Form 8-K

8-K — DraftKings Inc.

Accession: 0001883685-26-000027

Filed: 2026-08-07

Period: 2026-08-07

CIK: 0001883685

SIC: 7990 (SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — dkng-20260807.htm (Primary)

EX-99.1 (q226-prx8kexx991.htm)

GRAPHIC (picture1a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: dkng-20260807.htm · Sequence: 1

dkng-20260807

0001883685FALSE00018836852026-08-072026-08-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 7, 2026 (August 6, 2026)

DRAFTKINGS INC.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction

of incorporation)

001-41379

(Commission

File Number)

87-2764212

(IRS Employer

Identification No.)

222 Berkeley Street, 5th Floor

Boston, MA 02116

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (617) 986-6744

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Class A common stock, par value $0.0001 per share DKNG The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, DraftKings Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended June 30, 2026.

A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 2.02. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number Description

99.1

Press Release, dated as of August 6, 2026, reporting financial results for the quarter ended June 30, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 7, 2026

DRAFTKINGS INC.

By: /s/ R. Stanton Dodge

Name: R. Stanton Dodge

Title: Chief Legal Officer and Secretary

EX-99.1

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Document

DraftKings Reports Second Quarter Results

Boston, MA – August 6, 2026 — DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its second quarter 2026 financial results. The Company also posted a second quarter 2026 business update and a slide presentation on the Financials section of its website at ir.aboutdraftkings.com.

Second Quarter 2026 Highlights

For the three months ended June 30, 2026, DraftKings reported Sports Consumer Volume of $13.1 billion, an increase of $1.7 billion, or 15%, compared to $11.5 billion during the same period in 2025. The increase reflects strong customer acquisition and engagement. DraftKings reported revenue of $1,443 million, a decrease of $69 million, or 5%, compared to $1,513 million during the same period in 2025. The decrease in the Company's second quarter 2026 revenue was driven primarily by customer-friendly sport outcomes and increased promotional reinvestment associated with new customer acquisition on our Sportsbook and Predictions offerings.

“We delivered a strong second quarter and enter the back half of the year with real momentum, as our core business grew across handle, users, and engagement,” said Jason Robins, DraftKings' Chief Executive Officer and Co-founder. “Our Super App is now live nationwide, and Predictions is already growing faster than we anticipated. The similarity of Predictions customer metrics to Sportsbook customer metrics, our advantaged LTV position, and our playbook to innovate on a leading Predictions offering all underpin our confidence that we can win the category this NFL season and beyond.”

“Our core business remains on track to generate approximately $1 billion of Adjusted EBITDA this year, providing us with financial flexibility to invest behind the significant opportunity that we are seeing in Predictions,” said Alan Ellingson, DraftKings’ Chief Financial Officer. “Therefore, we are maintaining our fiscal year 2026 guidance for revenue of $6.5 billion to $6.9 billion and Adjusted EBITDA of $700 million to $900 million.”

Continued Strong Customer Acquisition, Retention, and Engagement

•Monthly Unique Payers (“MUPs”) increased approximately 9% to 3.6 million in the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase reflects strong unique payer retention and new customer acquisition across our Sportsbook offering and Predictions offering, which launched in December 2025.

•Average Revenue per MUP (“ARPMUP”) decreased approximately 13%, or $19, to $132 for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to customer-friendly sport outcomes and new customer promotions impacting revenue across our Sportsbook offering and Predictions offering.

•Detailed financial data and other information for the second quarter of 2026 is available in the financial statements set forth below under the caption “Financial and Operational Results.”

Fiscal Year 2026 Guidance

•DraftKings is maintaining its fiscal year 2026 revenue guidance range of $6.5 billion to $6.9 billion and fiscal year 2026 Adjusted EBITDA guidance range of $700 million to $900 million, which the Company previously announced on May 7, 2026.

Mobile Sports Betting and iGaming Footprint

•DraftKings is live with mobile sports betting in 27 states, Washington, D.C., and Puerto Rico representing approximately 53% of the U.S. population.

•DraftKings is also live with iGaming in 5 states, representing approximately 11% of the U.S. population.

•Following the launch of our Sportsbook and iGaming offerings in Alberta, Canada, DraftKings is now live with its Sportsbook and iGaming offerings in provinces representing approximately 51% of the Canadian population.

Webcast and Conference Call Details

As previously announced, DraftKings will host a conference call and audio webcast tomorrow, Friday, August 7, 2026, from 8:30 a.m. to 9:15 a.m. ET, during which management will discuss the Company’s results and provide commentary on business performance. A question-and-answer session will follow the prepared remarks.

To listen to the audio webcast and live question and answer session, please visit DraftKings’ Financials section of its website at ir.aboutdraftkings.com. A live audio webcast of the earnings conference call will be available on the Company’s website at ir.aboutdraftkings.com, along with a copy of this earnings press release, the Company’s Quarterly Report on Form 10-Q, a second quarter 2026 business update and a slide presentation. The audio webcast will be available on the Company’s investor relations website until 11:59 p.m. ET on September 30, 2026.

Financial and Operational Results

DraftKings’ second quarter 2026 financial results, as well as the financial results for each comparative period, and certain operational results are presented below:

DRAFTKINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except par value)

June 30, 2026

(Unaudited) December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 983,882 $ 1,127,545

Restricted cash 8,596 7,601

Cash reserved for users 395,030 469,449

Accounts receivable 82,079 105,577

Prepaid expenses and other current assets 107,436 104,837

Total current assets 1,577,023 1,815,009

Property and equipment, net 52,726 51,081

Intangible assets, net 837,441 889,201

Goodwill 1,597,647 1,597,647

Operating lease right-of-use assets 76,760 49,810

Equity method investments 30,312 18,938

Deposits and other non-current assets 105,470 109,098

Total assets $ 4,277,379 $ 4,530,784

Liabilities and Stockholders’ equity

Current liabilities:

Accounts payable and accrued expenses $ 689,247 $ 785,441

Liabilities to users 840,261 935,001

Operating lease liabilities, current portion 9,735 9,795

Other current liabilities 11,445 25,234

Total current liabilities 1,550,688 1,755,471

Convertible notes, net of issuance costs 1,260,421 1,259,096

Term B Loan, net of issuance costs 574,574 576,544

Operating lease liabilities 71,279 44,391

Long-term income tax liabilities 100,959 91,618

Other long-term liabilities 150,030 172,203

Total liabilities $ 3,707,951 $ 3,899,323

Stockholders’ equity:

Class A common stock, $0.0001 par value; 900,000 shares authorized as of June 30, 2026 and December 31, 2025; 541,503 and 533,296 shares issued and 495,978 and 495,053 outstanding as of June 30, 2026 and December 31, 2025, respectively

$ 53 $ 52

Class B common stock, $0.0001 par value; 900,000 shares authorized as of June 30, 2026 and December 31, 2025; 393,014 shares issued and outstanding as of June 30, 2026 and December 31, 2025

39 39

Treasury stock, at cost; 45,525 and 38,243 shares as of June 30, 2026 and December 31, 2025, respectively

(1,590,131) (1,392,433)

Additional paid-in capital 8,607,037 8,424,833

Accumulated deficit (6,484,058) (6,437,518)

Accumulated other comprehensive income 36,488 36,488

Total stockholders’ equity $ 569,428 $ 631,461

Total liabilities and stockholders’ equity $ 4,277,379 $ 4,530,784

DRAFTKINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Amounts in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenue $ 1,443,235 $ 1,512,507 $ 3,089,311 $ 2,921,313

Cost of revenue 891,782 854,559 1,841,167 1,698,362

Sales and marketing 322,536 233,187 724,270 576,867

Product and technology 127,649 108,417 250,825 211,677

General and administrative 169,442 165,700 335,376 330,094

Income (loss) from operations (68,174) 150,644 (62,327) 104,313

Other income (expense):

Interest income (expense), net (7,434) 665 (13,173) 5,060

Gain (loss) on remeasurement of warrant liabilities — (5,851) — (3,356)

Other gain (loss), net 3,750 24,459 26,564 24,481

Income (loss) before income tax and equity method investments (71,858) 169,917 (48,936) 130,498

Income tax provision (benefit) (1,797) 11,790 4,572 6,190

(Gain) loss from equity method investments (2,451) 191 (6,968) 236

Net income (loss) attributable to common stockholders $ (67,610) $ 157,936 $ (46,540) $ 124,072

Earnings (loss) per share attributable to common stockholders:

Basic $ (0.14) $ 0.32 $ (0.09) $ 0.25

Diluted $ (0.14) $ 0.30 $ (0.09) $ 0.23

DRAFTKINGS INC.

NON-GAAP FINANCIAL MEASURES

(Unaudited)

(Amounts in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Adjusted EBITDA $ 114,597 $ 300,644 $ 282,450 $ 403,273

Adjusted Diluted Earnings (Loss) Per Share $ 0.09 $ 0.38 $ 0.29 $ 0.50

DRAFTKINGS INC.

REVENUE DISAGGREGATION

(Unaudited)

(Amounts in thousands, except percentages)

Three Months Ended June 30,

(amounts in thousands) 2026 2025 $ Change % Change

Sports Consumer Volume $ 13,140,417 $ 11,474,841 $ 1,665,576 14.5 %

Sports Revenue 891,883 997,872 (105,989) (10.6) %

Sports Net Revenue Margin 6.8% 8.7% N/A N/A

Sports Revenue $ 891,883 $ 997,872 $ (105,989) (10.6) %

iGaming Revenue 461,930 429,660 32,270 7.5 %

Other Revenue 89,422 84,975 4,447 5.2 %

Total Revenue $ 1,443,235 $ 1,512,507 $ (69,272) (4.6) %

Six Months Ended June 30,

(amounts in thousands) 2026 2025 $ Change % Change

Sports Consumer Volume $ 27,342,115 $ 25,355,232 $ 1,986,883 7.8 %

Sports Revenue 1,986,436 1,879,829 106,607 5.7 %

Sports Net Revenue Margin 7.3% 7.4% N/A N/A

Sports Revenue $ 1,986,436 $ 1,879,829 $ 106,607 5.7 %

iGaming Revenue 923,230 853,131 70,099 8.2 %

Other Revenue 179,645 188,353 (8,708) (4.6) %

Total Revenue $ 3,089,311 $ 2,921,313 $ 167,998 5.8 %

Sports Revenue. We define Sports Revenue as the total amount of online sportsbook, retail sportsbook, and Prediction Markets revenue.

Sports Consumer Volume. We define Sports Consumer Volume as the total amount of settled customer wagers or trades on our Sportsbook and Prediction Markets offerings.

Sports Net Revenue Margin. We define Sports Net Revenue Margin as Sports revenue as a percentage of Sports Consumer Volume.

DRAFTKINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Amounts in thousands)

Six Months Ended June 30,

2026 2025

Cash Flows from Operating Activities:

Net income (loss) attributable to common stockholders $ (46,540) $ 124,072

Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:

Depreciation and amortization 152,003 135,415

Non-cash interest (income) expense, net 2,451 939

Stock-based compensation 147,769 163,547

(Gain) loss on remeasurement of warrant liabilities — 3,356

(Gain) loss from equity method investments (6,968) 236

Deferred income taxes (215) 96

Other non-cash (gain) loss, net (26,303) (16,422)

Change in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable 23,498 (11,111)

Prepaid expenses and other current assets (4,009) (7,625)

Deposits and other non-current assets 2,220 2,759

Accounts payable and accrued expenses (95,746) (98,441)

Liabilities to users (94,740) (254,484)

Long-term income tax liability 9,341 7,953

Other long-term liabilities 240 4,615

Net cash flows provided by (used in) operating activities $ 63,001 $ 54,905

Cash Flows from Investing Activities:

Purchases of property and equipment $ (11,671) $ (6,963)

Cash paid for internally developed software costs (75,064) (60,414)

Cash paid for gaming market access and licenses (1,992) (2,234)

Other investing activities (4,717) (4,667)

Net cash flows provided by (used in) investing activities $ (93,444) $ (74,278)

Cash Flows from Financing Activities:

Proceeds from Term B Loan, net $ — $ 588,116

Repayment of Term B Loan principal (3,000) (1,500)

Purchase of treasury stock for RSU withholding (43,480) (101,852)

Purchase of treasury stock under Stock Repurchase Program (154,218) (242,741)

Proceeds from exercise of stock options 4,067 6,304

Proceeds from shares issued under Employee Stock Purchase Plan 9,987 6,900

Other financing activities — (2,093)

Net cash flows provided by (used in) financing activities $ (186,644) $ 253,134

Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users (217,087) 233,761

Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period 1,604,595 1,330,193

Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period $ 1,387,508 $ 1,563,954

Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users

Cash and cash equivalents $ 983,882 $ 1,261,969

Restricted cash 8,596 4,616

Cash reserved for users 395,030 297,369

Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period $ 1,387,508 $ 1,563,954

Supplemental Disclosure of Noncash Investing and Financing Activities:

Decrease in warrant liabilities from cashless exercise of warrants $ — $ 11,185

Shares issued for contingent consideration 9,420 4,962

Stock-based compensation capitalized to internally developed software costs 13,553 11,955

Supplemental Disclosure of Cash Activities:

(Decrease) increase in cash reserved for users $ (74,419) $ (228,038)

Cash paid for interest 17,624 9,421

Cash paid for income taxes, net of refunds 2,440 8,186

Non-GAAP Financial Measures

This press release includes Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share are useful in evaluating its operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by security analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

DraftKings defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; and other non-recurring and non-operating costs or income, as described in the reconciliation below.

DraftKings defines and calculates Adjusted Diluted Earnings (Loss) Per Share as diluted earnings (loss) per share attributable to common stockholders adjusted for the impact of amortization of acquired intangible assets; discrete tax benefits attributed to acquisitions; stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; other non-recurring and non-operating costs or income; and the tax impact of adjusting items, as described in the reconciliation below. The weighted-average shares outstanding used in the calculation of diluted earnings (loss) per share are the GAAP weighted-average diluted shares reported in the consolidated financial statements and are not adjusted.

DraftKings includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make decisions regarding the allocation of capital and new investments. Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share exclude certain expenses that are required in accordance with GAAP because they are non-recurring items (for example, in the case of transaction-related costs and advocacy and other related legal expenses), non-cash expenditures (for example, in the case of depreciation and amortization, remeasurement of warrant liabilities and stock-based compensation), or non-operating items which are not related to the Company’s underlying business performance (for example, in the case of interest income and expense and litigation, settlement and related costs).

The unaudited table below presents the Company’s Adjusted EBITDA reconciled to its net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:

Three Months Ended June 30, Six Months Ended June 30,

(amounts in thousands) 2026 2025 2026 2025

Net income (loss) $ (67,610) $ 157,936 $ (46,540) $ 124,072

Adjusted for:

Depreciation and amortization (1)

80,342 65,299 152,003 135,415

Interest (income) expense, net 7,434 (665) 13,173 (5,060)

Income tax (benefit) provision (1,797) 11,790 4,572 6,190

Stock-based compensation (2)

82,554 84,701 147,769 163,547

Transaction-related costs (3)

— — — —

Litigation, settlement, and related costs (4)

— — — —

Advocacy and other related legal expenses (5)

19,875 — 46,238 —

Loss (gain) on remeasurement of warrant liabilities — 5,851 — 3,356

Other non-recurring costs and non-operating costs (income) (6)

(6,201) (24,268) (34,765) (24,247)

Adjusted EBITDA $ 114,597 $ 300,644 $ 282,450 $ 403,273

(1)The amounts include the amortization of acquired intangible assets of $37.6 million and $36.4 million for the three months ended June 30, 2026 and 2025, respectively, and $75.1 million and $79.1 million for the six months ended June 30, 2026 and 2025, respectively.

(2)Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.

(3)Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions.

(4)Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations.

(5)Reflects non-recurring and non-ordinary course costs relating to advocacy efforts primarily in pursuit of legalization of DraftKings offerings. For the three and six months ended June 30, 2026, this spend primarily relates to legislative efforts for legalizing iGaming, supporting a ballot measure for legalizing Sportsbook, and other advocacy activities related to certain states. Advocacy and legal expenses incurred in the ordinary course of business have not been adjusted in this measure.

(6)Primarily includes the change in fair value of certain assets and liabilities, including contingent consideration, as well as our equity method share of investee’s gains and losses and other costs relating to non-recurring and non-operating items.

The unaudited table below presents the Company’s Adjusted Diluted Earnings (Loss) Per Share reconciled to its diluted earnings (loss) per share attributable to common stockholders, which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Diluted earnings (loss) per share attributable to common stockholders $ (0.14) $ 0.30 $ (0.09) $ 0.23

Adjusted for:

Amortization of acquired intangible assets (1)

0.08 0.07 0.15 0.15

Stock-based compensation (2)

0.17 0.16 0.30 0.31

Transaction-related costs (3)

— — — —

Litigation, settlement, and related costs (4)

— — — —

Advocacy and other related legal expenses (5)

0.04 — 0.09 —

Loss (gain) on remeasurement of warrant liabilities — 0.00 — 0.00

Other non-recurring and non-operating costs (income) (0.01) (0.04) (0.05) (0.04)

Tax impact of adjusting items (6)

(0.05) (0.11) (0.10) (0.16)

Adjusted Diluted Earnings (Loss) Per Share* $ 0.09 $ 0.38 $ 0.29 $ 0.50

_____________

* Weighted average diluted number of shares used to calculate Adjusted Diluted Earnings (Loss) Per Share for the three months ended June 30, 2026 and 2025 was 496.1 million and 529.5 million, respectively, and for the six months ended June 30, 2026 and 2025 was 495.2 million and 529.6 million, respectively; totals may not add due to rounding.

(2)Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.

(4)Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations.

(6)Beginning in the first quarter of 2025, the Company began applying an estimated non-GAAP effective tax rate, which was 23% in 2025 and is 28% as of the second quarter of 2026. The non-GAAP effective tax rate reflects the non-GAAP tax provision commensurate with the Company’s level of non-GAAP profitability, which was determined after adjusting for the non-GAAP adjustments presented above and excluding the impact of changes in the valuation allowance.

Information reconciling forward-looking fiscal year 2026 Adjusted EBITDA guidance to its most directly comparable GAAP financial measure, net income (loss), is unavailable to DraftKings without unreasonable effort due to, among other things, certain items required for such reconciliation being outside of DraftKings’ control and/or not being able to be reasonably predicted. Preparation of such reconciliation would require a forward-looking balance sheet, statement of income, and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. DraftKings provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, the Company cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. DraftKings provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with DraftKings’ results calculated in accordance with GAAP, provides useful information for the reasons noted above. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.

About DraftKings

DraftKings Inc. is a digital sports and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with platforms that range across daily fantasy, regulated gaming, prediction markets and digital media. Headquartered in Boston and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games, betting experiences and event contracts trading. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 30 states, Washington, D.C., Puerto Rico, and Alberta and Ontario, Canada. The Company operates iGaming pursuant to regulations in five states and in Alberta and Ontario, Canada under its DraftKings brand and pursuant to regulations in four states and in Ontario, Canada, under its Golden Nugget Online Gaming brand. DraftKings also owns Jackpocket, the leading digital lottery courier app in the United States. DraftKings’ daily fantasy sports platform is available in 44 states, Washington, D.C., and certain Canadian provinces. DraftKings' wholly-owned subsidiary GUS III LLC (d/b/a DraftKings Predictions) also operates DraftKings Predictions, offering federally regulated event contracts under CFTC oversight. DraftKings is both an official sports betting and daily fantasy partner of the NHL, PGA TOUR and WNBA, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. In addition, DraftKings owns and operates DraftKings Network, a multi-platform content ecosystem. DraftKings is committed to delivering responsible engagement tools and resources, while focusing on integrity and customer education.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about the Company and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release, including statements regarding guidance, DraftKings’ future results of operations or financial condition, strategic plans and focus, customer growth and engagement, offering initiatives, and the objectives and expectations of management for future operations (including launches in new jurisdictions and the expected timing thereof), are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “confident,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “going to,” “intend,” “may,” “plan,” “poised,” “potential,” “predict,” “project,” “propose,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions, or by statements of vision, strategy or outlook. DraftKings cautions you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. DraftKings has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends, including the current macroeconomic environment, that it believes may affect its business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control and that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to, DraftKings’ ability to manage growth; DraftKings’ ability to execute its business plan and meet its projections, including growth and execution in the emerging prediction markets category; potential litigation involving DraftKings; changes in applicable laws or regulations, particularly with respect to gaming and the regulatory status of prediction markets and event contracts; general economic and market conditions impacting demand for DraftKings’ offerings and services; economic and market conditions in the media, gaming, and software industries in the markets in which DraftKings operates; market and global conditions and economic factors, as well as the potential impact of general economic conditions, and the potential impact of new and existing laws, regulations, or policies, including those relating to tariffs, import/export, or trade restrictions, inflation, rising interest rates and instability in the banking system, on DraftKings’ liquidity, operations and personnel, as well as the risks, uncertainties, and other factors described in “Risk Factors” in DraftKings’ filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that DraftKings makes from time to time with the SEC. The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof, and DraftKings makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations, except as required by law.

Contacts

Media:

Media@draftkings.com

@DraftKingsNews

Investors:

Investors@draftkings.com

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