Overview
- DraftKings disclosed Friday that second-quarter revenue fell to $1.44 billion and the company swung to a net loss of $67.6 million, missing analyst expectations.
- The company kept full‑year revenue and adjusted EBITDA guidance and said its core sportsbook and iGaming operations remain on track to generate about $1 billion in adjusted EBITDA.
- DraftKings said more than 600,000 customers have used its Predictions product year‑to‑date and annualized trading volume jumped from about $2.3 billion in April to $11 billion in July, prompting a $200 million–$300 million planned investment for 2026.
- CEO Jason Robins criticized prediction bets tied to corporate earnings calls and said most prediction‑market volume is driven by professional traders and syndicates rather than casual retail users.
- Independent exchanges such as Kalshi and Polymarket have reported rapid growth and drawn state and federal attention, creating legal risk from proposed class actions and raising the prospect of tighter rules that could reshape fees, market access, and consumer protections.