Sports betting is at ‘important inflection point’ [Video]

In a Thursday interview with CNBC’s Jim Cramer, DraftKings CEO Jason Robins said the online sports betting industry is at a turning point as more people across the country realize they can gamble legally.

“We’re at a very, you know, important inflection point in the industry,” Robins said. “Most people assume that it’s legal in most states now if not all. And we’re just seeing a lot of great growth.”

DraftKings cut its full-year guidance for 2024 when it reported Thursday after the close, sending shares down nearly 6% in extended trading. The company now expects lower revenue due to “customer-friendly sports outcomes early in the fourth quarter of 2024,” which essentially means that gamblers on the platform won big.

Robins said the business remains “in a heavy acquisition period” that isn’t slowing down. He stressed that there is still a lot of room for growth because the industry is fairly new — the Supreme Court liftedthe …