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Davy Research

DraftKings (DKNG.O, DKNG US)

Mkt. Cap ($ m):12006.9
Shares (m):495.7
Free Float (%):96.1

DRAFTKINGS
Closing Price (USc): 2422.0
RATING 16/04/26
OUTPERFORM
PREVIOUS RATING 23/03/21
NEUTRAL

Person's Name

Paul Ruddy

Analyst

Research

Company Profile

DraftKings is a leading US sports betting, online gaming and daily fantasy sports (DFS) operator. Founded in 2012 with its roots in DFS, the company has expanded its product offering since the repeal of PASPA in the US in 2018 paved the way for the legalisation of sports betting. DraftKings is currently the number-two operator by market share in the US online sports betting market. It is listed in the US on the NASDAQ. In 2023, DraftKings generated pro-forma revenue of $3.67bn and had aEBITDA losses of $151m.

Major Shareholders	%
CIBC World Markets Corp.	7.4
Canadian Imperial Bnk of Commerce	7.3
AQR Capital Management LLC	6.0
DART KENNETH BRYAN	5.8
Janus Henderson Investors US LLC	5.1