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DraftKings Inc. (DKNG) is a digital sports entertainment and gaming company that provides real-money gaming and betting experiences. The company offers online and retail sports betting, online casino games, daily fantasy sports contests, and other digital products. It operates across multiple jurisdictions, leveraging scalable technology and strategic acquisitions to expand its footprint.
- Sportsbook - Offers online and retail sports betting services, allowing users to place bets on various sports events at fixed odds.
- iGaming - Provides online casino games, including slots, table games, and live dealer games, where users play against the house.
- Daily Fantasy Sports (DFS) - Facilitates peer-to-peer contests where users create fantasy teams and compete based on real-world player performances.
- Digital Lottery Courier Services - Enables users to purchase lottery tickets online through digital platforms.
- DraftKings Marketplace - Operates a marketplace for digital collectibles, including NFTs.
- Media and Other Consumer Product Offerings - Engages in media-related activities and offers additional consumer products to enhance user engagement.
- Software Development - Designs and develops sports betting and casino gaming software for online and retail operators.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jason D. Robins ExecutiveBoard | Chief Executive Officer | Board Member at Extend, Inc. | Jason D. Robins has served as CEO of DraftKings since its inception in December 2011 and assumed the role of Chairman of the Board in April 2020, driving strategic initiatives and legislative advocacy. | View Report → |
Matthew Kalish ExecutiveBoard | President, DraftKings North America | Trustee of the Matthew P. Kalish 2020 Trust | Matthew Kalish is a co-founder of DraftKings and has served as President, DraftKings North America since December 2019. He previously served as Chief Revenue Officer from 2014 until December 2019 and has been a Board member since April 2020. | |
Paul Liberman ExecutiveBoard | President, Global Technology and Product | Advisor to Extend | Paul Liberman is the President, Global Technology and Product at DKNG since December 2019. He is a co-founder of DraftKings and has held key leadership roles including COO from 2015 to December 2019, and he has served on the board of directors since April 2020. | |
Alan Ellingson Executive | Chief Financial Officer | Alan Ellingson is the Chief Financial Officer of DraftKings Inc. since May 1, 2024, and previously served as Senior Vice President, Finance and Analytics from January 2023 to May 2024 and as Vice President of Financial Planning and Analysis starting in 2020. | ||
Erik Bradbury Executive | Chief Accounting Officer | Erik Bradbury is currently the Chief Accounting Officer at DraftKings since August 12, 2024. He has over 20 years of experience in accounting, having previously served as CAO and Principal Accounting Officer at DKNG from September 2020 to September 2023 and as Senior Vice President, Controller & Chief Accounting Officer at IAC Inc. from September 2023 to August 2024. | ||
R. Stanton Dodge Executive | Chief Legal Officer and Secretary | Board of directors of EchoStar Corporation; State of Colorado Supreme Court Nominating Commission | R. Stanton Dodge has been the Chief Legal Officer and Secretary at DraftKings Inc. since November 2017, responsible for overseeing legal and government affairs as well as corporate communications. Outside of DraftKings, he serves on the board of directors of EchoStar Corporation and is a member of the State of Colorado Supreme Court Nominating Commission. |
- Given the recent higher Illinois tax and your strategy of reducing promotional intensity and marketing in that state, how sustainable is this approach if similar tax increases occur in other key markets?
- Your live betting initiatives are projected to be EBITDA neutral in 2025 and positive in 2026; can you elaborate on the key performance metrics and timeline assumptions that support this forecast, and how you plan to manage potential execution risks?
- With the noted significant decline in promotional intensity for both sports and iGaming, how do you expect this to impact customer acquisition and retention, and what risks do you foresee if further reductions occur?
- Your 2025 guidance assumes no changes in gaming tax rates despite past fluctuations; what contingencies have you built into your forecast if unexpected state-level tax hikes or regulatory changes occur?
- You mentioned exploring opportunities in the debt markets primarily for general corporate purposes; can you provide more detail on how you plan to balance this potential debt allocation between fueling strategic investments and returning capital to shareholders, especially in volatile market conditions?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Simplebet, Inc. | 2024 | DraftKings acquired Simplebet to enhance its live betting platform and reduce vendor costs by internalizing micro markets, paying an upfront consideration of $155 million with an earn-out component tied to performance thresholds. |
Jackpocket Inc. | 2024 | DraftKings acquired Jackpocket for $750 million using roughly 55% cash ($412.5 million) and 45% equity ($337.5 million), with a collar mechanism based on stock price, to expand into the U.S. digital lottery vertical, leverage customer synergies, and drive significant revenue and EBITDA growth. |
Sports IQ Analytics Inc. (SIQ) | 2024 | DraftKings acquired SIQ by issuing 248,684 shares of its Class A common stock alongside cash, with the strategic aim of bringing pricing and trading capabilities in-house to drive margin expansion and product differentiation, while recording the acquired assets at estimated fair values. |
Golden Nugget Online Gaming, Inc. | 2022 | DraftKings acquired Golden Nugget Online Gaming via an all-stock transaction at an exchange ratio of 0.365 DraftKings shares per GNOG share, leveraging the established GNOG brand and technology to broaden its iGaming offerings and achieve approximately $300 million in synergies through operational integration and technology migration. |
Recent press releases and 8-K filings for DKNG.
- DraftKings successfully closed its $600M Term Loan B facility, upsized from an initial $500M due to strong demand, maturing in March 2032 at an interest rate of SOFR plus 1.75% per annum.
- 2025 guidance update: The company expects a midpoint of $6.45 billion in revenue and EBITDA between $900 million and $1 billion, driven by robust customer acquisition.
- Customer acquisition & retention strengths: Strong performance in sports betting was highlighted by a successful Super Bowl and consistently over 100% year-over-year retention across existing cohorts.
- Strategic financial & product initiatives: Executives discussed their inaugural debt offering to gain market exposure, potential acceleration of share buybacks, and ongoing investments in AI-driven productivity and differentiated iGaming product enhancements.
- FY2024 Performance: Revenue grew 30% YoY to $4.8B, with improved adjusted EBITDA ($181M) and positive free cash flow for the first time .
- Q4 2024 Results: Achieved $1.393B in revenue (13% YoY growth) and $89M in adjusted EBITDA, with an increased structural Sportsbook hold of 11.2% .
- FY2024 Milestone: Recorded its first positive Adjusted EBITDA and initiated an inaugural share repurchase authorization .
- Customer Growth: Expanded its base by acquiring 3.5M new customers and increasing total customers by 42% to 10.1M at record-low acquisition costs .
- FY2025 Guidance: Raised revenue midpoint to $6.45B (expected range: $6.3–$6.6B) with maintained adjusted EBITDA of $900M–$1B; live betting investments are expected to drive EBITDA positivity from 2026 .