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Appearing on CNBC’s “Fast Money” Wednesday, SpringOwl Asset Management founder Jason Ader stated that daily fantasy sports will soon replace slot machines as the primary way in which Americans gamble.
Ader, an activist investor who has had influence on the boards of gaming giants Bwin.party and IGT in recent years, is the latest to jump on the daily fantasy bandwagon.
"The business has the potential to be as big as Macau over time, said Jason Ader, considered to be among one of Wall Street's most brilliant gaming minds.
Ader went on to add: "Millennials... don't like the traditional gaming experience," he said. They prefer gaming experiences provided by companies like FanDuel and DraftKings.
“All you have to do is look at what Vegas has become — and where China wants Macau to head — to see that gaming isn't what it used to be. Now young people are spending more money on liquor, clubs, shows and food than on casino games.
“Get with the times.”
Ader also discussed the current climate in the world's largest gambling destination, Macau, including a recent corruption crackdown there.
- Aaron Goldstein, Gambling911.com
