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DraftKings to tax winning bets in high-rate states in a bid to boost profit
CNBC· 2024-08-02 13:38
Mobile betting powerhouse DraftKings is planning a tax on consumers in states with the highest sports betting tax rates, as the company looks to boost profit. The company announced Thursday that starting next year it will implement a gaming surcharge on winning bets in states with multiple betting operators and where the tax rate is above 20%. That includes Illinois, New York, Pennsylvania and Vermont. "We decided that the best course of action is to do what really every other industry [does] — whether it's ...
DraftKings(DKNG) - 2024 Q2 - Earnings Call Presentation
2024-08-02 13:04
| 1 Q2 2024 EARNINGS PRESENTATION August 2, 2024 Legal Disclaimer Forward-Looking Statements This presentation 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 DraftKings Inc. ("DraftKings", the "Company", "we", "us" and "our") and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, c ...
DraftKings Shares Fall After EPS Beat, Lower EBITDA Guidance
MarketBeat· 2024-08-02 13:02
DraftKings NASDAQ: DKNG is in the consumer discretionary sector and is the 17th largest U.S. company in the Hotel, Restaurants, and Leisure industry, with a market capitalization of $17 billion. It is underperforming its sector so far in 2024, with a total return of 0.7%. The Consumer Discretionary Select Sector SPDR Fund NYSEARCA: XLY has returned 2.7%. The company reported Q2 2024 financial results on Aug 1, 2024. I'll start by going over the operations of the business and then review the earnings report. ...
DraftKings(DKNG) - 2024 Q2 - Quarterly Report
2024-08-02 11:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to ___________. Commission file number 001-41379 DRAFTKINGS INC. (Exact name of registrant as specified in its charter) Nevada 87-2764212 (State or other jurisd ...
DraftKings (DKNG) Q2 Earnings Beat Estimates
ZACKS· 2024-08-01 22:26
DraftKings (DKNG) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of a loss of $0.03 per share. This compares to loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 500%. A quarter ago, it was expected that this company would post a loss of $0.28 per share when it actually produced a loss of $0.30, delivering a surprise of -7.14%. Over the last four quarters, the company has ...
DraftKings(DKNG) - 2024 Q2 - Quarterly Results
2024-08-01 20:18
DraftKings Reports Second Quarter Revenue Growth of 26% to $1,104 Million; Announces $1.0 Billion Inaugural Share Repurchase Authorization Raises 2024 Revenue Guidance Midpoint to $5.15 Billion; Revises 2024 Adjusted EBITDA Guidance Midpoint from $500 Million to $380 Million; Continues to Expect 2025 Adjusted EBITDA in the Range of $900 Million to $1.0 Billion Boston, MA – August 1, 2024 — DraftKings Inc. (Nasdaq: DKNG) ("DraftKings" or the "Company") today announced results for the second quarter of 2024 a ...
DraftKings Reports Second Quarter Revenue Growth of 26% to $1,104 Million; Announces $1.0 Billion Inaugural Share Repurchase Authorization
Newsfilter· 2024-08-01 20:15
BOSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) ("DraftKings" or the "Company") today announced results for the second quarter of 2024 and that its Board of Directors authorized the repurchase of an aggregate of up to $1.0 billion of its Class A common stock. The Company also posted a second quarter 2024 business update and an earnings presentation on the Investor Relations section of its website at investors.draftkings.com. Second Quarter 2024 Highlights For the three months ended ...
DraftKings Reports Second Quarter Revenue Growth of 26% to $1,104 Million; Announces $1.0 Billion Inaugural Share Repurchase Authorization
GlobeNewswire News Room· 2024-08-01 20:15
BOSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) ("DraftKings" or the "Company") today announced results for the second quarter of 2024 and that its Board of Directors authorized the repurchase of an aggregate of up to $1.0 billion of its Class A common stock. The Company also posted a second quarter 2024 business update and an earnings presentation on the Investor Relations section of its website at investors.draftkings.com. Second Quarter 2024 Highlights For the three months ended ...
DraftKings Shutters NFT Marketplace Amid Legal Headaches
PYMNTS.com· 2024-07-30 21:21
While the company did not specify the nature of the legal developments, a report Tuesday by Coindesk noted that DraftKings is the subject of a federal class action lawsuit claiming the company's NFTs are unregistered securities. The company announced Tuesday (July 30) it was shuttering the marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to "recent legal developments." "This decision was not made lightly, and we believe it is the right course of action," DraftKings said in i ...
DraftKings (DKNG) to Report Q2 Earnings: What's in Store?
ZACKS· 2024-07-29 15:56
DraftKings (DKNG) is set to report second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for revenues is pegged at $1.12 billion, indicating an increase of 28.03% from the year-ago quarter's levels. The company's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters while missing the same twice, delivering an average negative surprise of 58.26%. Let's see how things have shaped prior to this announcement. The leading digital sports entertainment and gaming company's st ...