0001883685FALSE00018836852025-02-142025-02-14

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 14, 2025 (February 13, 2025)
DRAFTKINGS INC.
(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction
of incorporation)

001-41379
(Commission
File Number)

87-2764212
(IRS Employer
Identification No.)

222 Berkeley Street, 5th Floor
Boston, MA 02116
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (617) 986-6744

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareDKNGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.

On February 13, 2025, DraftKings Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter and year ended December 31, 2024.

A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 2.02. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit
Number		Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 14, 2025
DRAFTKINGS INC.
By:/s/ R. Stanton Dodge
Name:R. Stanton Dodge
Title:Chief Legal Officer and Secretary

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DraftKings Reports Fourth Quarter and Fiscal Year 2024 Results

Raises 2025 Revenue Guidance Midpoint to $6.45 Billion;
Reaffirms 2025 Adjusted EBITDA Guidance of $900 Million to $1.0 Billion

Boston, MA – February 13, 2025 — DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its fourth quarter and fiscal year 2024 financial results. The Company also posted a letter to shareholders and an earnings presentation on the Investor Relations section of its website at investors.draftkings.com.

Fourth Quarter 2024 Highlights
For the three months ended December 31, 2024, DraftKings reported revenue of $1,393 million, an increase of $162 million, or 13%, compared to $1,231 million during the same period in 2023. The increase in the Company’s fourth quarter 2024 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, the expansion of the Company’s Sportsbook product offering into new jurisdictions, higher structural sportsbook hold percentage, and the impact of the acquisition of Jackpocket Inc. (“Jackpocket”), which closed on May 22, 2024, partially offset by customer-friendly outcomes throughout the NFL season.

“We continued to efficiently acquire and engage customers, expand structural sportsbook hold percentage and optimize promotional reinvestment in fiscal year 2024, while we simultaneously experienced customer-friendly sport outcomes,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder. “Looking ahead to 2025 and beyond, I am excited to further enhance our customer economics through new initiatives such as extending our lead in live betting and advancing cross sell efforts to and from new verticals. Our focus remains on driving sustainable growth in revenue and profitability.”

“2024 was a milestone year for DraftKings as we achieved our first year of positive Adjusted EBITDA. Additionally, we began executing on our inaugural share repurchase authorization” said Alan Ellingson, DraftKings’ Chief Financial Officer. “With strong underlying health across our core value drivers, we are raising the midpoint of our fiscal year 2025 revenue guidance to $6.45 billion from $6.4 billion and reaffirming our fiscal year 2025 Adjusted EBITDA guidance range of $900 million to $1.0 billion.”

Continued Healthy Growth in Customer Retention, Acquisition, and Engagement
•Monthly Unique Payers (“MUPs”) increased to 4.8 million average monthly unique paying customers in the fourth quarter of 2024, representing an increase of 36% compared to the fourth quarter of 2023. This increase reflects strong unique player acquisition and retention across DraftKings’ Sportsbook and iGaming products, the expansion of its Sportsbook product into new jurisdictions and the impact of the acquisition of Jackpocket. Excluding the impact of the acquisition of Jackpocket, MUPs increased by approximately 16% compared to the fourth quarter of 2023.

•Average Revenue per MUP (“ARPMUP”) was $97 in the fourth quarter of 2024, representing a 16% decrease compared to the same period in 2023. The decrease was primarily due to lower ARPMUP for Jackpocket customers, when compared to customers of DraftKings’ existing product offerings prior to the acquisition, as well as lower actual Sportsbook hold rate due to customer-friendly sport outcomes, which was partially offset by improvement in the Company’s structural Sportsbook hold and improved promotional reinvestment for Sportsbook and iGaming. Excluding the impact of the acquisition of Jackpocket, ARPMUP decreased approximately 4% compared to the fourth quarter of 2023.

•Detailed financial data and other information for the fourth quarter of 2024 is available in the financial statements set forth below under the caption “Financial Results.”
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Fiscal Year 2025 Guidance
•DraftKings is raising the midpoint of its fiscal year 2025 revenue guidance and now expects revenue in the range of $6.3 billion to $6.6 billion, compared to its previous guidance of $6.2 billion to $6.6 billion announced on November 7, 2024. Our fiscal year 2025 revenue guidance equates to approximately 35% year-over-year growth based on the Company’s fiscal year 2024 revenue and the midpoint of the Company’s fiscal year 2025 revenue guidance range.

•DraftKings is reaffirming its fiscal year 2025 Adjusted EBITDA guidance of $900 million to $1.0 billion, which the Company previously announced on November 7, 2024.

•The Company’s guidance for fiscal year 2025 does not include the benefit of year-to-date sport outcomes.

•The Company’s guidance for fiscal year 2025 includes all of its existing jurisdictions and does not include the impact of mobile sports betting launching in Missouri.

Mobile Sports Betting and iGaming Footprint
•DraftKings is live with mobile sports betting in 25 states and Washington, D.C. which collectively represent approximately 49% of the U.S. population.

•DraftKings is also live with iGaming in 5 states, representing approximately 11% of the U.S. population.

•DraftKings is live with its Sportsbook and iGaming products in Ontario, Canada, which represents approximately 40% of Canada’s population.

•On November 5, 2024, Missouri voters passed a ballot initiative that legalized sports betting in the state. DraftKings expects to launch its Sportsbook product in Missouri pending market access, licensure, regulatory approvals, and contractual approvals where applicable.

•DraftKings expects to launch its Sportsbook product in Puerto Rico pending market access, licensure, regulatory approvals, and contractual approvals where applicable.
Webcast and Conference Call Details
As previously announced, DraftKings will host a conference call and audio webcast tomorrow, Friday, February 14, 2025, from 8:30 a.m. to 9:15 a.m. ET, during which management will discuss the Company’s results and provide commentary on business performance. A question-and-answer session will follow the prepared remarks.

To listen to the audio webcast and live question and answer session, please visit DraftKings’ investor relations website at investors.draftkings.com. A live audio webcast of the earnings conference call will be available on the Company’s website at investors.draftkings.com, along with a copy of this press release, the Company’s Annual Report on Form 10-K, an earnings presentation and a letter to shareholders. The audio webcast will be available on the Company’s investor relations website until 11:59 p.m. ET on March 31, 2025.

Financial Results
DraftKings’ fourth quarter and full-year 2024 financial results, as well as the financial results for the respective comparative periods, are presented below:
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DRAFTKINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par value)

December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$788,287 $1,270,503 
Restricted cash16,499 11,700 
Cash reserved for users525,407 341,290 
Receivables reserved for users62,542 301,770 
Accounts receivable57,839 47,539 
Prepaid expenses and other current assets83,187 98,565 
Total current assets1,533,761 2,071,367 
Property and equipment, net50,550 60,695 
Intangible assets, net933,121 690,620 
Goodwill1,555,116 886,373 
Operating lease right-of-use assets74,917 93,985 
Equity method investments13,200 10,280 
Deposits and other non-current assets123,060 131,546 
Total assets$4,283,725 $3,944,866 
Liabilities and Stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses$661,245 $639,599 
Liabilities to users979,453 851,898 
Operating lease liabilities, current portion10,993 11,499 
Other current liabilities3,300 46,624 
Total current liabilities1,654,991 1,549,620 
Convertible notes, net of issuance costs1,256,429 1,253,760 
Non-current operating lease liabilities67,660 80,827 
Warrant liabilities22,033 63,568 
Long-term income tax liabilities76,375 72,810 
Other long-term liabilities195,611 83,975 
Total liabilities$3,273,099 $3,104,560 
Stockholders’ equity:
Class A common stock, $0.0001 par value; 900,000 shares authorized as of December 31, 2024 and 2023; 504,722 and 484,598 shares issued and 489,071 and 472,697 outstanding as of December 31, 2024 and 2023, respectively48 46 
Class B common stock, $0.0001 par value; 900,000 shares authorized as of December 31, 2024 and 2023; 393,014 shares issued and outstanding as of December 31, 2024 and 202339 39 
Treasury stock, at cost; 15,651 and 11,901 shares as of December 31, 2024 and 2023, respectively(563,146)(412,182)
Additional paid-in capital7,978,425 7,149,858 
Accumulated deficit(6,441,228)(5,933,943)
Accumulated other comprehensive income36,488 36,488 
Total stockholders’ equity1,010,626 840,306 
Total liabilities and stockholders’ equity$4,283,725 $3,944,866 

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DRAFTKINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands, except per share data)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenue$1,392,772 $1,230,857 $4,767,699 $3,665,393 
Cost of revenue834,644 716,658 2,950,561 2,292,175 
Sales and marketing368,602 290,775 1,264,920 1,200,718 
Product and technology112,063 88,157 397,114 355,156 
General and administrative216,642 179,076 764,103 606,569 
Loss from operations(139,179)(43,809)(608,999)(789,225)
Other income (expense):
Interest income8,780 18,792 47,259 58,418 
Interest expense(760)(688)(2,959)(2,679)
(Loss) gain on remeasurement of warrant liabilities3,337 (12,716)(4,945)(57,543)
Other (loss) gain, net (17,713)929 (23,514)(224)
Loss before income tax (benefit) provision and loss from equity method investment(145,535)(37,492)(593,158)(791,253)
Income tax (benefit) provision(11,133)6,860 (86,341)10,170 
Loss from equity method investment449 269 468 719 
Net loss attributable to common stockholders$(134,851)$(44,621)$(507,285)$(802,142)
Loss per share attributable to common stockholders:
   Basic and diluted$(0.28)$(0.10)$(1.05)$(1.73)



DRAFTKINGS INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Amounts in thousands, except per share data)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Adjusted EBITDA$89,454 $151,018 $181,307 $(151,035)
Adjusted Earnings (Loss) Per Share$0.14 $0.29 $0.24 $(0.41)



















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DRAFTKINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
Year Ended December 31,
20242023
Cash Flows from Operating Activities:
Net loss attributable to common shareholders$(507,285)$(802,142)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization270,854 201,920 
Non-cash interest (income) expense, net(15)386 
Stock-based compensation381,367 398,463 
Loss (gain) on remeasurement of warrant liabilities4,945 57,543 
Loss from equity method investment468 719 
Loss (gain) on marketable equity securities and other financial assets, net12,940 75 
Loss on sale of Vegas Sports Information Network, LLC5,865 — 
Deferred income taxes(92,733)5,849 
Other expenses (income), net6,280 554 
Change in operating assets and liabilities, net of effect of acquisitions:
Receivables reserved for users248,320 (141,687)
Accounts receivable(10,116)3,558 
Prepaid expenses and other current assets(26,266)2,451 
Deposits and other non-current assets1,701 (19,355)
Operating leases, net130 6,558 
Accounts payable and accrued expenses(18,200)103,593 
Liabilities to users110,678 165,725 
Long-term income tax liability3,565 2,952 
Other long-term liabilities25,269 11,087 
Net cash flows provided by (used in) operating activities417,767 (1,751)
Cash Flows from Investing Activities:
Purchases of property and equipment(10,176)(20,902)
Cash paid for internally developed software costs(95,698)(80,378)
Acquisition of gaming licenses(14,983)(12,105)
Proceeds from marketable equity securities and other financial assets— 24,425 
Cash paid for acquisitions, net of cash acquired(441,487)— 
Other investing activities, net(4,257)(1,400)
Net cash flows used in investing activities(566,601)(90,360)
Cash Flow from Financing Activities:
Proceeds from exercise of warrants— 288 
Purchase of treasury stock for RSU withholding(102,897)(80,049)
Purchase of treasury stock under Stock Repurchase Program(48,067)— 
Proceeds from exercise of stock options9,165 16,540 
Other financing activities(2,667)— 
Net cash flows used in financing activities(144,466)(63,221)
Net decrease in cash and cash equivalents, restricted cash, and cash reserved for users(293,300)(155,332)
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period1,623,493 1,778,825 
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period$1,330,193 $1,623,493 
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users
Cash and cash equivalents$788,287 $1,270,503 
Restricted cash16,499 11,700 
Cash reserved for users525,407 341,290 
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period$1,330,193 $1,623,493 
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Supplemental Disclosure of Noncash Investing and Financing Activities:
Investing activities included in accounts payable and accrued expenses3,462 569 
Equity consideration issued in connection with acquisitions376,702 — 
Fair value of contingent consideration in connection with acquisitions77,965 — 
Decrease of warrant liabilities from cashless exercise of warrants46,484 4,654 
Supplemental Disclosure of Cash Activities:
Increase (decrease) in cash reserved for users184,117 (128,363)
Cash paid for income taxes5,268 8,341 

Non-GAAP Financial Measures

This press release includes Adjusted EBITDA and Adjusted Earnings (Loss) Per Share, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Earnings (Loss) Per Share are useful in evaluating its operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by security analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA and Adjusted Earnings (Loss) Per Share are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

DraftKings defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; and other non-recurring and non-operating costs or income, as described in the reconciliation below.

DraftKings defines and calculates Adjusted Earnings (Loss) Per Share as basic earnings (loss) per share attributable to common stockholders before the impact of amortization of acquired intangible assets; stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; and other non-recurring and non-operating costs or income, as described in the reconciliation below.

DraftKings includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted EBITDA and Adjusted Earnings (Loss) Per Share exclude certain expenses that are required in accordance with GAAP because they are non-recurring items (for example, in the case of transaction-related costs and advocacy and other related legal expenses), non-cash expenditures (for example, in the case of amortization of acquired intangible assets, depreciation and amortization, remeasurement of warrant liabilities and stock-based compensation), or non-operating items which are not related to the Company’s underlying business performance (for example, in the case of interest income and expense and litigation, settlement and related costs).
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The unaudited table below presents the Company’s Adjusted EBITDA reconciled to its net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:

Three Months Ended December 31,Year Ended December 31,
(amounts in thousands)2024202320242023
Net loss$(134,851)$(44,621)$(507,285)$(802,142)
Adjusted for:
Depreciation and amortization (1)
66,099 55,198 270,854 201,920 
Interest (income) expense, net(8,019)(18,104)(44,299)(55,739)
Income tax (benefit) provision (2)
(11,133)6,860 (86,341)10,170 
Stock-based compensation (3)
110,060 113,517 381,367 398,463 
Transaction-related costs (4)
2,053 1,954 26,386 3,060 
Litigation, settlement, and related costs (5)
40,674 23,910 81,246 34,500 
Advocacy and other related legal expenses (6)
9,746 — 16,049 — 
(Gain) loss on remeasurement of warrant liabilities(3,337)12,716 4,945 57,543 
Other non-recurring and non-operating costs (income) (7)
18,162 (412)38,385 1,190 
Adjusted EBITDA$89,454 $151,018 $181,307 $(151,035)

(1)The amounts include the amortization of acquired intangible assets of $38.6 million and $29.3 million for the three months ended December 31, 2024 and 2023, respectively, and $159.8 million and $117.3 million for the years ended 2024 and 2023, respectively.
(2)The Company recorded a discrete income tax benefit of $11.3 million for the three months ended December 31, 2024, and $87.3 million for the year ended December 31, 2024. The benefit was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for the acquisition of Jackpocket and Simplebet, Inc. (“Simplebet”).
(3)Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.
(4)Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions.
(5)Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations.
(6)Reflects non-recurring and non-ordinary course costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain product offerings and are actively seeking licensure, or similar approval, for those product offerings. This adjustment excludes (i) costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate that are incurred in the ordinary course of business and (ii) costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate.
(7)Includes the change in fair value of certain financial assets, as well as our equity method share of investee’s losses and other costs relating to non-recurring and non-operating items. For 2024, this amount includes a $12.9 million loss related to the changes in fair value of certain financial instruments as well as $27.8 million in expense related to the discontinuance of our Reignmakers product offering, $7.5 million in expenses related to the termination of a market access agreement, and a $5.8 million loss on the sale of Vegas Sports Information Network, LLC ("VSIN"), offset by $20.9 million received related to gaming tax refunds as a result of audits and appeals related to prior periods.
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The unaudited table below presents the Company’s Adjusted Earnings (Loss) Per Share reconciled to its basic earnings (loss) per share attributable to common stockholders, which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Basic loss per share attributable to common stockholders$(0.28)$(0.10)$(1.05)$(1.73)
Adjusted for:
Amortization of acquired intangible assets (1)
0.08 0.06 0.33 0.25 
Discrete tax benefit attributed to acquisitions (2)
(0.02)— (0.18)— 
Stock-based compensation (3)
0.23 0.24 0.79 0.86 
Transaction-related costs (4)
— — 0.05 0.01 
Litigation, settlement, and related costs (5)
0.08 0.05 0.17 0.07 
Advocacy and other related legal expenses (6)
0.02 — 0.03 — 
(Gain) loss on remeasurement of warrant liabilities(0.01)0.03 0.01 0.12 
Other non-recurring and non-operating costs (income) (7)
0.04 — 0.08 — 
Adjusted Earnings (Loss) Per Share*$0.14 $0.29 $0.24 $(0.41)
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*    The weighted average number of shares used to calculate Adjusted Earnings (Loss) Per Share was 488.0 million and 468.1 million for the three months ended December 31, 2024 and 2023, respectively, and 482.0 million and 462.6 million for the year ended December 31, 2024, respectively. Totals may not sum due to rounding.

(1)The amounts include the amortization of acquired intangible assets of $38.6 million and $29.3 million for the three months ended December 31, 2024 and 2023, respectively, and $159.8 million and $117.3 million for the years ended 2024 and 2023, respectively.
(2)The Company recorded a discrete income tax benefit of $11.3 million for the three months ended December 31, 2024, and $87.3 million for the year ended December 31, 2024. The benefit was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for the acquisition of Jackpocket and Simplebet.
(3)Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.
(4)Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions.
(5)Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations.
(6)Reflects non-recurring and non-ordinary course costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain product offerings and are actively seeking licensure, or similar approval, for those product offerings. This adjustment excludes (i) costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate that are incurred in the ordinary course of business and (ii) costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate.
(7)Includes the change in fair value of certain financial assets, as well as our equity method share of investee’s losses and other costs relating to non-recurring and non-operating items. For 2024, this amount includes a $12.9 million loss related to the changes in fair value of certain financial instruments as well as $27.8 million in expenses related to the discontinuance of our Reignmakers product offering, $7.5 million in expenses related to the termination of a market access agreement, and a $5.8 million loss on the sale of VSIN, offset by $20.9 million received related to gaming tax refunds as a result of audits and appeals related to prior periods.

Information reconciling forward-looking fiscal year 2025 Adjusted EBITDA guidance to its most directly comparable GAAP financial measure, net income (loss), is unavailable to DraftKings without unreasonable effort due to, among other things, certain items required for such reconciliations being outside of DraftKings’ control and/or not being able to be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. DraftKings provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, the Company cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. DraftKings provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with DraftKings’ results calculated in accordance with GAAP, provides useful information for the reasons noted above. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.
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About DraftKings

DraftKings Inc. is a digital sports entertainment and gaming company created to be the Ultimate Host and 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’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games and betting experiences. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 28 states, Washington, D.C., and in Ontario, Canada. The Company operates iGaming pursuant to regulations in five states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in four states under its Golden Nugget Online Gaming brand. DraftKings also owns Jackpocket, the leading digital lottery courier app in the United States. DraftKings’ daily fantasy sports product is available in 44 states and certain Canadian provinces. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NHL, PGA TOUR, WNBA and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. In addition, DraftKings owns and operates DraftKings Network a multi-platform content ecosystem. DraftKings is committed to being a responsible steward of this new era in real-money gaming by developing and promoting educational information and tools to help all players enjoy our games responsibly.
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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about the Company and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release, including statements regarding guidance, DraftKings’ future results of operations or financial condition, strategic plans and focus, user growth and engagement, product initiatives, and the objectives and expectations of management for future operations (including launches in new jurisdictions and the expected timing thereof), are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “confident,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “going to,” “intend,” “may,” “plan,” “poised,” “potential,” “predict,” “project,” “propose,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. DraftKings cautions you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. DraftKings has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends, including the current macroeconomic environment, that it believes may affect its business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control and that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to, DraftKings’ ability to manage growth; DraftKings’ ability to execute its business plan and meet its projections; potential litigation involving DraftKings; changes in applicable laws or regulations, particularly with respect to gaming; general economic and market conditions impacting demand for DraftKings’ products and services; economic and market conditions in the media, entertainment, gaming, and software industries in the markets in which DraftKings operates; market and global conditions and economic factors, as well as the potential impact of general economic conditions, including inflation, rising interest rates and instability in the banking system, on DraftKings’ liquidity, operations and personnel, as well as the risks, uncertainties, and other factors described in “Risk Factors” in DraftKings’ filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that DraftKings makes from time to time with the SEC. The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof, and DraftKings makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations, except as required by law.

Contacts

Media:

Media@draftkings.com

@DraftKingsNews

Investors:

Investors@draftkings.com
10
v3.25.0.1
Cover
Feb. 14, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 14, 2025
Entity Registrant Name DRAFTKINGS INC.
Entity Incorporation, State or Country Code NV
Entity File Number 001-41379
Entity Tax Identification Number 87-2764212
Entity Address, Address Line One 222 Berkeley Street
Entity Address, Address Line Two 5th Floor
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02116
City Area Code 617
Local Phone Number 986-6744
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.0001 per share
Trading Symbol DKNG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001883685
Amendment Flag false
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