DraftKings (DKNG) Investor Day 2026 summary

Strategic vision and market opportunity

• Entering a new phase of growth, leveraging machine learning and AI to enhance product, technology, trust, and marketing efficiency.

• Total addressable market projected to reach $55–$80B by 2030, driven by continued legalization, product expansion, and the launch of Predictions.

• Super App strategy merges Sportsbook, Predictions, Casino, and Lottery, enhancing cross-product engagement and customer personalization nationwide.

• Sustainable advantages in product, technology, trust, and marketing drive market share and customer lifetime value.

• Founder-led leadership team with a proven track record of product expansion and innovation.

Product and technology innovation

• Super App will unify all offerings, leveraging proprietary sports trading, pricing, and data platforms for deep content and seamless user experience.

• AI and machine learning drive sharper pricing, faster product development, operational efficiency, personalization, and promotional optimization.

• 95% of sports content now originated in-house, with significant improvements in live market availability and transaction speed.

• Social and community features, personalization, and multilingual support, including a fully translated Spanish-language product, broaden reach and engagement.

• In-house casino content and embedded casino within Sportsbook app increase cross-sell and customer activity, with 62% of casino handle already within the integrated app.

Financial performance and guidance

• Customers grew at a 33% CAGR, revenue at 57% CAGR, and Adjusted EBITDA reached $620M in 2025.

• Adjusted gross profit has tripled over the last three years, exceeding $2.7B in 2025, driven by strong customer cohorts and expanding engagement.

• Sportsbook net revenue margin increased from 3.2% in 2021 to above 7% in 2025, with parlay handle mix and cost efficiencies as key drivers.

• Net revenue margin and cost efficiency improved, with cumulative CAC declining over 40% since 2020.

• Long-term Adjusted EBITDA margin expected to reach at least 30%, supported by scalable fixed costs, AI-driven productivity, and disciplined reinvestment.