DraftKings Inc. (DKNG)

DraftKings is a digital sports entertainment and gaming company that offers online and retail sports betting (Sportsbook), online casino (iGaming), daily fantasy sports (DFS), digital lottery courier, prediction markets and other real-money products. Its stated mission is to responsibly create the world's favorite real-money games, betting experiences and event contract trading. For fiscal 2025 it reported revenue of $6,054.5 million, up from $4,767.7 million in 2024 and $3,665.4 million in 2023. Average monthly unique payers were 4.0 million, Sportsbook Handle was $53.6 billion, and Sportsbook Net Revenue Margin was 7.1%.

Sportsbook and iGaming generate most revenue, accounting for 93% of revenue in 2025 and 2024 and 91% in 2023. In Sportsbook, DraftKings sets fixed odds with a built-in theoretical margin and earns the hold on settled bets. iGaming offers casino games such as blackjack, roulette, baccarat and slots, built in-house or licensed from suppliers such as International Gaming Technology, Light & Wonder, Spin and Evolution, with revenue-sharing arrangements. DFS, including Pick6, is peer-to-peer and earns the difference between entry fees and prizes paid. Digital lottery courier, under the Jackpocket brand, buys official state lottery tickets for customers and earns service fees and commissions. DraftKings Predictions launched on December 19, 2025, as a standalone app regulated by the CFTC. It acts as an introducing broker and earns fees from futures commission merchants. The company also acquired Railbird Technologies and its CFTC-licensed designated contract market, Railbird Exchange, on October 21, 2025.

DraftKings serves sports fans and gaming consumers in the U.S. jurisdictions where its products are licensed or permitted, and it competes with other entertainment for their discretionary time and money. Its brands include DraftKings, Golden Nugget Online Gaming and Jackpocket. It markets through television, radio, social media, search, influencers, email, push notifications and a refer-a-friend program. It also has relationships with sports leagues, teams and media companies including ESPN, NBC and Amazon, and is ESPN's official sportsbook and odds provider. Activity is seasonal, with the fourth quarter strongest because the NFL and NBA seasons overlap. Products are distributed mainly through the Apple App Store, Google Play Store and websites, and neither Apple nor Google takes a revenue share.

The company runs on a mix of proprietary and third-party software, with a common account management, wallet and compliance system across its DraftKings-branded products. It uses data science and machine learning for personalization, fraud detection and compliance. It protects its intellectual property through patents, trademarks, copyrights, trade secrets and contractual restrictions. It has over 5,500 employees in thirteen countries. Its operations require gaming licenses and suitability determinations, and it pays gaming taxes in the jurisdictions where it operates. Its prediction markets business is subject to CFTC and National Futures Association oversight. Competitors include well-financed online gaming, interactive entertainment and prediction markets companies.