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DraftKings (DKNG)

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.

  1. Sportsbook - Offers online and retail sports betting services, allowing users to place bets on various sports events at fixed odds.
  2. iGaming - Provides online casino games, including slots, table games, and live dealer games, where users play against the house.
  3. Daily Fantasy Sports (DFS) - Facilitates peer-to-peer contests where users create fantasy teams and compete based on real-world player performances.
  4. Digital Lottery Courier Services - Enables users to purchase lottery tickets online through digital platforms.
  5. DraftKings Marketplace - Operates a marketplace for digital collectibles, including NFTs.
  6. Media and Other Consumer Product Offerings - Engages in media-related activities and offers additional consumer products to enhance user engagement.
  7. Software Development - Designs and develops sports betting and casino gaming software for online and retail operators.

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NamePositionExternal RolesShort 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.

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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.

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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.

  1. 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?
  2. 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?
  3. 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?
  4. 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?
  5. 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?

Research analysts who have asked questions during DraftKings earnings calls.

Benjamin Miller

Goldman Sachs

5 questions for DKNG

Also covers: GENI, SRAD, TRIP +2 more

Brandt Montour

Barclays PLC

5 questions for DKNG

Also covers: BALY, BYD, CCL +23 more

David Katz

Jefferies Financial Group Inc.

5 questions for DKNG

Also covers: AGS, BALY, BYD +34 more

Jed Kelly

Oppenheimer & Co. Inc.

5 questions for DKNG

Also covers: ABNB, BKNG, CARG +10 more

Joseph Stauff

Susquehanna Financial Group, LLLP

5 questions for DKNG

Also covers: BYD, CHDN, FLUT +8 more

Robin Farley

UBS

5 questions for DKNG

Also covers: CCL, CHH, CUK +17 more

Shaun Kelley

Bank of America Merrill Lynch

5 questions for DKNG

Also covers: BYD, CHDN, CHH +16 more

Stephen Grambling

Morgan Stanley

5 questions for DKNG

Also covers: BC, BYD, CHH +20 more

Benjamin Chaiken

Mizuho Financial Group, Inc.

4 questions for DKNG

Also covers: BYD, CCL, CHDN +14 more

Daniel Politzer

Wells Fargo

4 questions for DKNG

Also covers: BYD, CCL, CHDN +20 more

Jordan Bender

JMP Securities

4 questions for DKNG

Also covers: AMC, BALY, BRAG +14 more

Robert Fishman

MoffettNathanson

4 questions for DKNG

Also covers: CNK, DIS, FLUT +6 more

Barry Jonas

Truist Securities

3 questions for DKNG

Also covers: BALY, BYD, CHDN +15 more

Ryan Sigdahl

Craig-Hallum Capital Group

3 questions for DKNG

Also covers: ABG, CDRO, CNTY +19 more

Bernie Mcternan

Needham & Company

2 questions for DKNG

Also covers: APP, BYON, COMP +9 more

Brian Pitz

BMO Capital Markets

2 questions for DKNG

Also covers: CRTO, DV, IAS +3 more

Carlo Santarelli

Deutsche Bank

2 questions for DKNG

Also covers: BYD, CZR, GDEN +6 more

Clark Lampen

BTIG, LLC

2 questions for DKNG

Also covers: APP, FLUT, FUBO +6 more

Patrick Keough

Truist Securities

2 questions for DKNG

Also covers: GDEN, INSE

William Lampen

BTIG

2 questions for DKNG

Also covers: APP, FLUT, SGHC +1 more

Ben Chaiken

Mitsui

1 question for DKNG

Also covers: CHDN, FUN, HGV +3 more

Bernard McTernan

Needham & Company

1 question for DKNG

Also covers: APP, BYON, CART +15 more

Chad Beynon

Macquarie

1 question for DKNG

Also covers: ACEL, AGS, AMC +29 more

Clark Lampin

BTIG

1 question for DKNG

Jeffrey Stantial

Stifel Financial Corp.

1 question for DKNG

Also covers: AGS, BALY, CDRO +7 more

Joseph Greff

JPMorgan Chase & Co.

1 question for DKNG

Also covers: BYD, CHH, CZR +10 more

Michael Graham

D.A. Davidson & Co.

1 question for DKNG

Also covers: ACVA, EVER, MAX +3 more

Steven Sheeckutz

Citigroup

1 question for DKNG

Program DetailsProgram 1
Approval DateJuly 30, 2024
End Date/DurationNo expiration date
Total additional amount$1.0 billion
Remaining authorization amount$951.953 million as of December 31, 2024
DetailsMitigates dilution, enhances stockholder value, flexible repurchase methods, discretionary nature, impacts cash reserves

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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 Market Value Declines Following Kalshi Product Launch
·$DKNG
Product Launch
Demand Weakening
New Projects/Investments
  • Shares of DraftKings and Flutter Entertainment fell sharply after Kalshi, a U.S. prediction markets operator, launched a new same-game parlay-style product for NFL matches.
  • Kalshi's new product allows users to build custom parlays, directly competing with sportsbook offerings and potentially threatening market share, especially as it operates in states where sports betting is restricted.
  • Kalshi is estimated to have captured 5% to 10% of betting volume from traditional sportsbooks like DraftKings due to its ability to operate in states where sports betting is illegal.
  • The launch of Kalshi's parlay product, despite modest initial revenue, significantly impacted investor sentiment, wiping nearly $7 billion off the combined market value of Flutter and DraftKings.
  • Analysts view the market reaction as an overreaction, noting that Kalshi's offering lacks the comprehensive product depth and pricing advantages of traditional sportsbooks like DraftKings.
5 days ago
DraftKings and NBCUniversal Announce Multi-Year Advertising Agreement
·$DKNG
New Projects/Investments
  • DraftKings Inc. has entered into a multi-year advertising agreement with NBCUniversal, which is described as one of DraftKings' largest and most impactful multi-platform agreements to date.
  • This agreement grants DraftKings exclusive integrations and digital sponsorships across NBCUniversal’s extensive portfolio of sports properties, including the NFL, NBA, PGA TOUR, and tentpole events such as Super Bowl LX and the 2026 FIFA Men's World Cup.
  • DraftKings will have exclusive rights for integrations and digital sponsorships in online sports betting, iGaming, daily fantasy sports, online lottery products, and online horse wagering categories.
6 days ago
Underdog Launches Sports Prediction Markets with Crypto.com Partnership
·$DKNG
Product Launch
New Projects/Investments
Revenue Acceleration/Inflection
  • Underdog is partnering with crypto.com to launch federally regulated prediction markets for sports events, enabling them to offer team-based predictions in 16 states.
  • Underdog CEO Jeremy Levine projects nearly $500 million in revenue in their fifth year, claiming the company is the fastest growing sports company ever.
  • The partnership provides crypto.com access to Underdog's extensive sports customer base, while Underdog gains access to crypto.com's CFTC regulated markets.
  • The estimated Total Addressable Market (TAM) for sports predictions markets is $550 million.
Sep 2, 2025, 12:34 PM
DraftKings Reports Record Q2 2025 Results and Reaffirms FY 2025 Guidance
·$DKNG
Earnings
Guidance Update
Revenue Acceleration/Inflection
  • DraftKings reported record Q2 2025 revenue of $1.513 billion, a 37% year-over-year increase, and record adjusted EBITDA of over $300 million, representing a 20% adjusted EBITDA margin.
  • The company is maintaining its fiscal year 2025 guidance, expecting revenue near the high end of $6.2 billion to $6.4 billion and adjusted EBITDA near the midpoint of $800 million to $900 million. This guidance incorporates the anticipated mobile sports book launch in Missouri and higher tax rates in New Jersey, Louisiana, and Illinois.
  • Sportsbook outcomes in Q2 2025 positively impacted revenue by $110 million. The company also repurchased 6.5 million shares in the first two quarters of the year.
  • Operational highlights include a 45% year-over-year increase in sportsbook net revenue, a record 8.7% net revenue margin, and 16% year-over-year growth in live betting handle. iGaming net revenue grew 23% year-over-year.
Aug 7, 2025, 4:30 PM
DraftKings' Valuation and Competitive Landscape Discussed
·$DKNG
Demand Weakening
New Projects/Investments
Profit Warning
  • While JP Morgan initiated a buy rating on DraftKings, analyst Danny Moses has become less bullish due to several factors, including the stock trading at 22-23 times EBITDA and recent increases in online gambling taxes in several states.
  • The competitive landscape is intensifying, with companies like Kalshi exposing DraftKings' most profitable in-game live wagering and Polymarket raising money at a billion-dollar valuation.
  • Moses also expressed concern that DraftKings' strategy of changing odds to be less customer-friendly to offset taxes is not a sustainable model.
Jun 24, 2025, 10:26 PM
DraftKings to introduce transaction fee in Illinois
·$DKNG
Product Launch
  • DraftKings announced on June 12, 2025 that it will implement a $0.50 transaction fee on all mobile and online sports wagers placed in Illinois, effective September 1, 2025.
  • The fee is a response to the Illinois legislature’s decision to more than triple DraftKings’ tax rate on mobile and online wagers over the past two years.
  • CEO Jason Robins warned that higher taxes threaten the regulated industry’s sustainability, while illegal operators pay no fees or offer consumer protections.
  • DraftKings will immediately remove the Illinois-specific fee if the new tax legislation is repealed.
  • The company continues to support collaborative policymaking to ensure long-term sustainability of the sports wagering industry.
Jun 12, 2025, 12:00 AM
DraftKings Q1 2025 Earnings & Revenue Results
·$DKNG
Earnings
Revenue Acceleration/Inflection
Guidance Update
Share Buyback
  • DraftKings reported Q1 2025 revenue of $1.409B (20% YoY increase from $1,175M in Q1 2024) driven by strong customer engagement, efficient acquisition, and the acquisition of Jackpocket .
  • Live betting emerged as a key growth driver, accounting for over 50% of total handle, while sportsbook performance improved with a 16% YoY increase in handle and a parlay handle mix boost of 370 bps resulting in a structural hold of 10.4% .
  • The company delivered $103M in adjusted EBITDA for Q1, reflecting strong core value drivers and improved promotional efficiency .
  • FY 2025 guidance was revised to a revenue range of $6.2B–$6.4B and an adjusted EBITDA range of $800M–$900M (midpoints: $6.3B and $850M), impacted by customer-friendly sport outcomes .
  • Maintained a robust balance sheet with $1.1B in cash and completed a share buyback of 3.7M shares during the quarter
May 9, 2025, 12:31 PM
DraftKings Closes $600M Debt Facility & 2025 Guidance Update
·$DKNG
Debt Issuance
Guidance Update
Share Buyback
  • 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 $1 billion, driven by robust customer acquisition.
  • Customer acquisition & retention strengths: Strong performance in sports betting was highlighted by a successful Super Bowl and consistently over 100% year-over-year retention across existing cohorts.
  • Strategic financial & product initiatives: Executives discussed their inaugural debt offering to gain market exposure, potential acceleration of share buybacks, and ongoing investments in AI-driven productivity and differentiated iGaming product enhancements.
Mar 4, 2025, 12:00 AM
DraftKings Reports Q4 2024 & FY2024 Results with Updated FY2025 Guidance
·$DKNG
Earnings
Guidance Update
Revenue Acceleration/Inflection
  • 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 .
Feb 14, 2025, 12:00 AM