Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION November 6, 2025 | 1
Slide 2: Legal Disclaimer
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”,
Slide 3: Current business highlights
Current business highlights 1 Underlying growth in the business is accelerating; NFL handle +13% YoY season-to-date and NBA handle +19% YoY season-to-date, while parlay handle mix is surging 2 We are excited to benefit from exclusive new marketing agreements with ESPN and NBCUniversal as well as con
Slide 4: We are driving strong underlying growth season-to-date in NFL and NBA
We are driving strong underlying growth season-to-date in NFL and NBA X NFL Performance NBA Performance +1,000 bps +800 bps +19% +13% NFL Handle NFL Parlay Handle Mix NBA Handle NBA Parlay Handle Mix 2024 Season through Nov. 3 2025 Season through Nov. 3 | 4
Slide 5: We entered into a new agreement that provides us with unmatched reach and visibility
We entered into a new agreement that provides us with unmatched reach and visibility X A comprehensive, exclusive agreement uniting two of the most iconic brands in sports. ESPN’s unmatched scale and visibility unlock new channels for marketing support, product innovations, and customer experiences
Slide 6: We are innovating our #1 rated product to deliver an experience that moves at the speed of sports
We are innovating our #1 rated product (1) to deliver an experience that moves at the speed of sports Sportsbook Product Pillars Authentic and Live Betting Community Relevant Build capabilities that match the speed Deliver content that feels natural, Transform individual picks into of sports — light
Slide 7: Our Sportsbook hold percentage and Sportsbook Net Revenue Margin continue to increase
Our Sportsbook hold percentage and Sportsbook Net Revenue Margin continue to increase X 10.4% Sportsbook Hold Percentage Sportsbook Net Revenue Margin Parlay Handle Mix 9.4% 9.2% 31% 7.7% 28% 26% 6.7% 6.5% 6.0% 24% 5.6% 4.4% 20% 3.1% FY 2021 FY 2022 FY 2023 FY 2024 2025 Year-to-date (1) (1) Includes
Slide 8: Our NFL season-to-date hold percentage is 18% when excluding just 7 games
Our NFL season-to-date hold percentage is 18% when excluding just 7 games X 18% NFL Hold Percentage Excluding Lowest 5% GGR Games (1) 15% 14% 13% 8% 2021 Season 2022 Season 2023 Season 2024 Season 2025 Season-to-date(2) (1) Excludes handle and GGR from 14 games for each of the 2021-2022 season, 2022
Slide 9: We plan to launch DraftKings Predictions in the coming months
We plan to launch DraftKings Predictions in the coming months(1) X Our Advantages: Strong database Efficient new customer acquisition Product development based on deep player understanding Mature regulatory compliance frameworks Leadership in responsible engagement Established relationships with reg
Slide 10: Appendix
APPENDIX | 10
Slide 11: Our Sportsbook Handle is continuing to increase YoY
Our Sportsbook Handle(1) is continuing to increase YoY $14,902 Sportsbook Handle $13,880 Sportsbook Revenue $12,943 Sportsbook Net Revenue Margin (%)(2) $12,001 $11,475 $11,402 $10,793 $10,365 Millions of Dollars $8,842 $8,190 $8,292 $7,359 $6,122 7.5 $4,509 $4,553 $825 $882 $998 $761 $734 $687 $657
Slide 12: Our iGaming revenue is continuing to grow
Our iGaming revenue is continuing to grow iGaming Revenue $451 $426 $430 $423 $370 $361 $352 $351 Millions of Dollars $296 $288 $281 $257 $209 $182 $174 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 | 12
Slide 13: The number of unique customers on our platform is rising
The number of unique customers on our platform is rising Unique Customers in the Prior Twelve Months(1) 10.8 10.4 10.4 10.1 9.3 8.4 7.5 7.1 6.6 6.2 6.0 Millions 5.2 4.9 4.4 4.5 4.0 3.8 3.4 3.2 2.6 2.4 1.9 1.8 1.8 1.9 1.9 1.9 1.9 1.7 1.7 1.7 1.7 1.4 0.8 0.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Earnings (Loss) Per Share and Adjusted Operating Expenses, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with GAAP. The Company beli
Slide 15: Reconciliation of GAAP Expenses to Non-GAAP Expenses
Reconciliation of GAAP Expenses to Non-GAAP Expenses GAAP to Non-GAAP Expense Reconciliation $ Millions 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 GAAP Expenses Cost of Revenue $784 $855 $844 $835 $742 $663 $710 $717 $543 $510 $522 G
Slide 16: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended September 30, Net Income (Loss) to Non-GAAP Adjusted EBITDA Reconciliation 2025 2024 $ Thousands Revenue $ 1,144,019 $ 1,095,490 Cost of revenue 784,079 742,434 Sales and marketing 360,370 339,943 Product and technology 114,68
Slide 17: Non-GAAP Adjusted Earnings (Loss) Per Share Reconciliation
Non-GAAP Adjusted Earnings (Loss) Per Share Reconciliation Adjusted Earnings (Loss) Per Share Reconciliation: Three Months Ended September 30, 2025 Dollars ($0.26) $0.07 ($0.03) $0.07 $0.15 ($0.52) (1) GAAP EPS Stock Based Amort. of Acquired Other Non-GAAP Adj. Tax Impact of Adjusted EPS (2) Compens
Slide 18: DraftKings Share Count Detail
DraftKings Share Count Detail Share Count as of September 30, 2025 Thousands Common Shares Outstanding (30-Sep-25) 496,503 Vested Stock Options @ TSM(1) 13,504 Memo: Vested Stock Options 17,763 Diluted Shares Outstanding (With Vested Stock Options @ TSM) 510,007 GNOG Private Placement Warrants(2) -
Slide 19: Comparison of Monthly Unique Payers and Average Revenue per MUP
Comparison of Monthly Unique Payers and Average Revenue per MUP Key Performance Indicators Millions; Dollars ◼ Monthly Unique Payers (“MUPs”) Three months ended September 30, — We define MUPs as the number of unique paid users per month who had one or more real-money, paid engagements across one or