Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION August 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 We set records for revenue and Adj. EBITDA(1) as our second quarter revenue growth accelerated to 37% YoY 2 We are maintaining our FY 2025 revenue and Adj. EBITDA guidance(2) ranges, as continuing momentum positions us to absorb an exciting new state launch 3 We are pos
Slide 4: We set record revenue and Adjusted EBITDA in Q2 2025
We set record revenue and Adjusted EBITDA(1) in Q2 2025 $1,513 Q2 2025 Highlights: Prior record $1,409 million(2) • Sportsbook net revenue increased 45% YoY • Sportsbook handle increased 6% YoY • Structural Sportsbook hold percentage +37% increased 100 bps YoY • Sportsbook promotional reinvestment i
Slide 5: Live Betting Authentic and Relevant
We innovate to deliver an experience that moves uniquely at the speed of sports Sportsbook Product Pillars Authentic and Live Betting Community Relevant Build capabilities that match the speed Offer authentic and relevant betting Share moments because sports are better of sports — lightning-fast, im
Slide 6: Appendix
APPENDIX | 6
Slide 7: Sportsbook handle and Sportsbook revenue continue to increase YoY
Our Sportsbook handle(1) and Sportsbook revenue continue to increase on a YoY basis $14,902 $13,880 Sportsbook Handle Sportsbook Revenue $12,943 Sportsbook Net Revenue Margin (%)(2) $12,001 $11,475 $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 $99
Slide 8: Our iGaming revenue is continuing to grow on a YoY basis
Our iGaming revenue is continuing to grow on a YoY basis iGaming Revenue $430 $426 $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 | 8
Slide 9: The number of unique customers on our platform is rising YoY
The number of unique customers on our platform is rising on a YoY basis Unique Customers in the Prior Twelve Months(1) 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 1.9 1.9 1.9 1.9 1.7 1.7 1.7 1.7 1.8 1.4 0.8 0.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Earnings (Loss) Per Share, Adjusted Operating Expenses and Free Cash Flow, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with GAAP.
Slide 11: Reconciliation of GAAP Expenses to Non-GAAP Expenses
Reconciliation of GAAP Expenses to Non-GAAP Expenses GAAP to Non-GAAP Expense Reconciliation $ Millions 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 $855 $844 $835 $742 $663 $710 $717 $543 $510 $522 Operating Expens
Slide 12: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Net Income (Loss) to Non-GAAP Adjusted EBITDA Reconciliation $ Thousands Three months ended June 30, 2025 2024 Revenue $ 1,512,507 $ 1,104,441 Cost of revenue 854,559 663,414 ◼ Adjusted EBITDA Sales and marketing 233,187 215,676 Product and tech
Slide 13: 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 June 30, 2025 Dollars ($0.04) $0.07 ($0.11) $0.38 $0.16 $0.30 GAAP Diluted EPS Stock Based Amort. of Acquired Other Non-GAAP Adj.(1) Tax Impact of Adjusted Diluted EPS (2)
Slide 14: DraftKings Share Count Detail
DraftKings Share Count Detail Share Count as of June 30, 2025 Thousands Common Shares Outstanding (30-June-25) 496,051 Vested Stock Options @ TSM(1) 15,218 Memo: Vested Stock Options 18,438 Diluted Shares Outstanding (With Vested Stock Options @ TSM) 511,269 GNOG Private Placement Warrants(2) 321 Fu
Slide 15: 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 June 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 more