Company Announcement - DraftKings launches a new standalone prediction markets app for sports and finance event contracts [1] - The app operates without blockchain or cryptocurrency [1]

I've always known the influence of sports betting from the research I conduct, the articles I read and review, but I never really knew the true power of sports betting until watching the 2022 FIFA World Cup with my students. I teach graduate students at my university. They're awesome. They're 22 to 25.And one afternoon during the World Cup, I stumbled into our workroom and there was a group of them. They were huddled around a laptop. They were watching the Belgium Morocco game.Now, none of them were Belgian ...

Most of these businesses have not been like wildly excessively profitable yet. Yeah. So I'd say outside of the US they are wildly profitable and I think in the US they're becoming wildly profitable right in front of our eyes.So if you look at DraftKings that you know two years ago they were losing a half a billion or a billion dollars maybe three years ago. This year they're going to make $900 million. I think FanDuel is going to make a billion 250 this year.So these companies have very quickly swung from t ...

Business Momentum & Growth - The company experienced significant business momentum, aided by favorable sports outcomes in Q2 [1] - The company anticipates strong growth in the latter part of the year, driven by key events like NFL, college sports, World Series [2] - The company reported a 25% year-over-year revenue increase, even when adjusted for sports outcomes [3] - The company achieved 37% year-over-year revenue growth [10] Product & Customer Experience - The company has enhanced its parlay offering and now boasts a best-in-class in-game betting platform, which is a major growth driver [4] - The company believes it is well-positioned due to its product advancements and customer experience [5] AI & Efficiency - The company is leveraging AI to automate manual workflows across the organization, leading to efficiency gains and cost savings [6] - The company is using AI to optimize its trading engine, improving decision-making during live games [7] - Efficiency gains through AI are helping to self-fund expansion and offset cost headwinds [8] Financial Strategy & Outlook - The company is focused on growing its bottom line while maintaining impressive top-line growth [14] - The company is continuously evaluating cost structure for further efficiencies, balancing growth with financial prudence [9][10]

A little-known provision reduces the share of tax-deductible wagering losses from 100% to 90%. For sports bettors, who earn slim margins on large volumes, this change is catastrophic https://t.co/0yoYWWBcFj ...