DraftKings (DKNG)

What Moves the Stock

1. 01State legalization announcements and launch timelines (Texas, California represent $2B+ annual revenue opportunities each)
2. 02Monthly active user growth and handle trends, particularly same-state cohort retention rates beyond 12 months
3. 03iGaming revenue mix and gross margin expansion as higher-margin casino penetrates sportsbook customer base
4. 04Marketing spend efficiency and path to sustained EBITDA profitability (promotional spend as % of revenue)
5. 05Competitive dynamics with FanDuel market share data and promotional intensity in key states like NY, NJ, PA
6. 06Online Sports Betting (estimated 65-70% of revenue): Revenue from sportsbook hold after customer winnings, typically 7-9% of total handle wagered
7. 07iGaming/Online Casino (estimated 25-30%): Gross gaming revenue from slots, table games, and live dealer products in regulated states like NJ, PA, MI, WV
8. 08B2B and Other (estimated 5%): Technology licensing, media rights, and NFT marketplace revenue

DKNG Chart

My Notes

• growth - Attracts momentum and growth-at-reasonable-price investors focused on 25%+ revenue growth, expanding TAM from state legalization…
• Rising rates create dual pressure: (1) Higher discount rates compress valuation multiples for unprofitable growth companies (currently…
• Watch on earnings: US unemployment rate and consumer confidence as leading indicators for discretionary wagering handle, State-by-state sports betting handle reports (published monthly by gaming regulators in major markets), Competitive market share data from Eilers & Krejcik Gaming or state regulatory filings.