DraftKings (DKNG)
Market Price (8/13/2026): $25.53 | Market Cap: $12.7 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
DraftKings (DKNG)
Market Price (8/13/2026): $25.53Market Cap: $12.7 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Megatrend and thematic driversMegatrends include Digital Content & Streaming, Markets & Betting, and Experience Economy & Premiumization. Themes include Gaming Content & Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -91% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -182 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.9% Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.6% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% Short seller report Key risksDKNG key risks include [1] heightened regulatory scrutiny and investigations into its sportsbook and potential anti-competitive practices, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Markets & Betting, and Experience Economy & Premiumization. Themes include Gaming Content & Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -91% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -182 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.9% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% |
| Short seller report |
| Key risksDKNG key risks include [1] heightened regulatory scrutiny and investigations into its sportsbook and potential anti-competitive practices, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/11/2026
DraftKings (DKNG) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Reaffirmed Full-Year Guidance: DraftKings reported a robust fiscal Q1 2026 (ended March 31, 2026) with revenue climbing 17% year-over-year to $1.646 billion, surpassing analyst expectations. Adjusted EBITDA significantly increased by 64% to $168 million, and the company achieved a net profit of $21.1 million, or $0.03 diluted earnings per share, marking a turnaround from previous losses. This strong quarterly performance, combined with the reiteration of its fiscal year 2026 revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million, instilled investor confidence in the company's path to sustained profitability.
2. Rapid Expansion and Adoption of Prediction Markets: The company significantly boosted its presence in prediction markets, a strategic growth area. DraftKings launched its proprietary prediction market exchange, DKeX, on June 26, 2026, integrating it into its unified app to enhance its offerings. This initiative saw rapid user engagement, with the annualized total volume for predictions escalating nearly fivefold from $2.3 billion in April to $11.0 billion in July. Over 600,000 customers engaged with the predictions platform, and management committed $200 million to $300 million in investments for 2026 to establish a leadership position in this segment, signaling strong future growth potential.
Show more
DraftKings (DKNG) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Reaffirmed Full-Year Guidance: DraftKings reported a robust fiscal Q1 2026 (ended March 31, 2026) with revenue climbing 17% year-over-year to $1.646 billion, surpassing analyst expectations. Adjusted EBITDA significantly increased by 64% to $168 million, and the company achieved a net profit of $21.1 million, or $0.03 diluted earnings per share, marking a turnaround from previous losses. This strong quarterly performance, combined with the reiteration of its fiscal year 2026 revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million, instilled investor confidence in the company's path to sustained profitability.
2. Rapid Expansion and Adoption of Prediction Markets: The company significantly boosted its presence in prediction markets, a strategic growth area. DraftKings launched its proprietary prediction market exchange, DKeX, on June 26, 2026, integrating it into its unified app to enhance its offerings. This initiative saw rapid user engagement, with the annualized total volume for predictions escalating nearly fivefold from $2.3 billion in April to $11.0 billion in July. Over 600,000 customers engaged with the predictions platform, and management committed $200 million to $300 million in investments for 2026 to establish a leadership position in this segment, signaling strong future growth potential.
Show more
Updated on 8/11/2026
DraftKings (DKNG) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Reaffirmed Full-Year Guidance: DraftKings reported a robust fiscal Q1 2026 (ended March 31, 2026) with revenue climbing 17% year-over-year to $1.646 billion, surpassing analyst expectations. Adjusted EBITDA significantly increased by 64% to $168 million, and the company achieved a net profit of $21.1 million, or $0.03 diluted earnings per share, marking a turnaround from previous losses. This strong quarterly performance, combined with the reiteration of its fiscal year 2026 revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million, instilled investor confidence in the company's path to sustained profitability.
2. Rapid Expansion and Adoption of Prediction Markets: The company significantly boosted its presence in prediction markets, a strategic growth area. DraftKings launched its proprietary prediction market exchange, DKeX, on June 26, 2026, integrating it into its unified app to enhance its offerings. This initiative saw rapid user engagement, with the annualized total volume for predictions escalating nearly fivefold from $2.3 billion in April to $11.0 billion in July. Over 600,000 customers engaged with the predictions platform, and management committed $200 million to $300 million in investments for 2026 to establish a leadership position in this segment, signaling strong future growth potential.
3. Sustained Customer Acquisition and New Market Entry: DraftKings demonstrated continued growth in its user base and market reach. Despite a revenue miss in fiscal Q2 2026 (ended June 30, 2026), the company reported an approximate 9% increase in Monthly Unique Payers (MUPs) to 3.6 million and a 15% rise in total sports consumer volume, which includes its growing predictions segment. Furthermore, DraftKings expanded its geographical footprint by launching its sportsbook and Golden Nugget online casino in Alberta, Canada, on July 13, 2026, marking its second Canadian province and 34th North American jurisdiction. These developments underscored the company's ability to attract and retain customers and expand into new profitable markets.
4. Positive Analyst Sentiment and Price Target Reinforcement: Despite the fiscal Q2 2026 revenue miss, the stock saw a positive reaction, partly due to the broad endorsement from Wall Street analysts. Most analysts maintained their "Buy" or "Overweight" ratings for DKNG, reflecting underlying confidence in its long-term strategy, particularly its evolving prediction markets. Several firms, including TD Cowen, even raised their price targets for DraftKings from $30 to $35, while JPMorgan Chase & Co. and Barclays adjusted their targets slightly from $34 to $33 and $35 to $34, respectively. The consensus average price target remained robust, indicating a belief in the stock's future upside despite short-term fluctuations.
Show less
DraftKings (DKNG) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Reaffirmed Full-Year Guidance: DraftKings reported a robust fiscal Q1 2026 (ended March 31, 2026) with revenue climbing 17% year-over-year to $1.646 billion, surpassing analyst expectations. Adjusted EBITDA significantly increased by 64% to $168 million, and the company achieved a net profit of $21.1 million, or $0.03 diluted earnings per share, marking a turnaround from previous losses. This strong quarterly performance, combined with the reiteration of its fiscal year 2026 revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million, instilled investor confidence in the company's path to sustained profitability.
2. Rapid Expansion and Adoption of Prediction Markets: The company significantly boosted its presence in prediction markets, a strategic growth area. DraftKings launched its proprietary prediction market exchange, DKeX, on June 26, 2026, integrating it into its unified app to enhance its offerings. This initiative saw rapid user engagement, with the annualized total volume for predictions escalating nearly fivefold from $2.3 billion in April to $11.0 billion in July. Over 600,000 customers engaged with the predictions platform, and management committed $200 million to $300 million in investments for 2026 to establish a leadership position in this segment, signaling strong future growth potential.
3. Sustained Customer Acquisition and New Market Entry: DraftKings demonstrated continued growth in its user base and market reach. Despite a revenue miss in fiscal Q2 2026 (ended June 30, 2026), the company reported an approximate 9% increase in Monthly Unique Payers (MUPs) to 3.6 million and a 15% rise in total sports consumer volume, which includes its growing predictions segment. Furthermore, DraftKings expanded its geographical footprint by launching its sportsbook and Golden Nugget online casino in Alberta, Canada, on July 13, 2026, marking its second Canadian province and 34th North American jurisdiction. These developments underscored the company's ability to attract and retain customers and expand into new profitable markets.
4. Positive Analyst Sentiment and Price Target Reinforcement: Despite the fiscal Q2 2026 revenue miss, the stock saw a positive reaction, partly due to the broad endorsement from Wall Street analysts. Most analysts maintained their "Buy" or "Overweight" ratings for DKNG, reflecting underlying confidence in its long-term strategy, particularly its evolving prediction markets. Several firms, including TD Cowen, even raised their price targets for DraftKings from $30 to $35, while JPMorgan Chase & Co. and Barclays adjusted their targets slightly from $34 to $33 and $35 to $34, respectively. The consensus average price target remained robust, indicating a belief in the stock's future upside despite short-term fluctuations.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 9.4% change in DKNG stock from 4/30/2026 to 8/12/2026 was primarily driven by a 6.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.32 | 25.51 | 9.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,055 | 6,223 | 2.8% |
| P/S Multiple | 1.9 | 2.0 | 6.5% |
| Shares Outstanding (Mil) | 496 | 496 | 0.0% |
| Cumulative Contribution | 9.4% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| DKNG | 9.4% | |
| Market (SPY) | 7.5% | -3.5% |
| Sector (XLY) | -0.4% | 15.6% |
Fundamental Drivers
The -7.3% change in DKNG stock from 1/31/2026 to 8/12/2026 was primarily driven by a -18.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.51 | 25.51 | -7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,458 | 6,223 | 14.0% |
| P/S Multiple | 2.5 | 2.0 | -18.8% |
| Shares Outstanding (Mil) | 497 | 496 | 0.1% |
| Cumulative Contribution | -7.3% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| DKNG | -7.3% | |
| Market (SPY) | 11.9% | 13.4% |
| Sector (XLY) | -2.5% | 18.8% |
Fundamental Drivers
The -43.4% change in DKNG stock from 7/31/2025 to 8/12/2026 was primarily driven by a -54.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.04 | 25.51 | -43.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,002 | 6,223 | 24.4% |
| P/S Multiple | 4.4 | 2.0 | -54.2% |
| Shares Outstanding (Mil) | 493 | 496 | -0.6% |
| Cumulative Contribution | -43.4% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| DKNG | -43.4% | |
| Market (SPY) | 23.3% | 17.1% |
| Sector (XLY) | 7.1% | 20.8% |
Fundamental Drivers
The -19.7% change in DKNG stock from 7/31/2023 to 8/12/2026 was primarily driven by a -63.5% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.78 | 25.51 | -19.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,593 | 6,223 | 140.0% |
| P/S Multiple | 5.6 | 2.0 | -63.5% |
| Shares Outstanding (Mil) | 455 | 496 | -8.3% |
| Cumulative Contribution | -19.7% |
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| DKNG | -19.7% | |
| Market (SPY) | 74.7% | 40.7% |
| Sector (XLY) | 38.8% | 43.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DKNG Return | -41% | -59% | 209% | 6% | -7% | -26% | -46% |
| Peers Return | -4% | -43% | 18% | 35% | -5% | 11% | -8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| DKNG Win Rate | 33% | 33% | 67% | 50% | 75% | 50% | |
| Peers Win Rate | 45% | 33% | 53% | 50% | 60% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DKNG Max Drawdown | -63% | -63% | -19% | -39% | -48% | -43% | |
| Peers Max Drawdown | -45% | -57% | -37% | -29% | -42% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLUT, PENN, MGM, CZR, RSI. See DKNG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/12/2026 (YTD)
How Low Can It Go
| Event | DKNG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.5% | -7.8% |
| % Gain to Breakeven | 22.7% | 8.5% |
| Time to Breakeven | 30 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.4% | -9.5% |
| % Gain to Breakeven | 18.2% | 10.5% |
| Time to Breakeven | 8 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.0% | -24.5% |
| % Gain to Breakeven | 170.4% | 32.4% |
| Time to Breakeven | 425 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.8% | -33.7% |
| % Gain to Breakeven | 60.9% | 50.9% |
| Time to Breakeven | 43 days | 140 days |
In The Past
DraftKings's stock fell -18.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 22.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | DKNG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.0% | -24.5% |
| % Gain to Breakeven | 170.4% | 32.4% |
| Time to Breakeven | 425 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.8% | -33.7% |
| % Gain to Breakeven | 60.9% | 50.9% |
| Time to Breakeven | 43 days | 140 days |
In The Past
DraftKings's stock fell -18.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 22.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About DraftKings (DKNG)
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DraftKings Inc. (DKNG) operates as a leading digital sports entertainment and gaming company, primarily serving the United States market. The company operates through two distinct segments: direct-to-consumer offerings and business-to-business services, covering a broad spectrum of the online gaming and entertainment industry.
For its direct-to-consumer segment, DraftKings provides a suite of popular online gaming experiences. This includes daily fantasy sports contests, a robust platform for legal sports betting, and various iGaming (online casino) opportunities. The primary customers for these services are individual users across the U.S. who engage in sports-related entertainment and online wagering.
In its business-to-business capacity, DraftKings specializes in the design, development, and licensing of sophisticated sports betting and casino gaming platform software. This technology is provided to other online and retail sportsbook operators and casino gaming product providers, enabling them to power their own gaming offerings. Through this segment, DraftKings serves other businesses within the regulated gaming industry.
```AI Analysis | Feedback
Here are 1-3 brief analogies for DraftKings (DKNG):
The Caesars Entertainment of online sports betting and gaming.
The ESPN for online sports betting and daily fantasy.
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- Daily Fantasy Sports (DFS): Offers daily and weekly fantasy sports contests where users draft virtual teams of athletes and compete for prizes based on their real-world performance.
- Sports Betting: Provides a platform for users to place wagers on the outcomes of various professional and collegiate sporting events.
- iGaming (Online Casino): Delivers a range of online casino-style games, including slots, table games, and live dealer options.
- Gaming Platform Software Licensing: Designs, develops, and licenses its proprietary sports betting and casino gaming platform software to other businesses for their online and retail operations.
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DraftKings (DKNG) primarily sells to individuals through its Business-to-Consumer segment. The company serves the following categories of customers:
- Daily Fantasy Sports Players: Individuals who participate in daily and weekly fantasy sports contests across various leagues and sports.
- Sports Bettors: Individuals who place wagers on sporting events through DraftKings' online and retail sportsbook platforms.
- iGaming/Casino Players: Individuals who play online casino games such as slots, table games, and live dealer games via DraftKings' iGaming platform.
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Genius Sports (GENI)
Sportradar (SRAD)
Evolution (EVO.ST)
International Game Technology (IGT)
Light & Wonder (LNW)
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Jason Robins, Chief Executive Officer
Jason Robins co-founded DraftKings in 2012 and has served as Chief Executive Officer since its inception, and as Chairman since April 2020. He oversees the company's long-term strategy and operations, including growth initiatives, capital strategy, and strategic partnerships. Robins co-founded DraftKings with Matthew Kalish and Paul Liberman, whom he met while working at Vistaprint. He led DraftKings in becoming a publicly traded company in April 2020 through a reverse merger. Robins has played a central role in expanding the company's platform and market presence and has led engagement with policymakers and regulators to advance fantasy sports, sports betting, and iGaming legislation across the United States. He holds approximately 88.8% of total voting power via Class B shares and serves concurrently as Chairman.
Alan Ellingson, Chief Financial OfficerAlan Ellingson was appointed Chief Financial Officer of DraftKings in May 2024. He was promoted from his previous role as Senior Vice President of Finance and Analytics. Ellingson has been with DraftKings for over four years (as of March 2024) and has extensive experience across the company's finance and analytics teams. He worked closely with the previous CFO, Jason Park, to develop DraftKings' finance and accounting department.
Matthew Kalish, President, DraftKings North AmericaMatthew Kalish co-founded DraftKings in 2012. He is accountable for all North America operations and revenue, bringing together all marketing, operations, and related analytics functions. Kalish previously served as Chief Revenue Officer from 2014 to December 2019. He played a pivotal role in DraftKings' growth, particularly after the repeal of PASPA, which enabled the company to launch the first legal online sports betting platform in New Jersey. Matthew Kalish is scheduled to step down from his executive role as President on March 31, 2026, but will continue to serve on the company's Board of Directors. He has also more recently founded HardScope, a creator media platform.
Paul Liberman, President, Global Product and TechnologyPaul Liberman co-founded DraftKings in 2012 with Jason Robins and Matthew Kalish. He has held various leadership positions within the company, including Chief Technology Officer (2011–2013), Chief Marketing Officer, and Chief Operating Officer (2015–December 2019). Since December 2019, he has served as President, Global Product and Technology, leading product development and platform technology across Sportsbook, iGaming, and Daily Fantasy Sports. DraftKings initially operated out of Liberman's apartment.
R. Stanton Dodge, Chief Legal OfficerR. Stanton Dodge joined DraftKings as Chief Legal Officer in November 2017. In this role, he oversees DraftKings' legal, government affairs, and communications teams, and is instrumental in positioning the company for growth in new markets. Before joining DraftKings, Dodge worked at DISH Network for over 20 years, where his roles included Executive Vice President, General Counsel, and Secretary, responsible for all legal, government affairs, and corporate communications for DISH.
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Here are the key risks to DraftKings' business:
- Evolving Regulatory Landscape and Increased Taxation: DraftKings faces significant risks from the dynamic and often unpredictable regulatory environment in the online sports betting and iGaming industry. Changes in state and federal laws, particularly regarding taxation, can profoundly impact the company's profitability. For instance, new tax structures in states like Illinois could substantially increase DraftKings' effective tax rate, potentially from 35% to over 50% in some markets, a trend that may spread to other states. Furthermore, DraftKings' expansion into prediction markets introduces additional legal and regulatory uncertainties, as there is an ongoing jurisdictional tug-of-war between federal and state regulators on whether these markets are federally regulated financial derivatives or state-regulated gambling. Adverse rulings in this area could jeopardize DraftKings' existing state gaming licenses for its sportsbook, iGaming, and daily fantasy sports operations, potentially leading to increased compliance costs, financial losses, and negative publicity.
- Intense Competition and High Customer Acquisition Costs: DraftKings operates in a highly competitive digital sports entertainment and gaming market. It faces strong rivalry from established players like FanDuel, BetMGM, and Caesars, as well as emerging platforms. This intense competition necessitates aggressive promotional spending and high customer acquisition costs to attract and retain users, which in turn pressures profit margins and makes it challenging to maintain or grow market share. The industry's reliance on enticing players with sign-up bonuses and other promotions contributes to these elevated costs, making sustained high-velocity growth more difficult.
- Challenges in Achieving Consistent Profitability: Despite demonstrating strong revenue growth, DraftKings has historically struggled with consistent profitability, often experiencing swings between profit and loss. The company has reported negative operating and net margins in recent periods. This challenge is exacerbated by the high marketing and user acquisition costs necessary to compete, coupled with increasing state taxes. Additionally, the company's financial performance can be volatile and affected by unpredictable factors like unfavorable sports outcomes, which can lead to significant impacts on EBITDA and investor sentiment. Optimistic views on structurally higher margins need to account for the fact that the company has continued to show quarterly losses despite revenue growth.
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DraftKings (NASDAQ: DKNG) operates in several significant addressable markets within the digital sports entertainment and gaming industry. The main products and services for which market sizes are available include Daily Fantasy Sports (DFS), Sports Betting, and iGaming.
Daily Fantasy Sports (DFS)
- The global fantasy sports market size was estimated at USD 24,853.7 million in 2024 and is projected to reach USD 56,381.2 million by 2030, exhibiting a compound annual growth rate (CAGR) of 15.2% from 2025 to 2030.
- North America represents the largest market for fantasy sports, with the North America fantasy sports market valued at USD 13.09 billion in 2025 and estimated to grow to USD 27.01 billion by 2031, at a CAGR of 12.84% during the forecast period (2026-2031). The United States accounted for 84.10% of the North American market value in 2025.
Sports Betting
- The U.S. online sports betting market size was valued at approximately $14 billion in 2023 and is expected to reach $33 billion by 2032, with a CAGR of around 10.3% over the forecast period (2024-2032).
- U.S. commercial sports betting revenue reached $16.96 billion in 2025.
- Globally, the sports betting market size was valued at USD 98.67 billion in 2024 and is projected to grow at a CAGR of 10.8% during 2025–2034.
iGaming (Online Casino)
- The U.S. iGaming market is projected to reach $26.8 billion in gross revenue in 2025, a 15% increase from $23.4 billion in 2024.
- U.S. iGaming revenue reached $10.74 billion in 2025.
- The global iGaming market was valued at $63.53 billion in 2022 and reports suggest it could expand to $153.57 billion by 2030, driven by a CAGR of 11.7% from 2023 to 2030.
Combined Online Sports Betting and iGaming (North America)
- DraftKings previously projected a North American total addressable market (TAM) exceeding $67 billion for online sports betting (OSB) and iGaming.
- Management also expects to participate in a $55 billion to $80 billion industry gross revenue opportunity by 2030, likely encompassing both online sports betting and iGaming.
Business-to-Business (B2B) Platform Software
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Here are 3-5 expected drivers of future revenue growth for DraftKings (DKNG) over the next 2-3 years:
- Expansion into new legalized states for Sportsbook and iGaming: DraftKings anticipates significant future potential from ongoing state legalization efforts for both Sportsbook and Casino operations, with major population centers like Texas and California representing substantial growth opportunities once regulations allow.
- Launch and growth of the "super app" and cross-promotion of products: The company's new "super app" consolidates its sportsbook, lottery, casino gaming, and predictions products into a single application. This integration is expected to enhance customer engagement, optimize operations, improve efficiency, and drive accelerated growth in iGaming through cross-promotion.
- Expansion of the "Predictions" feature: DraftKings is aggressively pushing its "Predictions" feature, which allows the company to offer sports event contracts in states without regulated online wagering. This strategic move aims to expand its reach to nearly the entire U.S. population and is considered a significant new growth opportunity.
- Customer acquisition, retention, and engagement: Continued efficient acquisition of new customers, coupled with deepening engagement among existing users, is a consistent driver of revenue growth. This is reflected in the growth of Monthly Unique Payers (MUPs) and Average Revenue per MUP (ARPMUP).
- Product innovation and optimization, including AI deployment: DraftKings plans to increase its deployment of artificial intelligence (AI) across its platform to enhance efficiency and operational capabilities. This focus on product innovation and optimization, along with improvements in structural sportsbook hold percentage and promotional deployment, is expected to contribute to future revenue growth.
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Share Repurchases
- DraftKings' Board of Directors authorized an inaugural share repurchase program of up to $1.0 billion on August 1, 2024.
- The share repurchase program was subsequently increased to $2.0 billion.
- The company repurchased $829.3 million of its Class A common stock in 2025 and $151.0 million in 2024.
Share Issuance
- DraftKings issued $25.8 million in common stock in 2025, $9.2 million in 2024, and $16.8 million in 2023.
- The number of shares outstanding increased by 2.89% in 2025 to 0.496 billion and by 4.18% in 2024 to 0.482 billion.
- A $600 million Term B Loan was secured in 2025, maturing in 2032.
Outbound Investments
- DraftKings acquired Golden Nugget Online Gaming (GNOG) in 2022 to strengthen its iGaming presence.
- The company acquired the lottery app Jackpocket for $750 million in 2024 to cross-sell to a new customer base.
- DraftKings acquired Railbird in October 2025 to expand into prediction markets.
Capital Expenditures
- Capital expenditures amounted to $146.5 million in 2025 and $105.9 million in 2024.
- In 2023, capital expenditures were $101.3 million, and in 2022, they were $96.4 million.
- The primary focus of capital expenditures includes significant investments in technology and marketing to enhance user experience and brand awareness, as well as expanding Sportsbook and iGaming offerings into new jurisdictions.
Peer Outperformance in Casinos & Gaming
DKNG has trailed 70% of its 20 Casinos & Gaming peers over 5Y. Among the peers that beat it are RSI and LVS. Casinos & Gaming ranks 8th of 23 industries in Consumer Discretionary by median 5Y return.
Share of Casinos & Gaming constituents that DKNG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
17%
of 23 industry peers · -40.8% return
3Y
59%
of 22 industry peers · -13.2% return
5Y
30%
of 20 industry peers · -52.3% return
Casinos & Gaming peers with revenue growth within 4pp of DKNG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DKNG | DraftKings | 28.0% | -75.8x | -40.8% | -13.2% | -52.3% | — |
| RSI | Rush Street Interactive | 28.8% | 84.4x | 25.6% | 475.4% | 75.7% | +128pp |
| LVS | Las Vegas Sands | 29.4% | 17.3x | -13.4% | -14.0% | 21.8% | +74pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Casinos & Gaming is DKNG's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -3.4% | 98.5% | 62.1% | LINC 326% · UTI 277% · CVSA 240% |
| Homebuilding | 18 | 2.4% | 26.5% | 53.3% | GRBK 171% · TOL 156% · PHM 149% |
| Hotels, Resorts & Cruise Lines | 22 | 22.4% | 44.4% | 16.0% | RCL 301% · MAR 175% · HLT 167% |
| Specialty Stores | 7 | 17.8% | 23.5% | 7.5% | DKS 117% · SIG 43% · ASO 39% |
| Home Improvement Retail | 5 | -11.0% | 1.2% | 6.3% | LOW 25% · HD 17% · HVT 6% |
| Automotive Retail | 18 | -9.7% | -1.0% | 6.0% | MUSA 267% · PAG 173% · ORLY 132% |
| Home Furnishings | 4 | 8.2% | 36.7% | -3.2% | SGI 54% · LZB 28% · MHK -35% |
| Casinos & Gaming ← | 21 | -7.5% | -18.5% | -6.2% | BRAG 1221% · MCRI 113% · RRR 87% |
| Specialized Consumer Services | 10 | -11.5% | 15.3% | -6.6% | HRB 150% · FTDR 99% · SCI 41% |
| Distributors | 4 | -5.8% | -25.8% | -10.1% | ARMK 150% · GPC 24% · LKQ -44% |
| Footwear | 9 | 67.7% | 38.0% | -10.9% | WEYS 147% · SHOO 27% · DECK 26% |
| Restaurants | 34 | -3.6% | -14.1% | -14.9% | EAT 361% · CAKE 199% · TXRH 164% |
| Automotive Parts & Equipment | 38 | -2.0% | -4.9% | -32.6% | MOD 1297% · GTX 310% · STRT 91% |
| Leisure Products | 13 | 0.3% | -21.7% | -33.1% | GOLF 79% · HAS 15% · MCFT -4% |
| Apparel Retail | 25 | 12.1% | 5.6% | -38.3% | ANF 199% · DXLG 181% · TJX 131% |
| Apparel, Accessories & Luxury Goods | 27 | 12.1% | -2.4% | -41.0% | TPR 296% · ELA 270% · RL 252% |
| Household Appliances | 18 | 0.7% | 33.3% | -43.3% | KEQU 168% · FLXS 128% · HBB 116% |
| Leisure Facilities | 12 | -11.9% | -12.0% | -44.7% | OSW 178% · JAKK 117% · ESCA 11% |
| Broadline Retail | 16 | 3.8% | 6.8% | -52.5% | DDS 317% · AMZN 62% · M 52% |
| Computer & Electronics Retail | 3 | -8.8% | -8.2% | -54.4% | BBY -8% · GME -54% · UPBD -60% |
| Automobile Manufacturers | 8 | -71.2% | -68.0% | -69.9% | GM 68% · F 39% · TSLA 37% |
| Consumer Electronics | 11 | -25.6% | -31.1% | -78.6% | AXIL 2015% · GRMN 105% · TBCH -52% |
| Other Specialty Retail | 18 | -25.4% | -48.6% | -80.7% | BBW 206% · WINA 99% · TLF 99% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.57 |
| Mkt Cap | 8.6 |
| Rev LTM | 9,404 |
| Op Inc LTM | 251 |
| FCF LTM | 501 |
| FCF 3Y Avg | 280 |
| CFO LTM | 984 |
| CFO 3Y Avg | 878 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.6% |
| Rev Chg 3Y Avg | 6.4% |
| Rev Chg Q | 3.1% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 19.5% |
| Op Inc Chg 3Y Avg | 67.3% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 3.9% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 11.0% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | 6.6% |
| FCF/Rev 3Y Avg | 5.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.6 |
| P/S | 0.8 |
| P/Op Inc | 5.0 |
| P/EBIT | -0.8 |
| P/E | -7.9 |
| P/CFO | 8.8 |
| Total Yield | -3.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 1.7 |
| Net D/E | 1.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.6% |
| 3M Rtn | 6.9% |
| 6M Rtn | 31.5% |
| 12M Rtn | 16.2% |
| 3Y Rtn | -15.8% |
| 1M Excs Rtn | -8.1% |
| 3M Excs Rtn | 5.4% |
| 6M Excs Rtn | 16.3% |
| 12M Excs Rtn | -2.8% |
| 3Y Excs Rtn | -92.8% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $25.51 | |
| Market Cap ($ Bil) | 12.6 | |
| First Trading Date | 07/25/2019 | |
| Distance from 52W High | -47.1% | |
| 50 Days | 200 Days | |
| DMA Price | $25.62 | $27.28 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -0.4% | -6.5% |
| 3M | 1YR | |
| Volatility | 59.3% | 51.2% |
| Downside Capture | -54.05 | 69.10 |
| Upside Capture | -35.80 | -6.98 |
| Correlation (SPY) | -2.1% | 16.4% |
DKNG Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.83 | -0.14 | -0.27 | 0.51 | 0.67 | 1.29 |
| Up Beta | -3.48 | -0.14 | -0.02 | 1.10 | 0.96 | 1.29 |
| Down Beta | -0.52 | 0.65 | 1.33 | 1.19 | 1.41 | 1.53 |
| Up Capture | -70% | -52% | -66% | -14% | -11% | 96% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 29 | 62 | 118 | 379 |
| Down Capture | 40% | -30% | -123% | 43% | 80% | 107% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 24 | 34 | 64 | 133 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DKNG | |
|---|---|---|---|---|
| DKNG | -40.4% | 51.2% | -0.83 | - |
| Sector ETF (XLY) | 5.7% | 19.4% | 0.16 | 20.1% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 16.6% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | 2.4% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | 2.2% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 16.8% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 8.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DKNG | |
|---|---|---|---|---|
| DKNG | -11.0% | 61.6% | 0.06 | - |
| Sector ETF (XLY) | 6.3% | 24.0% | 0.22 | 51.6% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 47.6% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | -0.1% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 5.1% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 33.8% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 27.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DKNG | |
|---|---|---|---|---|
| DKNG | 10.7% | 62.6% | 0.50 | - |
| Sector ETF (XLY) | 12.5% | 22.2% | 0.51 | 48.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 43.3% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 1.6% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 8.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 32.8% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | 1.2% | -0.3% | -1.7% |
| 2/13/2026 | -13.5% | -11.3% | -1.1% |
| 11/7/2025 | 8.6% | 6.1% | 24.9% |
| 8/7/2025 | -0.4% | -4.9% | 2.6% |
| 5/9/2025 | 2.5% | 3.6% | 2.4% |
| 2/14/2025 | 15.2% | -1.9% | -16.6% |
| 11/8/2024 | 3.0% | 5.5% | 9.0% |
| 8/1/2024 | -9.8% | -13.9% | -2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 6 |
| # Negative | 6 | 9 | 11 |
| Median Positive | 8.6% | 5.8% | 13.9% |
| Median Negative | -9.4% | -7.5% | -3.3% |
| Max Positive | 16.5% | 20.1% | 28.3% |
| Max Negative | -27.8% | -21.3% | -17.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | 1.2% | -0.3% | -1.7% |
| 2/13/2026 | -13.5% | -11.3% | -1.1% |
| 11/7/2025 | 8.6% | 6.1% | 24.9% |
| 8/7/2025 | -0.4% | -4.9% | 2.6% |
| 5/9/2025 | 2.5% | 3.6% | 2.4% |
| 2/14/2025 | 15.2% | -1.9% | -16.6% |
| 11/8/2024 | 3.0% | 5.5% | 9.0% |
| 8/1/2024 | -9.8% | -13.9% | -2.8% |
| 5/2/2024 | -2.8% | 2.3% | -17.5% |
| 2/15/2024 | 0.2% | -7.2% | -2.1% |
| 11/2/2023 | 16.5% | 20.1% | 28.3% |
| 8/3/2023 | 5.8% | -7.5% | -1.2% |
| 5/4/2023 | 15.3% | 12.6% | 18.7% |
| 2/16/2023 | 15.3% | 2.1% | -3.3% |
| 11/4/2022 | -27.8% | -13.0% | -5.4% |
| 8/5/2022 | 9.8% | 13.3% | -5.3% |
| 5/6/2022 | -8.9% | -21.3% | -9.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 6 |
| # Negative | 6 | 9 | 11 |
| Median Positive | 8.6% | 5.8% | 13.9% |
| Median Negative | -9.4% | -7.5% | -3.3% |
| Max Positive | 16.5% | 20.1% | 28.3% |
| Max Negative | -27.8% | -21.3% | -17.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 12/31/2019 | 10/05/2020 | S-1 |
| 12/31/2018 | 05/03/2021 | 10-K/A |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 6.50 Bil | 6.70 Bil | 6.90 Bil | 0 | Affirmed | Guidance: 6.70 Bil for 2026 | |
| 2026 Adjusted EBITDA | 700.00 Mil | 800.00 Mil | 900.00 Mil | 0 | Affirmed | Guidance: 800.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 6.50 Bil | 6.70 Bil | 6.90 Bil | 11.7% | Higher New | Actual: 6.00 Bil for 2025 | |
| 2026 Adjusted EBITDA | 700.00 Mil | 800.00 Mil | 900.00 Mil | 60.0% | Higher New | Actual: 500.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 5.90 Bil | 6.00 Bil | 6.10 Bil | -4.8% | Lowered | Guidance: 6.30 Bil for 2025 | |
| 2025 Revenue Growth | 24.0% | 26.0% | 28.0% | ||||
| 2025 Adjusted EBITDA | 450.00 Mil | 500.00 Mil | 550.00 Mil | -41.2% | Lowered | Guidance: 850.00 Mil for 2025 | |
Insider Activity
Updated 8/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 6122026 | 29.68 | 62,500 | 1,855,202 | 16,511,539 | Form |
| 2 | Bradbury, Erik | Chief Accounting Officer | Direct | Sell | 5222026 | 25.33 | 862 | 21,834 | 966,795 | Form |
| 3 | Levin, Woodrow | Direct | Sell | 5192026 | 25.71 | 34,234 | 880,156 | 766,672 | Form | |
| 4 | Moore, Jocelyn | Direct | Sell | 3162026 | 25.60 | 2,150 | 55,040 | 35,994 | Form | |
| 5 | Liberman, Paul | See Remarks | Held by the Paul Liberman 2015 Revocable Trust | Sell | 3122026 | 25.16 | 430,547 | 10,832,563 | 42,016,068 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 6122026 | 29.68 | 62,500 | 1,855,202 | 16,511,539 | Form |
| 2 | Bradbury, Erik | Chief Accounting Officer | Direct | Sell | 5222026 | 25.33 | 862 | 21,834 | 966,795 | Form |
| 3 | Levin, Woodrow | Direct | Sell | 5192026 | 25.71 | 34,234 | 880,156 | 766,672 | Form | |
| 4 | Moore, Jocelyn | Direct | Sell | 3162026 | 25.60 | 2,150 | 55,040 | 35,994 | Form | |
| 5 | Liberman, Paul | See Remarks | Held by the Paul Liberman 2015 Revocable Trust | Sell | 3122026 | 25.16 | 430,547 | 10,832,563 | 42,016,068 | Form |
| 6 | Liberman, Paul | See Remarks | Held by the Paul Liberman 2020 Irrevocable Trust | Sell | 3122026 | 25.16 | 53,870 | 1,355,369 | 5,374,101 | Form |
| 7 | Bradbury, Erik | Chief Accounting Officer | Direct | Sell | 3032026 | 24.56 | 2,883 | 70,800 | 937,324 | Form |
| 8 | Bradbury, Erik | Chief Accounting Officer | Direct | Sell | 2202026 | 22.50 | 7,268 | 163,530 | 826,560 | Form |
| 9 | Sloan, Harry | Direct | Buy | 2182026 | 21.85 | 100,000 | 2,185,000 | 7,652,285 | Form | |
| 10 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 1222026 | 32.01 | 52,777 | 1,689,238 | 16,003,543 | Form |
| 11 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 12022025 | 33.84 | 52,777 | 1,785,990 | 17,332,399 | Form |
| 12 | Ellingson, Alan Wayne | Chief Financial Officer | Direct | Sell | 11142025 | 29.23 | 8,421 | 246,146 | 3,711,918 | Form |
| 13 | Sloan, Harry | Direct | Buy | 11122025 | 30.30 | 25,000 | 757,500 | 7,566,274 | Form | |
| 14 | Wendt, Gregory Westin | Direct | Buy | 11122025 | 30.27 | 10,000 | 302,700 | 302,700 | Form | |
| 15 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 11072025 | 29.00 | 52,777 | 1,530,533 | 14,513,166 | Form |
| 16 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 10222025 | 34.57 | 52,777 | 1,824,536 | 17,285,330 | Form |
| 17 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 9032025 | 47.37 | 105,554 | 5,000,047 | 24,261,789 | Form |
| 18 | Moore, Ryan R | Direct | Sell | 8252025 | 45.92 | 76,390 | 3,507,499 | 18,458 | Form | |
| 19 | Ellingson, Alan Wayne | Chief Financial Officer | Direct | Sell | 8212025 | 44.90 | 44,693 | 2,006,716 | 5,753,082 | Form |
| 20 | Ellingson, Alan Wayne | Chief Financial Officer | Direct | Sell | 8152025 | 43.53 | 5,725 | 249,209 | 7,523,029 | Form |
| 21 | Moore, Jocelyn | Direct | Sell | 8142025 | 43.21 | 4,861 | 210,044 | 63,130 | Form | |
| 22 | Kalish, Matthew | See Remarks | Direct | Sell | 8122025 | 42.90 | 210,000 | 9,009,000 | 179,760,996 | Form |
| 23 | Kalish, Matthew | See Remarks | Direct | Sell | 8122025 | 42.68 | 210,000 | 8,962,800 | 178,839,144 | Form |
| 24 | Dodge, R Stanton | Chief Legal Officer | Direct | Sell | 8072025 | 44.60 | 105,554 | 4,708,190 | 22,302,281 | Form |
Investor Activity (13F)
Updated Aug 13, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cadian Capital Management, LP | $79.2 Mil | 9.6% | 23 | TRIM -33.7% | 13F |
| Spruce House Investment Management LLC | $208.6 Mil | 7.4% | 11 | ADD +129.6% | 13F |
| Solel Partners LP | $19.4 Mil | 4.1% | 19 | TRIM -23.9% | 13F |
| KCM Capital Inc | $10.8 Mil | 2.0% | 31 | TRIM -28.6% | 13F |
| Cypress Point Investment Management LP | $6.5 Mil | 1.5% | 32 | TRIM -50.8% | 13F |
| Mark Asset Management LP | $6.6 Mil | 0.9% | 31 | ADD +482.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Eminence Capital, LP | $290.4 Mil | 4.6% | 39 | Exited | Dec 31, 2025 | 13F |
| Two Creeks Capital Management, LP | $38.6 Mil | 3.2% | 26 | Exited | Dec 31, 2025 | 13F |
| Owl Creek Asset Management, L.P. | $27.6 Mil | 3.3% | 30 | Exited | Dec 31, 2025 | 13F |
| BWCP, LP | $26.1 Mil | 4.3% | 29 | Exited | Dec 31, 2025 | 13F |
| Cypress Point Investment Management LP | $6.5 Mil | 1.5% | 32 | TRIM -50.8% | Mar 31, 2026 | 13F |
| Cadian Capital Management, LP | $79.2 Mil | 9.6% | 23 | TRIM -33.7% | Mar 31, 2026 | 13F |
| KCM Capital Inc | $10.8 Mil | 2.0% | 31 | TRIM -28.6% | Mar 31, 2026 | 13F |
| Solel Partners LP | $19.4 Mil | 4.1% | 19 | TRIM -23.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Spruce House Investment Management LLC | $208.6 Mil | 7.4% | 11 | ADD +129.6% | 13F |
| Cadian Capital Management, LP | $79.2 Mil | 9.6% | 23 | TRIM -33.7% | 13F |
| Solel Partners LP | $19.4 Mil | 4.1% | 19 | TRIM -23.9% | 13F |
| KCM Capital Inc | $10.8 Mil | 2.0% | 31 | TRIM -28.6% | 13F |
| Mark Asset Management LP | $6.6 Mil | 0.9% | 31 | ADD +482.1% | 13F |
| Cypress Point Investment Management LP | $6.5 Mil | 1.5% | 32 | TRIM -50.8% | 13F |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/12/2026