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Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
DraftKings
DraftKings (DKNG) investor relations material
DraftKings Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Q3 revenue rose 16.2% YoY to $1.329B; net loss widened to $468.7M and Adjusted EBITDA loss to $316.9M, amid higher marketing and Predictions investment.
MUPs increased 12.9% to 4.1M and average revenue per MUP rose 2.9% to $109.
More than 1.6M customers engaged with Predictions year to date; October annualized total volume traded reached $56.8B, more than 5x July.
FY27 guidance calls for $7.35B–$7.75B revenue and $800M–$1.0B Adjusted EBITDA, including $250M–$350M of Predictions investment.
Financial highlights
Q3 revenue was $1.329B, up 16.2% YoY; nine-month revenue rose 8.7% to $4.418B.
Q3 operating loss was $493.1M versus $271.9M; net loss was $468.7M versus $256.8M, or $(0.94) per diluted share versus $(0.52).
Q3 Adjusted EBITDA loss was $316.9M versus $126.5M; nine-month Adjusted EBITDA was a $34.4M loss versus $276.8M profit.
Q3 Adjusted EPS was $(0.53) versus $(0.26); nine-month Adjusted EPS was $(0.26) versus $0.27.
Outlook and guidance
FY26 guidance is $6.35B–$6.55B revenue and $175M–$275M Adjusted EBITDA; core Adjusted EBITDA is projected at $875M–$925M.
FY26 Predictions investment is expected at $650M–$700M, including $175M–$225M in Q4; FY26 Predictions revenue is expected to be immaterial after promotions.
FY27 guidance is $7.35B–$7.75B revenue and $800M–$1.0B Adjusted EBITDA, including $250M–$350M of Predictions investment.
FY27 core revenue is projected at $6.7B–$7.0B, up 4%–9% versus the FY26 guidance midpoint; core Adjusted EBITDA is $1.15B–$1.25B.
Management expects significant FY27 free cash flow after investment and Predictions to become an Adjusted EBITDA tailwind in 2028.
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Latest events from DraftKings
- Prediction markets’ next phase hinges on diversification, institutional adoption and durable unit economics.DKNG
NEXTPredict Summit NYC 2026 - Prediction market volume surged 2.5x since July, with strong core and iGaming growth.DKNGWells Fargo 9th Annual Consumer Conference
- Q2 2026 saw $1.44B revenue, $115M EBITDA, and strong user growth despite margin pressure.DKNGQ2 2026
- Prediction markets and iGaming are set to drive growth, with AI boosting efficiency and margins.DKNG54th Nasdaq London Investor Conference
- Expanding with new products and a super app, DraftKings prioritizes tech, trust, and regulatory clarity.DKNG18th Annual Sports & Media Symposium
- Prediction markets and national reach drive growth, with disciplined investment and product innovation.DKNGMoffettNathanson's 2026 Media, Internet & Communications Conference
- All proposals passed with over 90% approval at the virtual AGM.DKNGAGM 2026
- Q1 revenue up 17% to $1.65B, net income $21.1M, and 2026 outlook reaffirmed.DKNGQ1 2026
- Q2 revenue up 26% to $1.104B, net income $63.8M, $1B share buyback authorized.DKNGQ2 2024
Next DraftKings earnings date
Q4 202612 Feb, 2027
DraftKings
Next DraftKings earnings date
Q4 202612 Feb, 2027
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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.