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DraftKings on the move

June 25, 2023 4

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DraftKings on the move

In New York, DraftKings maintained its lead in terms of gross gaming revenue (GGR) for the second consecutive week. In the week ending June 18, DraftKings generated GGR of $12.4 million, surpassing FanDuel’s GGR of $11.8 million. This follows the previous week when DraftKings overtook FanDuel for the first time in GGR.

Wells Fargo analysts are optimistic about DraftKings’ future, citing the potential for a major EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) inflection. They anticipate double-digit net revenue growth for DraftKings driven by higher hold and lower promotional expenses.

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