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DraftKings Inc.

DKNG · NASDAQ

Company research

DraftKings Inc. (NASDAQ: DKNG) is a leading digital sports entertainment and gaming company headquartered in Boston, Massachusetts, founded in 2011 by Jason D. Robins, Matthew Kalish, and Paul Liberman. The company offers a comprehensive suite of products including online sports betting, iGaming (online casino games such as blackjack, roulette, and slots), daily fantasy sports, digital lottery courier services, and retail sportsbooks, positioning itself as the only U.S.-based vertically integrated sports betting operator. DraftKings operates its Sportsbook across numerous U.S. states and select international markets, and serves as an official daily fantasy and sports betting partner of major leagues including the NFL, NHL, NBA, MLB, PGA TOUR, and UFC. With a market capitalization of approximately $13 billion and projected revenues exceeding $6.5 billion for FY2026, DraftKings has grown from a daily fantasy sports pioneer into one of the dominant forces in the U.S. online gambling market, commanding roughly 35% share of U.S. online sports betting.

Research reports

StockStory (independent Equity Research Platform) · March 30, 2026DraftKings (DKNG) Research Report: Q4 CY2025 Update

StockStory rates DraftKings as “Underperform”, arguing that decelerating growth, weak free cash flow generation, and a historically inefficient cost structure make it less attractive than peers despite a forward P/E near 18x. Their Q4 CY2025 update notes strong revenue growth and EBITDA outperformance but emphasizes that lowered 2026 revenue and EBITDA guidance, modest cash margins, and limited capacity to return capital to shareholders underpin a cautious stance even though the Street’s one-year price target implies upside to around $36.

Documents

MorningstarDraftKings: Misguided Predictive Competition Concerns Provide an Investment Opportunity
MorningstarDraftKings: We're Predicting Healthy Gaming Revenue Growth; Shares Attractive
MorningstarDraftKings' Sportsbook and Predictive Market Opportunities Are Attractive
MorningstarDraftKings Earnings: Prediction Markets Offer an Attractive Opportunity on Top of the Core Business
MorningstarDraftKings' Expansion Into Prediction Markets Supports Its Brand Advantage
MorningstarDraftKings: Investor Day Highlights a Winning Hand in Predictive Markets; Shares Attractive
MorningstarDraftKings Earnings: Strong Growth in the Quarter Overshadowed by Predictive Competition Concerns
MorningstarDraftKings' Brand Advantage Intact, Despite Predictive Sports Betting Competition
MorningstarDraftKings Earnings: Predictive Competition in Focus as Sport Outcomes Damp Near-Term Results
MorningstarDraftKings: Predictive Event Acquisition Eases Competitive Concerns; Shares Attractive
MorningstarDraftKings and Flutter: Predictive Markets Could Expand and Eat Into Legal Online Sports Wagering
MorningstarDraftKings' Brand Advantage Is Intact, Even With Increased Competition From Prediction Markets
MorningstarDraftKings and Flutter: Online Sport Platforms Face Uncertainty From Predictive Event Competition
MorningstarDraftKings' Leading Product and Technology Expertise Supporting Its Brand Advantage
MorningstarDraftKings Earnings: Stout Results Aided by Leading Innovation and Cost Execution; Shares Attractive
MorningstarDraftKings: Illinois' New Fee on Sports Betting Is Manageable; Shares Attractive