Draftkings Inc Stock Price, News & Analysis

DraftKings has appointed Erik Bradbury as Chief Accounting Officer effective September 10, 2020. With over 16 years in corporate accounting, Bradbury previously served as a Partner at Ernst & Young and as a Professional Accounting Fellow at Financial Executives International. His expertise in U.S. GAAP, IFRS, and SEC reporting is expected to strengthen DraftKings' accounting team, aiding its growth. Bradbury will oversee crucial functions, including SEC reporting and operational accounting, contributing to the company’s financial integrity as it continues to expand.

DraftKings (Nasdaq: DKNG) announced CEO Jason Robins will speak at three upcoming investor conferences. The SBC Summit is scheduled for September 8, 2020, at 4:00 AM ET, followed by the Goldman Sachs SPACs conference on September 9, 2020, at 3:35 PM ET, and the Bank of America Gaming and Lodging Conference on September 17, 2020, at 11:20 AM ET. Presentations will be live-streamed on investors.draftkings.com.

DraftKings is a leading digital sports entertainment and gaming company, offering a wide range of products in regulated gaming markets.

DraftKings Inc. (Nasdaq: DKNG) has launched its second retail sportsbook, DraftKings Sportsbook at Manchester, in collaboration with the New Hampshire Lottery and South Side Tavern. Located in a popular bar and restaurant, this facility includes numerous betting kiosks and a large viewing area for sports events. The $2.5 million renovation includes new safety measures against COVID-19. This expansion follows the successful mobile betting launch in New Hampshire in December 2019, enhancing DraftKings' footprint in the state as a premier sports betting provider.

DraftKings reported second-quarter 2020 GAAP revenue of $71 million, up from $57 million in Q2 2019. On a pro forma basis, revenue was $75 million, down from $83 million. The company ended the quarter with over $1.2 billion in cash and no debt. Despite major sports leagues being on hiatus, DraftKings engaged fans with new products, leading to sequential revenue improvement. The company provided fiscal year 2020 pro forma revenue guidance of $500 million to $540 million, indicating a 22% to 37% growth year-over-year.

DraftKings Inc. (Nasdaq: DKNG) has opened New Hampshire's first retail sportsbook at The Brook, enhancing the state's sports betting landscape with new safety measures. This launch coincides with the return of major U.S. sports and marks DraftKings' eighth retail location nationwide. The sportsbook features modern amenities, including betting kiosks and video walls, within a dedicated entertainment space. New Hampshire Lottery officials report over 42,000 registered users for mobile betting since its launch in December 2019, contributing over $65 million in sports betting revenue.

DraftKings (Nasdaq: DKNG) has launched its sports betting app and retail location, DraftKings at Casino Queen, in Illinois. Customers can create accounts on-site or via the app, enabling them to access mobile sports betting statewide. The app offers various betting options on major events along with exclusive promotional offers for Illinois users. The retail sportsbook aims to enhance the betting experience in the St. Louis community, combining two popular brands. DraftKings continues its expansion in regulated markets, emphasizing innovation and customer experience.

DraftKings (Nasdaq: DKNG) announced on August 3, 2020, the expansion of its daily fantasy sports (DFS) offerings to include Best Ball, a new game variant featuring snake drafts. A $3 million marquee tournament will precede the 2020 NFL season, with a $1 million top prize. The Best Ball format simplifies roster management for customers and enhances engagement as sports leagues return. According to a consumer study, 92% of participants expressed high interest in this format. Best Ball will initially focus on fantasy football and later expand to basketball and hockey.

The PGA TOUR and DraftKings have expanded their partnership, designating DraftKings as the first 'Official Betting Operator of the PGA TOUR.' This new agreement enhances their original 2019 deal where DraftKings was the TOUR’s first 'Official Daily Fantasy Game.' DraftKings will now have rights to PGA TOUR trademarks, advertising within TOUR media, and content rights for betting programming. This collaboration aims to enhance fan engagement and capitalize on the growing popularity of golf betting, with DraftKings currently ranking golf as its fourth most popular sport for betting.

DraftKings (Nasdaq: DKNG) announced a partnership with Kambi Group plc to transition from Kambi's back-end services to the SBTech platform. The migration is set to be completed by September 30, 2021, allowing DraftKings to utilize its technology beforehand. DraftKings President Paul Liberman acknowledged Kambi's role in their initial success in New Jersey. The agreement includes measures to protect Kambi's intellectual property during the transition, ensuring a smooth shift for both companies.