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DraftKings Holdings Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Feb 18, 2022. Its latest SEC filing is a 144 from Jun 17, 2024.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Offers users daily fantasy sports, sports betting and online casino games, and provides betting and casino software and related services to gaming operators.

How Did They Make Money?

Consumers pay DFS entry fees or place bets before play; DraftKings keeps what is left after prizes and winning payouts when each contest or game ends. Gaming operators pay a share of betting revenue for software services; reseller contracts used fixed monthly fees.

FY2021 revenue

Who Were Their Customers?

Consumers access its offerings through apps and websites. Gaming operators access betting and casino software directly, while resellers previously sublicensed the software to operators.

Did Revenues Turn Into Profits?

No. It lost $1.5B in FY2021.

Operating income, FY2021
−120% of revenue
▲ +85% (Loss) vs FY2020 (−$843.3M, −137%)
Net income, FY2021
−118% of revenue
▲ +24% (Loss) vs FY2020 (−$1.2B, −200%)
Free cash flow, FY2021
−34% of revenue
▲ +111% (Loss) vs FY2020 (−$205.9M, −34%)

How Were They Changing?

Since the FY2021 annual report
  • May 5, 2022 Completed merger with Golden Nugget Online Gaming Golden Nugget shareholders received DraftKings shares; LF LLC also exchanged its units for DraftKings shares.

Grew. Revenue grew 4.0x in 2 years, from $323.4M in FY2019 to $1.3B in FY2021, about 100% a year.

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