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DraftKings (DKNG) investor relations material
DraftKings 2025 BofA Gaming, Lodging & Leisure Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.2025 BofA Gaming, Lodging & Leisure Conference summary4 Sep, 2025
Strategic business approach
Focus centers on customer acquisition and monetization, with revenue and gross profit as primary targets rather than granular KPIs like handle or hold.
AI is expected to drive significant cost efficiencies, particularly in headcount, over the next few years.
Customer lifetime value (LTV) modeling has improved, allowing for accurate cohort projections, though new customer acquisition remains less predictable.
Product improvements have led to better monetization of newer customers, with no ongoing degradation in customer quality after the initial golden cohort.
Emphasis has shifted from handle growth to optimizing structural hold and promo efficiency, resulting in slower handle growth but higher profitability.
Product innovation and customer engagement
Product focus is on driving parlay mix and live betting, with new features like Stacks (narrative-driven parlay builder) and Ghostleg (parlay insurance) launched for the NFL season.
Machine learning is used to surface relevant live bets and enhance customer engagement, especially during fast-paced events.
The company is investing in making the live betting experience faster and more intuitive, aiming to match the speed of sports.
Product and marketing efforts are increasingly data-driven, with rapid testing and iteration to optimize cross-sell and engagement.
The integration of Jackpocket is expected to boost customer acquisition and cross-sell, especially during high jackpot periods.
Market and regulatory landscape
Prediction markets are seen as a significant TAM opportunity in states without legal online sports betting, but less so where sports betting is already legal.
The company prefers to wait and prepare internally before making public moves in new verticals, focusing on readiness over being first to market.
Owning more of the technology stack is generally favored, but partnerships are used where appropriate; the approach may evolve as the prediction market ecosystem matures.
Tax increases are expected to be more moderate going forward, with most high-tax states already at elevated levels; iGaming is seen as the next major revenue opportunity for states.
The company is adjusting its guidance approach to focus on ranges rather than midpoints, aiming to better reflect normal business volatility.
How will AI impact DK's cost structure?
What is DK's view on prediction market TAM?
What is DK's updated iGaming strategy?
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Next DraftKings earnings date
Q3 20257 Nov, 2025
Next DraftKings earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
From fantasy sports to online betting
DraftKings is a prominent sports technology and online betting company that provides a wide range of services for customers looking to place bets on various sporting events. DraftKings offers users the opportunity to place bets on sports, participate in daily fantasy sports contests, and engage in special betting events. DraftKings has gained a reputation for user-friendly platforms, extensive sports offerings, and innovative features that has helped to firmly establish their presence in the gambling space.
First on the scene in conjunction with deregulation
DraftKings was founded in 2012 as a daily fantasy sports platform, capitalizing on the growing popularity of fantasy sports in the United States. As various states began to deregulate their previously strict laws regarding online gambling, DraftKings seized the opportunity to expand its offerings beyond fantasy sports and enter the sports betting market. Through partnerships and licensing agreements with casinos and gaming operators in states where sports betting was legalized, DraftKings quickly established a strong presence and became a leading player in the emerging industry in the US. By striking while the iron was hot, DraftKings were able to quickly establish themselves as one of America's leading providers of betting services. The company has expanded in recent years and now operates in several countries outside of the United States.
Fantasy sports experts
DraftKings are experts when it comes to providing various formats of fantasy sports for their customers. There is the possibility to play in fantasy sports leagues that stretch over the course of an entire season, but one of the features that customers appreciate the most is daily fantasy sports (DFS). This offers a fantasy sports experience at a higher pace than traditional methods of play, and has become greatly appreciated by the customers. But fantasy sports are not the only thing on offer, as Draftkings provides a variety of more traditional betting options through their app.
Making betting accessible
One of the key factors of Draftkings growth, apart from being one of the first on the scene as de-regulation rolled out, is the fact that the company has managed to make betting accessible for all. Through concise guides and a user-friendly platform, DraftKings have been a key player in the growing interest of online betting in the US, by being able to reach a large audience while making it easy to access. DraftKings also places a heavy emphasis on marketing themselves, both through traditional means as well as through partnerships with influencers and social media accounts with large followings. Some notable competitors include PENN Entertainment and Flutter Entertainment.
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