DraftKings is reportedly on the verge of achieving a significant financial milestone, potentially posting its first-ever profit in Q2, as suggested by analysts at Jefferies. This would mark a considerable change for the online sports betting and fantasy sports provider. A shift from loss-making operations to profitability often signals a significant inflection point for any company and could be indicative of a more sustainable business model.
Furthermore, DraftKings has been making strides in increasing its market share. From just over 20% in Q2 of last year, DraftKings has now risen to over 30%. Deutsche Bank analysts believe that this upward trend is likely to continue, which would bode well for the company’s future financial performance.