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DraftKings (DKNG)

DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming in 5 states through its DraftKings brand, as well as operating Golden Nugget Online Gaming, an award-winning iGaming product and iconic gaming brand, in 3 states. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states. DraftKings’ daily fantasy sports product is available in 6 countries internationally with 15 distinct sports categories. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NBA, MLB, NHL, PGA TOUR and UFC as well as an official daily fantasy partner of NASCAR. Launched in August 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. DraftKings also owns Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company.

Company profile

Ticker
DKNG
Exchange
NASDAQ
Employees
Incorporated
Nevada
Location
Massachusetts
Fiscal year end
Dec 31
Industry (SIC)
Services - Miscellaneous Amusement & Recreation
International Game Technology • Walt Disney Co (The) • Six Flags Entertainment • SeaWorld Entertainment • Madison Square Garden Sports • Cedar Fair • Vail Resorts • Vivid Seats • RedBall Acquisition • Everi ...
Former names
New Duke Holdco, Inc.
SEC CIK
0001883685
Corporate docs

DKNG stock data

News

From Benzinga Pro
Why Twin Vee Powercats Is Trading Higher By Around 90%, Here Are 84 Stocks Moving In Friday's Mid-Day Session
12 Aug 22
Gainers Twin Vee Powercats Co. (NASDAQ: VEEE) shares jumped 90% to $7.60 after the company said Q2 sales results were up year over year.
LegalZoom.com, Toast And Some Other Big Stocks Moving Higher On Friday
12 Aug 22
Altimmune, Inc. (NASDAQ: ALT) jumped 28% to $17.64. B. Riley Securities maintained Altimmune with a Buy and raised the price target from $21 to $26.
'It's official: legal Massachusetts online and retail sports betting is coming after Gov. Charlie Baker signed the state's sports betting bill into law...' -Sports Betting Reporter Tweet
10 Aug 22
https://twitter.com/ButlerBets/status/1557460401041842180
Tiger Woods Becomes Latest Sports Billionaire: The Only Two Other Athletes To Ever Join The 10-Digit Club
10 Aug 22
Cathie Wood Makes Massive Buy In Nvidia Stock: Here's What You Should Know
9 Aug 22

Press releases

From Benzinga Pro
Thinking about buying stock in T2 Biosystems, Twin Vee Powercats, Rivian Automotive, DraftKings, or Pacific Biosciences of California?
12 Aug 22
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for TTOO, VEEE, RIVN, DKNG, and PACB.
DraftKings Announces Jason Park's Participation in Upcoming Event
9 Aug 22
BOSTON, Aug. 09, 2022 (GLOBE NEWSWIRE) -- DraftKings Inc. (NASDAQ:DKNG) ("DraftKings" or the "Company") today announced that Jason Park, the Company's Chief Financial Officer, will participate in the following event:
Thinking about buying stock in DraftKings, Warner Bros Discovery, Timber Pharmaceuticals, Geovax Labs, or AMC Entertainment?
5 Aug 22
NEW YORK, Aug. 5, 2022 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for DKNG, WBD, TMBR, GOVX, and AMC.
DraftKings Reports Second Quarter Revenue of $466 million; Second Quarter B2C Revenue Increases 68% YOY; Revenue Exceeds Midpoint of Guidance by More Than $30 million and Adjusted EBITDA Outperforms Midpoint of Guidance by Almost 40%
5 Aug 22
DraftKings to Release Second Quarter 2022 Results August 5
15 Jul 22

Analyst ratings and price targets

Last 3 months
Current price
Average target
$22.60
Low target
$18.00
High target
$30.00
Truist Securities
Maintains
Hold
$20.00
8 Aug 22
Morgan Stanley
Maintains
Overweight
$30.00
8 Aug 22
Barclays
Maintains
Equal-Weight
$18.00
8 Aug 22
Citigroup
Maintains
Buy
$20.00
7 Jul 22
JMP Securities
Initiated
Market Outperform
$25.00
28 Jun 22

Calendar

5 Aug 22
14 Aug 22
31 Dec 22

Financial summary

Financial statements Chart DKNG financial data
Quarter (USD) Jun 22 Mar 22
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Cash on hand (at last report) 1.94B 1.94B 1.94B
Cash burn (monthly) 99.07M 102.97M (no burn)
Cash used (since last report) 147.98M 153.82M n/a
Cash remaining 1.79B 1.79B n/a
Runway (months of cash) 18.1 17.4 n/a

Beta Read what these cash burn values mean

Financial data from DraftKings earnings reports.

Recent insider trades

DKNG insider ownership history Insider history
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Aug 22 Paul Liberman Class A Common Stock Payment of exercise Dispose F No No 17.89 12,584 225.13K 912,796
9 Aug 22 Paul Liberman Class A Common Stock Option exercise Acquire M No No 0 28,309 0 925,380
9 Aug 22 Paul Liberman RSU Class A Common Stock Option exercise Dispose M No No 0 28,309 0 396,322
9 Aug 22 Dodge R Stanton Class A Common Stock Payment of exercise Dispose F No No 17.89 6,215 111.19K 344,339
9 Aug 22 Dodge R Stanton Class A Common Stock Option exercise Acquire M No No 0 14,155 0 350,554
9 Aug 22 Dodge R Stanton RSU Class A Common Stock Option exercise Dispose M No No 0 14,155 0 198,161
9 Aug 22 Jason Robins Class A Common Stock Payment of exercise Dispose F No No 17.89 16,978 303.74K 4,495,942
9 Aug 22 Jason Robins Class A Common Stock Option exercise Acquire M No No 0 38,217 0 4,512,920
9 Aug 22 Jason Robins RSU Class A Common Stock Option exercise Dispose M No No 0 38,217 0 535,034
9 Aug 22 Jason Park Class A Common Stock Payment of exercise Dispose F No No 17.89 6,872 122.94K 410,350
Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Financial report summary

?
Management Discussion
  • Revenue. Revenue increased $168.6 million, or 56.6%, to $466.2 million in the three months ended June 30, 2022, from $297.6 million in the three months ended June 30, 2021. The increase was attributable to $184.5 million in incremental B2C segment revenue, partially offset by a decrease in B2B segment revenue of $16.0 million.
  • The $184.5 million increase in our B2C segment revenue was primarily attributable to our online gaming revenues which increased $175.9 million, or 68.1%, to $434.1 million in the three months ended June 30, 2022, from $258.2 million in the three months ended June 30, 2021. The remaining increase in our B2C segment revenue was attributable to “Other” revenue, which primarily includes media, Marketplace and retail Sportsbooks.
  • Online gaming revenue grew in the three months ended June 30, 2022 primarily due to MUPs increasing by 29.7% and ARPMUP also increasing by 29.7% as compared to the three months ended June 30, 2021. These key performance indicators increased primarily due to strong customer engagement, a continued mix shift into our iGaming and Sportsbook products and reduced promotional intensity compared to the same period in 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
From filing 10-Q 2022 Q2
Financial reports
10-Q
2022 Q2
Quarterly report
5 Aug 22
10-Q
2022 Q1
Quarterly report
6 May 22
Current reports
8-K
Raises 2022 revenue guidance and improves 2022 Adjusted EBITDA guidance
5 Aug 22
8-K
Raises 2022 guidance for both revenue and Adjusted EBITDA based on continued strong customer behavior and optimization of cost structure
6 May 22
Registration and prospectus
View all
POS AM
Prospectus update (post-effective amendment)
7 Jun 22
POS AM
Prospectus update (post-effective amendment)
7 Jun 22
POS AM
Prospectus update (post-effective amendment)
7 Jun 22
S-8
Registration of securities for employees
5 May 22
8-K12B
Notification of registration of securities
5 May 22
424B3
Prospectus supplement
9 Dec 21
S-4/A
Registration of securities issued in business combination transactions (amended)
7 Dec 21
S-4/A
Registration of securities issued in business combination transactions (amended)
3 Dec 21
S-4/A
Registration of securities issued in business combination transactions (amended)
16 Nov 21
S-4
Registration of securities issued in business combination transactions
8 Oct 21
Proxies
No filings
Other
EFFECT
Notice of effectiveness
10 Dec 21
CORRESP
Correspondence with SEC
7 Dec 21
CORRESP
Correspondence with SEC
2 Dec 21
UPLOAD
Letter from SEC
30 Nov 21
CORRESP
Correspondence with SEC
15 Nov 21
UPLOAD
Letter from SEC
26 Oct 21
Ownership
View all
4
DraftKings / Matthew Kalish ownership change
11 Aug 22
4
DraftKings / Jason Park ownership change
11 Aug 22
4
DraftKings / R Stanton Dodge ownership change
11 Aug 22
4
DraftKings / Jason Robins ownership change
11 Aug 22
4
DraftKings / Paul Liberman ownership change
11 Aug 22
4
DraftKings / Shalom Meckenzie ownership change
4 Aug 22
4
DraftKings / Woodrow Levin ownership change
4 Aug 22
4
DraftKings / MARNI M WALDEN ownership change
4 Aug 22
4
DraftKings / HARRY SLOAN ownership change
4 Aug 22
4
DraftKings / STEVEN JOSEPH MURRAY ownership change
4 Aug 22

Transcripts

2022 Q2
Earnings call transcript
5 Aug 22
2022 Q1
Earnings call transcript
6 May 22

Reddit threads

View all