased a stake in Barstool Sports – DraftKings has struck a deal with Meadowlark Media. Owned by the controversial Dan Le Batard — Meadowlark Media has been at the top of the podcasting charts since his departure from ESPN last January.
Le Batard has done a phenomenal job building his podcast network and brand and is cashing in on his success with this deal.
The terms of the deal are not yet disclosed but the expectation is that DraftKings will commission new content projects. In turn, Meadowlark Media will produce and develop new content with odds, betting trends, and sportsbook information. Current Meadowlark CEO John Skipper is also the former ESPN President. He is excited about the new relationship with DraftKings. He said,
“We’re thrilled to find a collaborator in DraftKings that shares our vision to grow Dan Le Batard’s already wildly popular network of shows in non-conventional ways,” said Meadowlark CEO John Skipper. “With the freedom to widely distribute these programs, we’ll be able to reach the largest possible audience and provide incredible content to DraftKings.”
DraftKings Continues Their Free Marketing Spend Strategy
DraftKings has spent an unbelievable amount on marketing in the past few years. According to DraftKings’ earnings report, the sports betting superpower spent $200 million in quarter 3 2020. Furthermore, $500 million was spent in an attempt to win market share in new states such as Michigan, Virginia, and Tennessee. It is unlikely that this marketing spend will change anytime soon too.
DraftKings has continued its offensive approach in customer acquisition. With New York and Florida seemingly legalizing sports betting — there is little to suggest that its number will decrease. In fact, I would expect DraftKings to spend even more in those massive states this year. Moreover, Florida gambling law and professor Bob Jarvis said that the deal between Florida and the Seminole Tribe “is a lock” to become law.
Florida — respectively — has the third-largest population in the United States. New York lands as the fourth largest state in terms of population. These two states will be the largest states to have legal sports betting. Clearly, the need for customer acquisition will only increase as the years go by and sports betting becomes more widely accepted.
It is unclear at this time how much MeadowMark Media is making to sign with DraftKings. However, I would expect the DraftKings and Dan Le Batard deal to be quite lucrative. Dan Le Batard and Stugotz is number 3 on Chartable — a podcast ranking site based on viewership and content. This is just one slot behind the Bill Simmons Podcast and one spot ahead of the famed “The Herd” with Colin Cowherd.