DraftKings sticks to outlook after quarterly earnings miss

DraftKings' prediction markets platform has surpassed 600,000 customers.

DraftKings posted second-quarter revenue and profit below analyst estimates as competition from prediction market platforms intensifies. Revenue totaled $1.44 billion versus forecasts of $1.51 billion, while adjusted EBITDA of $115 million missed the expected $154 million.

The company reported strong customer growth despite the earnings miss, with monthly unique players rising 9% to 3.6 million. DraftKings also revealed its recently launched prediction markets product has attracted more than 600,000 users amid competition from Kalshi and Polymarket.

Management reaffirmed its full-year financial outlook and expects its core sportsbook operations to generate roughly $1 billion in EBITDA next year.

CEO Jason Robins said results were hurt by unusually favorable outcomes for bettors rather than competitive pressures, adding that the company has not observed any meaningful impact from prediction markets on sportsbook revenue.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Management reaffirmed its full-year financial outlook and expects its core sportsbook operations to generate roughly $1 billion in EBITDA next year.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.