DraftKings Inc: 2Q21 Preview: Larger Market Drives Higher Revs, Reiterate OW

DraftKings Inc: 2Q21 Preview: Larger Market Drives Higher Revs, Reiterate OW

US sports betting & iGaming market spend coming in ahead of our forecasts. 2Q total US sports betting handle came in 25% ahead of our prior estimates and revenue ~42%. 2Q iGaming revenue came in ~45% ahead of our forecast. As we had written in April, 1Q suggested the US sports betting / iGaming market could hit $7B revenue in 2021, and following 2Q data, we are increasing our forecasts for the year from $6B to $7B, with $3.8B from sports betting and $3.2B from iGaming.

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