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DraftKings Inc. (DKNG) perpetual futures
DKNG perpetual futures on 18 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade DKNGUSDT.
DraftKings Inc. is a digital sports entertainment and gaming company offering sports betting, iGaming, daily fantasy sports, and a digital collectibles marketplace.
$19.20+1.2%NASDAQ open
Price chart
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TradingView symbol NASDAQ:DKNG
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Trading data
Perpetual market activity
18/18 live markets
Trading data
Perpetual market activity
Venues
18
Live markets
18/18
24h volume
$10.8MCoverage: 15/18 marketsExchange-reported volume: $13.8M
Open interest
$1.3MCoverage: 15/18 markets
Best liquidity
$933.1K
Bitunix
Tightest spread
+10.5 bps
MEXC
Highest volume
$8.5M
Deepcoin
Settlement mix
USDT · 15/18
Perp/spot vol.
0.04x
Spot volume $295.2M
OI / float
+0.02%
Float $8.2B
Spot performance
1D-2.65%
5D+10.27%
1M-3.04%
6M-23.61%
YTD-44.52%
1Y-35.60%
Venue matrix
18 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Hyperliquid HIP-3 | Trade | xyz:DKNG | Trading | $19.17 | +5.5% APR +0.00063% every 1h | +16.8 bps | - | $294.6K | $298.7K | USDC | 10x | |
 LBank | Trade | DKNG/USDT | Trading | $19.18 | 0.0% APR 0.000% every 8h | +21.0 bps | $176.9K | $289.5K | $85K | USDT | 50x | |
 Bybit | Trade | DKNG/USDT | Trading | $19.19 | 0.0% APR 0.000% every 8h | +26.3 bps | $22K | $143.4K | $122.2K | USDT | 25x | |
 MEXC | Trade | DKNG/USDT | Trading | $19.19 | 0.0% APR 0.000% every 8h | +10.5 bps | $566.6K | $104.5K | $197.3K | USDT | 50x | |
 Bitunix | Trade | DKNG/USDT | Trading | $19.20 | +0.9% APR +0.00081% every 8h | +10.5 bps | $933.1K | $85.6K | $16.1K | USDT | 20x | |
 OKX | Trade | DKNG/USDT | Trading | $19.18 | 0.0% APR 0.000% every 8h | +26.2 bps | $21.3K | $59.4K | $125.1K | USDT | 20x | |
 Bitget | Trade | DKNG/USDT | Trading | $19.19 | 0.0% APR 0.000% every 8h | +20.5 bps | $504.2K | $21.5K | $82K | USDT | 20x | |
 Aster | Trade | DKNGUSDT | Trading | $19.19 | 0.0% APR 0.000% every 8h | +26.2 bps | $85.3K | $14.2K | $49.6K | USDT | - | |
 BloFin | Trade | DKNG/USDT | Trading | $19.18 | +1.4% APR +0.00124% every 8h | +26.2 bps | $273.7K | $11.7K | $21.5K | USDT | 20x | |
 Gate.io | Trade | DKNG/USDT | Trading | $19.13 | 0.0% APR 0.000% every 8h | +89.1 bps | $40.8K | $8.3K | $40.9K | USDT | 20x | |
 HTX | Trade | DKNG/USDT | Trading | $19.16 | 0.0% APR 0.000% every 8h | +47.2 bps | $39.5K | $3.6K | $6K | USDT | - | |
 Crypto.com Exchange | Trade | DKNG/USD | Trading | $19.16 | -505.2% APR -0.058% every 1h | +31.5 bps | $4.9K | $2.4K | $605.5 | USD | 50x | |
 Deepcoin | Trade | DKNG/USDT | Trading | $19.20 | - | +21.0 bps | $268.5K | $8.5M | - | USDT | 25x | |
 BingX | Trade | DKNG-USDT | Trading | $19.19 | -5.5% APR -0.00500% every 8h | +31.5 bps | $385.8K15 min | $742.8K | - | USDT | - | |
 XT.com | Trade | DKNG/USDT | Trading | $19.18 | +1.4% APR +0.00125% every 8h | +21.0 bps | $42.4K | $532.7K | - | USDT | 20x | |
 Ondo Perps | Trade | DKNG/USD | Trading | $19.18 | - | +28.4 bps | $441.1K | $1.4M⚠ | $21.8K | USDC | 5x | |
 Binance | Trade | DKNG/USDT | Trading | $19.19 | 0.0% APR 0.000% every 8h | +21.0 bps | $361.8K | $884.4K⚠ | $237K | USDT | - | |
 KuCoin | Trade | DKNG/USDT | Trading | $19.20 | 0.0% APR 0.000% every 8h | +31.5 bps | $5.7K | $636.8K⚠ | $45.5K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 15 of 18 venues absorb $10k · Typical cost: +18.6 bps – +52.6 bps
Cheapest execution: Ondo Perps · +8.4 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: HTX
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
DKNGTightest spread
DKNGHighest volume
DKNGFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-11
Revenue est. $2.04B · Updated 55m ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid19.04
Ask20.52
Volume1,428,204
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.89$6.5B+7%10
FY 20270.40$7.6B+17%14
FY 20281.18$8.4B+12%17
FY 20291.82$9.3B+10%12
FY 20302.76$9.9B+7%7
Q1 20270.05$1.8B+10%2
Source: FMP · Consensus
Company events
62027-02-11EarningsActual - / Estimate 0.139-
2026-11-05Earnings · After market closeActual -0.53 / Estimate -0.41Miss
2026-08-06Earnings · After market closeActual -0.14 / Estimate 0.0218Miss
2026-05-07EarningsActual 0.2 / Estimate 0.22Miss
2026-02-12EarningsActual 0.36 / Estimate 0.36In line
2025-11-06EarningsActual -0.52 / Estimate -0.431Miss
Peer comparison
Similar listed perpsRevenue mix
Latest annualProduct and Service, OtherProduct$422.8M
UNITED STATESGeographic$5.9B
Non USGeographic$159.1M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $28.50 |
| 12-month target range (low – high) | $20 – $40 |
| Ratings in the provider's consensus | 49 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 5 | 26 | 10 | 0 | 1 |
| Oct 2026 | 5 | 26 | 6 | 0 | 1 |
| Sep 2026 | 5 | 25 | 6 | 0 | 1 |
| Aug 2026 | 5 | 24 | 6 | 0 | 1 |
| Jul 2026 | 5 | 24 | 6 | 0 | 1 |
| Jun 2026 | 6 | 24 | 6 | 0 | 1 |
| May 2026 | 5 | 24 | 7 | 0 | 1 |
| Apr 2026 | 5 | 23 | 8 | 0 | 0 |
| Mar 2026 | 5 | 23 | 8 | 0 | 0 |
| Feb 2026 | 6 | 23 | 7 | 0 | 0 |
| Jan 2026 | 6 | 22 | 8 | 0 | 0 |
| Dec 2025 | 6 | 21 | 8 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float85.8%426M shares
Shares outstanding496.5M shares
Institutional23.7%429 investors
Investor count change-341
Reference market activity
DKNG-PERPDay range (Nov 12)$18.7$19.9
52 week$16.55$36.98
Spot volume15.4M
Average volume-
Price performance
111D-2.6%
5D+10.3%
1M-3.0%
3M-24.8%
6M-23.6%
YTD-44.5%
1Y-35.6%
3Y-46.3%
5Y-51.4%
10Y+95.1%
MAX+95.1%
Insider activity
FY2026 Q4Acquisitions5 transactions31,169 shares
Dispositions6 transactions10,637 shares
Purchases2Ratio 0.83
Sales0
Insider transactions
25DateReporting persontransactionssharesPriceFilings
DraftKings director Wendt Gregory Westin reported buying 5,000 Class A common shares at $19.76 on 2026-11-11, leaving 22,920 shares owned.
CFO Alan Wayne Ellingson bought 18,908 Class A shares on the open market at $18.51 each, holding 214,692 shares afterward.
DraftKings officer Dodge R Stanton converted 1,475 restricted stock units into 1,475 Class A shares, then had 646 shares withheld for taxes at $20.91 under code F.
DraftKings CFO Alan Wayne Ellingson converted 4,310 restricted stock units into 4,310 Class A shares, then 2,084 shares were withheld for taxes at $20.91. He held 195,784 shares after.
DraftKings officer Dodge R Stanton exercised 1,476 restricted stock units into 1,476 Class A shares, then 646 shares were withheld for taxes at $19.35. He held 578,275 shares afterward.
DraftKings director and officer Robins Jason reported one transaction dated 2026-09-11 involving 0 common shares at $0.00 per share; no share amount was disclosed and the filing lists 0 shares owned afterward.
Director Kalish Matthew disposed of 864,880 Class A common shares and entered a forward sale contract for 875,000 shares on 2026-09-02.
DraftKings CFO Alan Wayne Ellingson converted 25,962 restricted stock units into Class A common shares and had 13,589 shares withheld for taxes at $23.44 on Sept 1, 2026.
Filings
66 · Latest SEC filings2026-11-124Insider transaction report (Form 4)
DraftKings director Wendt Gregory Westin reported buying 5,000 Class A common shares at $19.76 on 2026-11-11, leaving 22,920 shares owned.
2026-11-094Insider transaction report (Form 4)
CFO Alan Wayne Ellingson bought 18,908 Class A shares on the open market at $18.51 each, holding 214,692 shares afterward.
2026-11-034Insider transaction report (Form 4)
DraftKings officer Dodge R Stanton converted 1,475 restricted stock units into 1,475 Class A shares, then had 646 shares withheld for taxes at $20.91 under code F.
2026-11-034Insider transaction report (Form 4)
DraftKings CFO Alan Wayne Ellingson converted 4,310 restricted stock units into 4,310 Class A shares, then 2,084 shares were withheld for taxes at $20.91. He held 195,784 shares after.
2026-10-024Insider transaction report (Form 4)
DraftKings officer Dodge R Stanton exercised 1,476 restricted stock units into 1,476 Class A shares, then 646 shares were withheld for taxes at $19.35. He held 578,275 shares afterward.
2026-09-154Insider transaction report (Form 4)
DraftKings director and officer Robins Jason reported one transaction dated 2026-09-11 involving 0 common shares at $0.00 per share; no share amount was disclosed and the filing lists 0 shares owned afterward.
2026-09-034Insider transaction report (Form 4)
Director Kalish Matthew disposed of 864,880 Class A common shares and entered a forward sale contract for 875,000 shares on 2026-09-02.
2026-09-034Insider transaction report (Form 4)
Director Jason Robins vested 126,566 RSUs into common stock, sold 61,197 shares to cover taxes at $23.44, and gifted 12,000 shares.
2026-09-034Insider transaction report (Form 4)
DraftKings CFO Alan Wayne Ellingson converted 25,962 restricted stock units into Class A common shares and had 13,589 shares withheld for taxes at $23.44 on Sept 1, 2026.
2026-09-034Insider transaction report (Form 4)
DraftKings officer Dodge R Stanton converted 34,721 restricted stock units into 34,721 Class A shares and had 15,193 shares withheld for taxes at $23.44.
2026-09-034Insider transaction report (Form 4)
Director Paul Liberman converted restricted stock units into common stock and sold shares to cover tax obligations.
2026-08-204Insider transaction report (Form 4)
Director Jocelyn Moore sold 10,759 Class A shares of DraftKings at $24.05 each on August 19, 2026.
2026-08-144Insider transaction report (Form 4)
Director Kalish Matthew exercised stock options to acquire 383,455 Class A shares at $4.70 each on August 12, 2026, per Form 4.
2026-08-064Insider transaction report (Form 4)
Director Moore Ryan R received 10,588 restricted stock units from DraftKings Inc. (DKNG), as reported in a Form 4 filing.
2026-08-064Insider transaction report (Form 4)
Director Valerie Mosley received a grant of 10,588 deferred stock units in DraftKings Inc. as compensation (Award), with no purchase involved.
2026-08-064Insider transaction report (Form 4)
Director Kalish Matthew received 10,588 restricted stock units as compensation (Award) from DraftKings Inc.
2026-08-064Insider transaction report (Form 4)
Director Steven Joseph Murray was awarded 10,588 deferred stock units (RSUs) of DraftKings Inc. on 2026-08-04. These are compensation, not purchases.
2026-08-064Insider transaction report (Form 4)
Director Harry Sloan received a grant of 10,588 deferred stock units (RSUs) from DraftKings on 2026-08-04.
2026-08-064Insider transaction report (Form 4)
Director Levin Woodrow received a grant of 10,588 deferred stock units from DraftKings Inc. on August 4, 2026.
2026-08-064Insider transaction report (Form 4)
Director Gregory Westin Wendt received 10,588 deferred stock units as compensation, reported on Form 4.
2026-08-064Insider transaction report (Form 4)
Director Marni M. Walden was awarded 10,588 restricted stock units of DraftKings, with no exercise price, in a single compensation transaction.
2026-08-064Insider transaction report (Form 4)
Director Moore Jocelyn was awarded 10,588 restricted stock units (RSUs) under DraftKings' equity plan. These units vest over time and do not represent an immediate purchase.
2026-08-044Insider transaction report (Form 4)
DraftKings CFO Alan Ellingson converted 4,310 RSUs into 4,310 Class A shares, then had 2,084 shares withheld for taxes at $23.48. He now holds 179,045 Class A shares and 30,171 RSUs.
2026-08-044Insider transaction report (Form 4)
Chief Legal Officer Dodge R Stanton converted 1,476 RSUs into 1,476 Class A shares, then had 646 shares withheld for taxes at $23.48 per share.
2026-07-024Insider transaction report (Form 4)
DraftKings CLO Dodge R Stanton converted 1,475 RSUs into 1,475 Class A shares, then had 646 shares withheld for taxes at $25.77 each.
2026-06-124Insider transaction report (Form 4)
Jason Robins gifted 8,545 shares of DraftKings Class A common stock, leaving 3,665,563 shares owned afterward.
2026-06-124Insider transaction report (Form 4)
DraftKings Chief Legal Officer Stanton exercised an option for 62,500 shares at $2.95 and sold 62,500 shares at $29.64–$29.97 on 2026-06-11.
2026-06-024Insider transaction report (Form 4)
CFO Alan Ellingson converted 28,103 RSUs into 28,103 Class A shares and sold 13,558 shares at $26.33 to cover taxes.
2026-06-024Insider transaction report (Form 4)
Paul Liberman converted 72,860 RSUs into 72,860 Class A shares, then 35,230 shares were withheld for taxes at $26.33 each. He now directly owns 66,176 shares.
2026-06-024Insider transaction report (Form 4)
DraftKings CLO Dodge R Stanton converted 34,722 RSUs into an equal number of Class A shares, then 15,193 shares were withheld for taxes at $26.33 each.
2026-06-024Insider transaction report (Form 4)
Jason Robins converted 126,566 RSUs into 126,566 DraftKings Class A shares, and 61,197 shares were withheld to cover taxes at $26.33 each.
2026-05-224Insider transaction report (Form 4)
DraftKings Chief Accounting Officer Erik Bradbury sold 862 shares of Class A common stock at $25.33 on 2026-05-20, leaving 38,168 shares owned afterward.
2026-05-194Insider transaction report (Form 4)
DraftKings director Woodrow Levin sold 34,234 Class A shares on 2026-05-18 at $25.71 each, leaving 29,820 shares owned afterward.
2026-05-154Insider transaction report (Form 4)
Matthew Kalish, a director at DraftKings, entered into a forward sale contract obligating the sale of 1,912,236 shares, leaving him with 1,912,236 shares owned afterward.
2026-05-144Insider transaction report (Form 4)
Director Harry Sloan converted 5,562 RSUs into 5,562 Class A shares on 2026-05-12, leaving 0 RSUs and 355,781 Class A shares owned afterward.
2026-05-144Insider transaction report (Form 4)
Director Marni M. Walden converted 5,562 RSUs into 5,562 Class A common shares, leaving 198,057 shares owned afterward.
2026-05-144Insider transaction report (Form 4)
Director Steven Murray converted 5,562 Restricted Stock Units into 5,562 shares of Class A Common Stock on 2026-05-12, bringing his post-transaction ownership to 78,374 shares.
2026-05-144Insider transaction report (Form 4)
Jocelyn Moore, a DraftKings director, converted 5,562 restricted stock units into 5,562 shares of Class A common stock on 2026-05-12, leaving 6,968 shares owned afterward.
2026-05-144Insider transaction report (Form 4)
Director Gregory Wendt converted 7,575 restricted stock units into 7,575 shares of DraftKings Class A common stock on 2026-05-12, leaving 17,920 shares owned directly afterward.
2026-05-144Insider transaction report (Form 4)
Director Valerie Mosley converted 5,562 RSUs into 5,562 DraftKings Class A shares, leaving 50,817 shares owned directly afterward.
2026-05-144Insider transaction report (Form 4)
Director Ryan R. Moore converted 5,562 RSUs into 5,562 Class A common shares, leaving 7,279 shares owned afterward.
2026-05-144Insider transaction report (Form 4)
Director Woodrow Levin converted 5,562 restricted stock units into 5,562 shares of Class A common stock, leaving 64,054 shares owned afterward.
2026-05-054Insider transaction report (Form 4)
DraftKings CFO Alan Ellingson converted 4,311 RSUs into 4,311 Class A shares; 1,438 shares were withheld for taxes at $23, leaving 162,274 Class A shares owned.
2026-05-054Insider transaction report (Form 4)
Dodge R Stanton (Chief Legal Officer) converted 1,475 RSUs into 1,475 Class A shares, then had 646 shares withheld for taxes at $23. He now owns 536,729 Class A shares directly.
2026-04-024Insider transaction report (Form 4)
DraftKings CLO Dodge R Stanton converted 1,476 RSUs into 1,476 Class A shares; 646 shares were then withheld to cover taxes at $22.16 per share.
Transcripts
Earnings callsFY2026 Q12026-05-08
Earnings calls
AI summary
positiveDraftKings delivered strong Q1 2026 results with revenue exceeding $1.6 billion (up 17% YoY) and adjusted EBITDA of $168 million (up 64% YoY). The company reaffirmed full-year guidance of $6.5-6.9 billion revenue and $700-900 million adjusted EBITDA, while planning $200-300 million in Predictions investment. Core business remains robust with Sportsbook revenue up 24% YoY and positive net income for the second consecutive quarter.
Key takeaways
- Q1 revenue grew 17% YoY to $1.6B; adjusted EBITDA up 64% to $168M, excluding Predictions and Arkansas launch impacts would have exceeded $200M
- Sportsbook revenue increased 24% YoY to $1.1B with net revenue margin expansion of 140 basis points to 7.8%; parlay handle mix up nearly 300 bps
- Predictions customer acquisition costs declined over 80% in April with annualized consumer volume exceeding $1B; volume per customer exceeds Sportsbook handle per customer
- Company reaffirmed FY2026 guidance: $6.5-6.9B revenue and $700-900M adjusted EBITDA; planning $200-300M Predictions investment with majority in back half of year
- Core business generated $100M+ adjusted EBITDA in April alone with 22% YoY revenue growth; 15 consecutive weeks of net revenue growth YoY
Financial highlights
- Q1 2026 revenue: $1.6B+ (up 17% YoY); adjusted EBITDA: $168M (up 64% YoY)
- Sportsbook revenue: $1.1B (up 24% YoY); net revenue margin: 7.8% (+140 bps)
- Adjusted gross margins increased ~200 bps YoY; over $500M adjusted EBITDA generated in last 6 months
- April 2026 results: handle up 6%, revenue up 22% YoY, adjusted EBITDA >$100M
Guidance
- FY2026 revenue guidance: $6.5B to $6.9B (reaffirmed)
- FY2026 adjusted EBITDA guidance: $700M to $900M (reaffirmed)
- Predictions investment: $200M to $300M for full year, majority in back half
- Core business expected to generate $1B+ in adjusted EBITDA in 2026, excluding Predictions spend
Q&A themes
- Predictions showing strong unit economics with volume per customer exceeding Sportsbook, though early profitability data suggests customers losing faster than Sportsbook players
- World Cup expected to drive significant customer acquisition, particularly in newly-open Predictions states like California, Texas, Florida; Spanish language app launched ahead of event
- iGaming business underperforming relative to market opportunity; company launching new features (Flex Spins) and marketing strategies to improve iCasino-first customer acquisition
- Market making launched and already profitable; proprietary exchange launching in coming weeks; company planning to be on third-party platforms to optimize risk management and maximize market-making opportunity
Risks
- Predictions market nascent with third-party data showing customers experiencing losses more quickly than Sportsbook customers, raising consumer protection and trust concerns
- iGaming growth decelerated to 9% NGR growth in Q1 versus ~20% in 2025; company acknowledges lagging market and executing corrective actions with uncertain timing
- Predictions investment of $200-300M represents material spend with execution risk; company will monitor data and adjust spending accordingly but significant back-half spend planned
FY2025 Q42026-02-13
Earnings calls
AI summary
positiveDraftKings delivered strong FY2025 results with $6B+ revenue (27% YoY growth) and $600M+ adjusted EBITDA (tripled YoY), achieving positive net income for the first time. The company is now prioritizing DraftKings Predictions as its most significant growth opportunity since PASPA, viewing it as a $10B annual gross revenue opportunity, despite minimal revenue impact in 2025. For FY2026, the company guides for $6.5-6.9B revenue and $700-900M adjusted EBITDA, with investments in Predictions and new state launches.
Key takeaways
- Q4 revenue grew 43% YoY to nearly $2B with adjusted EBITDA of $343M (4x prior year) and 17% margins; Sportsbook revenue increased 64% YoY to $1.4B
- Predictions identified as most exciting growth opportunity since PASPA with early metrics showing 3x prior record daily trading volume on Super Bowl Sunday and strong customer retention; no revenue included in 2026 guidance
- Sportsbook handle grew 11% in FY2025 to $54B; Q4 handle accelerated to 13% YoY growth with parlay handle mix increasing 500 bps, driving structural net revenue margin expansion
- FY2026 guidance assumes conservative positioning with revenue of $6.5-6.9B and adjusted EBITDA of $700-900M, including investments in Predictions, Maine iGaming, and Alberta launches
- Plans to integrate Railbird mid-2026 and launch proprietary market-making division for Predictions; expects crypto.com integration to expand trading options across categories
Financial highlights
- FY2025 revenue $6B+, up 27% YoY; adjusted EBITDA $600M+, tripled YoY and exceeded high-end guidance; reported positive GAAP net income for first time
- Q4 2025 revenue nearly $2B (up 43% YoY); adjusted EBITDA $343M (4x YoY); adjusted EBITDA margin 17% (up 1,000+ bps)
- FY2025 Sportsbook handle $54B (up 11% YoY); Q4 Sportsbook revenue $1.4B (up 64% YoY); Sportsbook net revenue margin 8% (up 250 bps)
- Repurchased 16M shares in FY2025 and 8M in Q4; Missouri Sportsbook adoption highest in company history through first 2 months
Guidance
- FY2026 revenue guidance $6.5-6.9B; adjusted EBITDA guidance $700-900M
- No material Predictions revenue included in FY2026 guidance; tens of millions in incremental Predictions spend expected across fixed costs and marketing
- Guidance reflects expected investments in Predictions, Maine iGaming, Alberta launches, and disciplined planning as business conditions evolve; assumes state tax rates remain consistent with current levels
- Q4 net revenue margin over 9% (vs. 6.5% Jan-Oct), though handle expected to normalize from NFL-driven dynamics
Q&A themes
- CFTC regulatory clarity on event contracts viewed as major catalyst enabling more aggressive Predictions investment; regulatory environment described as constructive with directed standards for event contracts
- Predictions customer profile early data shows concentration in California and Texas; otherwise similar to existing DraftKings customers; limited cannibalization of Sportsbook observed
- Marketing strategy for Predictions leverages existing national spend across ESPN, NBCUniversal with ability to rotate messaging; major strategy details to be unveiled at March 2 Investor Day
- Parlay mix continues as key margin lever with January 2026 up 300 bps YoY; significant upside remains in promo optimization and AI-powered promo engine deployment
Risks
- Predictions market nascent with execution risks on product integration, Railbird launch timeline (mid-2026), and market-making division development; regulatory framework still evolving despite CFTC engagement
- Significant incremental marketing spend required for Predictions with uncertain ROI on new customer acquisition; company noted being measured in rollout to evaluate customer LTVs
- Conservative 2026 guidance reflects company's prior guidance miss in 2025 and includes built-in cushion on promotional intensity; core business growth deceleration implied (revenue guidance implies ~11% growth)
FY2025 Q32025-11-07
Earnings calls
AI summary
mixedDraftKings reported Q3 2025 revenue of $1.144 billion (4% YoY growth) and negative adjusted EBITDA of -$127 million, impacted by over $300 million in customer-friendly sports outcomes in September and October. Despite the near-term headwinds, the company highlighted strong underlying metrics including 17% YoY handle growth in October, 300+ bps improvement in NFL week 1 customer retention, and 25% YoY iGaming net revenue growth. Management emphasized bullish long-term prospects driven by new exclusive marketing partnerships with ESPN and NBCUniversal, upcoming Spanish-language app functionality, and the pending launch of DraftKings predictions.
Key takeaways
- FY2025 revenue guidance revised to $5.9B-$6.1B (from $6.2B-$6.4B) and adjusted EBITDA to $450M-$550M (from $800M-$900M) primarily due to $300M negative sports outcome impact in Q3-Q4
- October sportsbook handle accelerated 17% YoY; NFL handle +13% season-to-date and NBA +19% with parlay mix surging 800 bps (NFL) and 1,000 bps (NBA) year-over-year
- Announced new exclusive marketing agreements with ESPN and NBCUniversal providing NBA access and brand integration opportunities; planning Spanish-language app launch ahead of 2026 World Cup
- Predictions product launch expected in coming months focused on non-sportsbook states; Board authorized share repurchase program increase from $1B to $2B
Financial highlights
- Q3 2025 revenue: $1.144 billion (+4% YoY); adjusted EBITDA: -$127 million
- FY2025 guidance: Revenue $5.9B-$6.1B (+24-28% vs FY2024); adjusted EBITDA $450M-$550M
- Sportsbook handle: $11.4 billion (+10% YoY); iGaming net revenue growth: 25% YoY (fastest since Q1 2024)
- Customer acquisition increased year-over-year across enterprise; MUPs growth +6% YoY excluding Jackpocket impact
Guidance
- FY2025 revenue guidance $5.9B-$6.1B (down from $6.2B-$6.4B); adjusted EBITDA $450M-$550M (down from $800M-$900M)
- Predictions product launch expected in coming months in non-sportsbook states; estimated investment measured with shorter payback periods than core OSB/iGaming products
- October 2025 handle growth of 17% YoY reflects acceleration trend continuing into Q4
- Sportsbook net revenue margin on track to increase 400+ bps over 4 years driven by parlay mix and promotion efficiency improvements
Q&A themes
- Sports outcome volatility: CEO emphasized that while Q2 saw $100M positive impact and Q3-Q4 saw $300M negative impact, outcomes normalize over full seasons and represent only ~5% of annual revenue; acknowledged parlay mix may increase volatility but maximizes long-term expected value
- Predictions competitive positioning: Management stressed DraftKings' advantages through brand recognition, product expertise, ESPN/NBCUniversal partnerships, and existing scale; will focus on non-sportsbook states where majority of opportunity exists and expects shorter payback periods than OSB
- Regulatory relationships: CEO confirmed conversations with regulators/legislators regarding predictions launch; noted predictions will create incentive for more states to legalize online sports betting; legislators increasingly aware of competitive threat
- Product differentiation: Highlighted product innovation (stacks, Ghost Leg promotion) and parlay-focused features as drivers of 800-1,000 bps mix gains; noted parlay offerings limited in predictions due to liquidity constraints versus sportsbook market-making capabilities
Risks
- Sports outcome volatility creates significant quarterly earnings swings; $300M negative impact in Q3-Q4 demonstrates binary risk despite long-term normalization
- Predictions market profitability and customer retention remain unproven; CEO acknowledged very limited data, nascent products with bare-bones features, and potential retention challenges in early stages
- Competitive risk in predictions from well-capitalized peers and exchanges with liquidity advantages; parlay offerings structurally limited in predictions versus sportsbook, reducing product differentiation
FY2025 Q22025-08-07
Earnings calls
AI summary
positiveDraftKings achieved company records in Q2 2025 with 37% revenue growth and $301 million adjusted EBITDA, driven by strong Sportsbook performance including a 45% net revenue increase and record 8.7% margins. The company is maintaining FY2025 guidance of $6.2B-$6.4B revenue and $800M-$900M adjusted EBITDA, positioning for revenue near the high end despite anticipated impacts from a Missouri launch and higher state taxes.
Key takeaways
- Q2 adjusted EBITDA doubled prior record at $301 million with 20% margin; company targeting 30% adjusted EBITDA margins over time
- Sportsbook net revenue grew 45% YoY with record 8.7% margins; live betting handle up 16% YoY, representing over 50% of total Sportsbook handle
- Sportsbook-friendly outcomes in Q2 added $110 million to revenue; structural hold increased 100 basis points YoY to 10.9%, driven by parlay mix up 430 basis points
- Company exploring federally regulated prediction markets but maintaining measured approach; no prediction market offering included in FY2025 guidance
- Missouri mobile Sportsbook launch expected December 2025 with anticipated $35M-$45M EBITDA impact; FY2025 guidance now includes impacts from higher tax rates in New Jersey, Louisiana, and Illinois
Financial highlights
- Q2 2025 revenue: $1.513 billion, up 37% YoY; adjusted EBITDA: $301 million (20% margin), doubling prior record
- Sportsbook net revenue up 45% YoY to record 8.7% margin; Sportsbook handle up 6% YoY to $11.5 billion; live betting handle up 16% YoY
- iGaming net revenue up 23% YoY; adjusted gross margin improved to 48%, up 400+ basis points YoY
- FY2025 guidance maintained: revenue $6.2B-$6.4B (tracking toward high end); adjusted EBITDA $800M-$900M (tracking near midpoint); free cash flow ~$750 million; Sportsbook margin expected to exceed 7.5%
Guidance
- FY2025 revenue expected close to high end of $6.2B-$6.4B range; adjusted EBITDA near midpoint of $800M-$900M range
- Sportsbook net revenue margin guidance raised to exceed 7.5% (vs prior 7%-7.5% range); adjusted gross margin guidance of 46%, up 300+ basis points YoY
- Stock-based compensation expected at 6% of revenue; free cash flow guidance of approximately $750 million
- Missouri launch expected December 2025 with $35M-$45M EBITDA impact in FY2025; FY2025 guidance excludes potential predictions market offering
Q&A themes
- Prediction markets: Company in monitor mode, evaluating opportunities while considering relationships with regulators, tribes, and stakeholders; no immediate decisions on first-mover approach vs. measured entry
- Cost optimization: Identified opportunities across COGS stack including renegotiating older state/data agreements, payment processing optimization, AWS efficiency, and AI-driven automation; early AI benefits already evident
- Live betting leadership: Live handle up 16% YoY with 90%+ uptime in core markets; positioned as primary driver of future industry handle growth; personalization and education around in-game betting driving acquisition efficiency
- State tax dynamics: Illinois surcharge approach uncertain pending tax treatment clarification; company exploring various mitigation levers including pricing; monitoring market response before scaling to other high-tax jurisdictions
Risks
- Illinois surcharge tax treatment unresolved; potential negative impact on market share and TAM if final implementation creates consumer friction; tax headwinds from New Jersey, Louisiana, and Illinois expected to reduce FY2025 EBITDA by ~$200 million vs prior guidance
- Sport outcome normalization risk: Q2 benefited from $110 million sportsbook-friendly outcomes; structural hold and margins could face pressure if outcomes reverse to customer-favorable periods
- Prediction markets execution risk: Early-stage opportunity with uncertain TAM, technology requirements, and regulatory pathway; potential customer crossover and competitive dynamics with other platforms remain unquantified
FY2025 Q12025-05-09
Earnings calls
FY2024 Q42025-02-14
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 13, 2026, 12:16 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Consumer Cyclical
- Industry
- Gambling, Resorts & Casinos
- Chief executive
- Jason D. Robins
- Employees
- 5,500
- IPO date
- Jul 25, 2019
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei1.12
Piotroski scorei5/9
Overall ratingiC
Owner earningsi$104.11M$0.21 per share
ESG risk ratingiBIndustry rank: 37/41
Rating factors
- Return on equityi
- 1/5
- Return on assetsi
- 1/5
- Debt to equityi
- 1/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
TRWD Develops Licensing-Led Expansion Strategy to Complement Acquisition Model and Expand Beyond 100+ Venue GoalBusiness WireDraftKings Enhances Responsible Engagement Efforts With New Customer Initiatives, Tools and EducationBusiness WireDraftKings Extends Agreement with IC360 to Enhance Integrity Monitoring and Combat Athlete Harassment Across Sportsbook and Prediction Market PlatformsGlobeNewsWireDraftKings Celebrates Customers on “DraftKings Gameday” with Free Gas, Exclusive Offers and MoreBusiness WireDraftKings Announces Closing of $700 Million Upsized Term Loan B Facility and $750 Million Revolving Credit FacilityBusiness WireDraftKings Announces Launch of $600 Million Term Loan B Facility and Upsized $750 Million Revolving Credit FacilityBusiness Wire
Congressional disclosures
House
Chuck FleischmannSale (Full) · $1,001 - $15,000Disclosed: May 9, 2023Charles J. "Chuck" FleischmannSale (Full) · $1,001 - $15,000Disclosed: May 9, 2023Chuck FleischmannPurchase · $1,001 - $15,000Disclosed: Feb 11, 2022Charles J. "Chuck" FleischmannPurchase · $1,001 - $15,000Disclosed: Feb 11, 2022Chuck FleischmannSale (Full) · $1,001 - $15,000Disclosed: Dec 16, 2021
Market cap history
$9.50B-24.7%Aug 2026 – Nov 2026
Latest: $9.50B · 2026-11-12High: $12.88B · 2026-08-24Low: $9.29B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.02% | 15M |
| VB | 0.14% | 10.8M |
| VBK | 0.33% | 6.3M |
| VXF | 0.14% | 5.7M |
| VWUAX | 0.23% | 4.4M |
| NIW | 0.39% | 3.2M |
| IWP | 0.33% | 2.7M |
| FSMAX | 0.14% | 2.3M |
| IWR | 0.08% | 2M |
| NBF | 0.04% | 1.9M |
| NIZ | 0.09% | 1.9M |
| FSMDX | 0.08% | 1.8M |
Analyst track record
How the analysts covering DKNG have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 265 | 784 |
| Analysts | 42 | 51 |
| Buy / hold / sell | 224 / 40 / 1 | 709 / 70 / 5 |
| Upgrades / downgrades / initiations | 2 / 9 / 4 | 13 / 15 / 9 |
| Price targets hit / missed | 0 / 246 (0%) | 0 / 724 (0%) |
| Avg. return after a rating (TipRanks) | -41.8% | -55.1% |
| Best / worst call | -4.4% / -65.9% | -4.4% / -71.9% |
After buy calls on this stock: median 21-day move -0.1% vs S&P 500 -2.0% (n = 718)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Chad BeynonMacquarie75% hit rate on this stock · 8 targets measuredBuytarget $40.00Feb 17, 2026
- Stephen GramblingMorgan Stanley69% hit rate on this stock · 26 targets measuredBuytarget $31.00Nov 6, 2026
- Greg GibasNorthland Securities67% hit rate on this stock · 12 targets measuredHoldtarget $20.00Nov 9, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Jack CummingsBerenberg BankNov 9, 2026 | HoldDowngraded | $20.00↗ | article ↗ |
| Nov 9, 2026 | Trey BowersWells FargoNov 9, 2026 | HoldDowngraded | $21.00↗ | article ↗ |
| Nov 9, 2026 | Curry BakerGuggenheimNov 9, 2026 | BuyMaintained | $28.00↗ | article ↗ |
| Nov 9, 2026 | Steven PizzellaDeutsche BankNov 9, 2026 | HoldMaintained | $22.00↗ | article ↗ |
| Nov 9, 2026 | Lance VitanzaTD CowenNov 9, 2026 | BuyMaintained | $25.00↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 265 ratings
Frequently asked questions
Where can I trade DKNG perpetual futures?
DraftKings Inc. (DKNG) perpetual futures trade on 18 crypto venues, including Deepcoin, Ondo Perps, Binance. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade DKNG around the clock?
Yes. Unlike the underlying stock, DKNG perpetuals trade 24/7 — including weekends and outside regular market hours.
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Right now the DKNG perp funding rate is 0.0% annualized (venue median), ranging from -5.5% to +5.5% across 18 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the DKNG perp price compare to the DraftKings Inc. stock?
The venue-median DKNG perp mark is $19.2 versus a reference stock price of $19.2, a basis of -0.1%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a DKNG perpetual future?
A DKNG perpetual is a derivative that tracks the price of DraftKings Inc. with no expiry date. It lets you take long or short exposure to DraftKings Inc. on crypto venues, around the clock.
What is DKNGUSDT perpetual?
DKNGUSDT is the symbol most crypto exchanges use for the DraftKings Inc. perpetual settled in USDT (Tether). It tracks the DKNG share price through an index, trades 24/7 with leverage and never expires.
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