DraftKings Inc. (DKNG): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe na arena digital de apostas esportivas com a DraftKings Inc., uma plataforma revolucionária que transformou como milhões de fãs de esportes se envolvem com seus jogos favoritos. Ao misturar perfeitamente a tecnologia de ponta, as experiências dinâmicas do usuário e uma profunda compreensão do entretenimento esportivo, o DraftKings emergiu como uma força que muda o jogo no cenário de apostas on-line e esportes de fantasia. Esta divisão do modelo de negócios de negócios revela o plano estratégico por trás de seu notável sucesso, oferecendo a visão de um insider de como essa empresa inovadora capturou o coração de 25 milhões Usuários registrados e interromper os modelos tradicionais de engajamento esportivo.

DraftKings Inc. (DKNG) - Modelo de negócios: Parcerias -chave

Parcerias de ligas esportivas

DraftKings possui dados oficiais e parcerias de conteúdo com:

Liga	Detalhes da parceria	Ano estabelecido
NFL	Parceiro oficial de esportes de fantasia diária	2015
NBA	Parceiro oficial de esportes de fantasia diária	2014
Mlb	Parceiro oficial de esportes de fantasia diária	2013

Parcerias da empresa de mídia

As principais parcerias de mídia incluem:

• ESPN - Conteúdo e colaboração de marketing
• Turner Sports - Direitos de streaming e conteúdo
• Yahoo Sports - Integração de esportes de fantasia

Provedores de tecnologia

DraftKings colabora com:

Provedor	Função de tecnologia
Amazon Web Services	Infraestrutura em nuvem
Rapidamente	Rede de entrega de conteúdo
OKTA	Gerenciamento de identidade

Pagamento e parcerias financeiras

As colaborações financeiras incluem:

• PayPal - Processamento de pagamento
• Visa
• MasterCard
• Bank of America - Serviços bancários

Equipes esportivas e colaborações de marketing de atletas

Equipe/atleta	Tipo de parceria	Valor do contrato
New England Patriots	Parceiro oficial de apostas esportivas	US $ 30 milhões anualmente
Michael Jordan	Embaixador da marca	Aceção de ações e acordo de marketing

DraftKings Inc. (DKNG) - Modelo de negócios: Atividades -chave

Desenvolvendo e mantendo plataformas de apostas esportivas digitais

A DraftKings opera plataformas de apostas esportivas digitais em 25 estados a partir de 2024. A infraestrutura de tecnologia da empresa suporta mais de 2 milhões de usuários ativos mensalmente. Os custos de desenvolvimento da plataforma em 2023 foram de US $ 187,3 milhões.

Métrica da plataforma	2024 dados
Estados ativos	25
Usuários ativos mensais	2,1 milhões
Despesas de desenvolvimento da plataforma	US $ 187,3 milhões

Criando concursos diários de esportes de fantasia e experiências de apostas

O DraftKings oferece vários tipos de concursos em categorias esportivas, incluindo NFL, NBA, MLB e mercados emergentes.

• Concursos de Fantasia Daily da NFL: 12,5 milhões de participantes em 2023
• Concursos de Fantasia Daily da NBA: 8,3 milhões de participantes em 2023
• MLB Daily Fantasy Contests: 6,7 milhões de participantes em 2023

Estratégias de marketing e aquisição de usuários

As despesas de marketing em 2023 atingiram US $ 785,4 milhões, representando 31,2% da receita total da empresa.

Métrica de marketing	2023 dados
Gastos com marketing	US $ 785,4 milhões
Porcentagem de receita	31.2%
Custo de aquisição do cliente	US $ 247 por usuário

Conformidade com os regulamentos estaduais de jogo

O DraftKings mantém as equipes de conformidade em cada estado operacional, com recursos legais dedicados, totalizando US $ 42,6 milhões em 2023.

Inovação tecnológica contínua e desenvolvimento de aplicativos

O investimento em P&D em tecnologia em 2023 foi de US $ 156,2 milhões, com foco em aprimoramentos de plataformas móveis e tecnologias emergentes de apostas.

• Downloads de aplicativos móveis: 5,3 milhões em 2023
• App Store Classificação: 4.6/5
• Aplicações de patentes de tecnologia: 17 em 2023

DraftKings Inc. (DKNG) - Modelo de negócios: Recursos -chave

Software avançado e tecnologia de aplicativos móveis

O DraftKings opera com uma sofisticada plataforma digital que suporta:

• Downloads de aplicativos móveis: mais de 10 milhões de usuários ativos a partir do quarto trimestre 2023
• Disponibilidade da plataforma em 24 estados com apostas esportivas legais
• Processamento de infraestrutura de apostas em tempo real de 500.000 transações simultâneas

Métrica de tecnologia	Especificação
Desempenho do aplicativo móvel	99,9% de confiabilidade no tempo de atividade
Infraestrutura do servidor	Arquitetura da AWS baseada em nuvem
Investimento em tecnologia	US $ 187 milhões de gastos e P&D em 2023

Banco de dados de usuários grandes e insights do cliente

DraftKings mantém um banco de dados de usuário robusto com:

• Total de usuários registrados: 2,4 milhões de usuários mensais ativos
• Valor médio da vida útil do usuário: $ 350
• Pontos de dados do usuário coletados: mais de 75 métricas de personalização

Forte reconhecimento de marca no mercado de apostas esportivas

As métricas de posicionamento do mercado incluem:

• Reconhecimento da marca: 68% entre as apostas esportivas demográficas
• Participação de mercado nas apostas esportivas: 32% em mercados regulamentados
• Seguidores de mídia social: 1,5 milhão entre plataformas

Algoritmos proprietários para mecânica de concurso e apostas

Categoria de algoritmo	Métrica de desempenho
Gerenciamento de riscos	99,7% de precisão de detecção de fraude
Cálculo de chances	Atualizações em tempo real dentro de 0,03 segundos
Experiência do usuário	Precisão de personalização de 95%

Equipes de engenharia e desenvolvimento de produtos qualificados

Composição e capacidades da equipe:

• Força de trabalho total de engenharia: 742 funcionários
• Experiência média de engenharia: 7,5 anos
• Orçamento de desenvolvimento de produtos: US $ 215 milhões em 2023

Categoria de habilidade da equipe	Especialização
Desenvolvimento de software	Aprendizado de máquina, integração de IA
Ciência dos dados	Modelagem preditiva, análise de comportamento do usuário
Design UX/UI	Princípios de design de primeiro celular

DraftKings Inc. (DKNG) - Modelo de Negócios: Proposições de Valor

Experiência conveniente e acessível de apostas esportivas online

O DraftKings oferece disponibilidade de aplicativos móveis em 22 estados com apostas esportivas legais a partir do quarto trimestre 2023. A plataforma processou US $ 2,3 bilhões em identificador total durante o terceiro trimestre de 2023. As apostas móveis representam 92% do total de receitas de apostas esportivas.

Métrica da plataforma	2023 dados
Estados do aplicativo móvel	22
Alça total de apostas (Q3)	US $ 2,3 bilhões
Porcentagem de receita de apostas móveis	92%

Grande variedade de concursos diários de esportes de fantasia

O DraftKings oferece concursos em várias categorias de esportes, com taxas de entrada que variam de US $ 0,25 a US $ 10.000. A plataforma hospeda mais de 75.000 concursos diários com pools de prêmios totais superiores a US $ 50 milhões semanalmente.

• As categorias de esportes incluem NFL, NBA, MLB, NHL, PGA, NASCAR
• Faixa de entrada do concurso: US $ 0,25 - $ 10.000
• Volume semanal do concurso: 75.000+
• Pool de prêmio semanal: US $ 50 milhões+

Opções de apostas em tempo real em vários esportes

O DraftKings fornece apostas ao vivo no jogo em mais de 20 categorias de esportes. As apostas em tempo real gera aproximadamente 35% do total de receitas de apostas esportivas.

Métricas de apostas em tempo real	2023 dados
Categorias de esportes com apostas ao vivo	20+
Receita de apostas ao vivo	35%

Chances competitivas e potenciais ganhos

O DraftKings mantém chances competitivas com uma porcentagem média de espera de 7,5% nos mercados de apostas esportivas. A plataforma pagou US $ 1,4 bilhão em ganhos de usuário durante 2023.

Plataforma de jogos digitais envolventes e interativos

A DraftKings reportou 2,4 milhões de usuários ativos mensais no terceiro trimestre de 2023, com um usuário médio gastando US $ 300 por mês na plataforma. A empresa gerou US $ 581 milhões em receita durante o terceiro trimestre de 2023.

Métricas de engajamento da plataforma	2023 dados
Usuários ativos mensais	2,4 milhões
Gasto mensal médio do usuário	$300
Q3 2023 Receita	US $ 581 milhões

DraftKings Inc. (DKNG) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

O DraftKings oferece plataformas de aplicativos móveis com 22,2 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. A plataforma digital suporta esportes diários de fantasia, apostas esportivas e jogos de cassino on -line em 24 estados nos Estados Unidos.

Métrica da plataforma	2023 dados
Downloads de aplicativos móveis	8,5 milhões
Usuários ativos mensais	22,2 milhões
Estados operacionais	24

Experiência e recomendações personalizadas do usuário

O DraftKings utiliza algoritmos avançados para fornecer recomendações de apostas personalizadas. A plataforma gera US $ 2,27 bilhões em receita com uma taxa de retenção de clientes de 47% em 2023.

Suporte ao cliente através de vários canais digitais

• Suporte de bate -papo ao vivo 24 horas por dia, 7 dias por semana
• Email para atendimento ao cliente
• Suporte telefônico
• Assistência à mídia social

Canal de suporte	Tempo médio de resposta
Bate -papo ao vivo	2-3 minutos
E-mail	24 horas

Programas de fidelidade e recompensas

DraftKings oferece a Dólares DK Programa de fidelidade com bônus de US $ 50 para novos usuários e créditos promocionais em andamento. O programa de fidelidade contribui para 22% da retenção de clientes.

Engajamento da comunidade através de recursos sociais

A plataforma inclui recursos de apostas sociais com 3,5 milhões de participantes da comunidade ativa. Os usuários podem compartilhar escolhas, competir em torneios e se envolver em experiências de apostas em grupo.

Métrica comunitária	2023 dados
Membros ativos da comunidade	3,5 milhões
Participantes do torneio	1,2 milhão

DraftKings Inc. (DKNG) - Modelo de Negócios: Canais

Plataformas de aplicativos móveis

O DraftKings opera aplicativos móveis disponíveis no iOS (Apple App Store) e Android (Google Play Store). A partir do quarto trimestre 2023, a empresa relatou 2,4 milhões de usuários ativos mensais por meio de plataformas móveis.

Plataforma	Baixar estatísticas	Engajamento do usuário
IOS App Store	4,6 milhões de downloads em 2023	1,2 milhão de usuários ativos do iOS
Android Play Store	3,8 milhões de downloads em 2023	1,2 milhão de usuários ativos do Android

Interfaces de site

O DraftKings mantém uma plataforma web abrangente com tráfego mensal de aproximadamente 8,5 milhões de visitantes únicos em dezembro de 2023.

• Fontes de tráfego da Web: 65% direto, 25% de pesquisa orgânica, 10% de referência
• Duração média da sessão: 12,4 minutos
• Taxa de conversão: 3,7% dos visitantes do site a usuários registrados

Marketing de mídia social

O DraftKings aproveita os canais de mídia social com uma base de seguidores significativa nas plataformas.

Plataforma	Contagem de seguidores	Taxa de engajamento
Twitter	1,2 milhão de seguidores	2.3%
Instagram	850.000 seguidores	1.9%
Facebook	600.000 seguidores	1.5%

Programas de marketing de afiliados

A DraftKings opera uma extensa rede de afiliados, gerando 22% das novas aquisições de usuários em 2023.

• Total Affiliate Partners: 487
• Taxa média de comissão: 25-30% do valor da vida útil do jogador
• Receita orientada por afiliados: US $ 64,3 milhões em 2023

Redes de publicidade digital

A publicidade digital representa um canal crítico de aquisição de usuários para o DraftKings.

Canal de publicidade	Gastar em 2023	Custo de aquisição do usuário
Google anúncios	US $ 42,6 milhões	US $ 87 por usuário
Anúncios do Facebook	US $ 35,2 milhões	US $ 76 por usuário
Redes programáticas	US $ 28,9 milhões	US $ 65 por usuário

DraftKings Inc. (DKNG) - Modelo de negócios: segmentos de clientes

Entusiastas e fãs esportivos

O DraftKings tem como alvo 57,5 ​​milhões de fãs de esportes nos Estados Unidos a partir de 2023. A plataforma atrai usuários em várias categorias de esportes:

Categoria esportiva	Porcentagem do usuário
NFL	42%
NBA	28%
Mlb	22%
NHL	15%

Jovem adulto homem demográfico

Características do segmento de clientes primárias:

• Faixa etária: 21-34 anos
• Representação masculina: 73% da base de usuários
• Gastos anuais médios: US $ 1.245 por usuário

Jogos on -line e apostas para apostas

Detalhes de penetração no mercado:

Métrica	Valor
Total de usuários de apostas online	21,3 milhões
Usuários ativos mensais	2,1 milhões
Tamanho médio da aposta	$35.67

Participantes de esportes de fantasia

DraftKings Fantasy Sports Segment Breakdown:

• Usuários totais de esportes de fantasia: 6,8 milhões
• Participantes do Daily Fantasy Sports: 3,2 milhões
• Taxa média de entrada do concurso: US $ 24,50

Buscadores de entretenimento digital com experiência em tecnologia

Métricas de engajamento digital:

Plataforma	Porcentagem do usuário
Usuários móveis	82%
Usuários da área de trabalho	18%
Taxa de download de aplicativos	1,2 milhão mensalmente

DraftKings Inc. (DKNG) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de tecnologia

Em 2023, a DraftKings relatou despesas de tecnologia e desenvolvimento de US $ 388,3 milhões, representando 22,4% da receita total. A empresa investiu significativamente em engenharia de software, infraestrutura de plataforma e desenvolvimento de produtos digitais.

Categoria de custo	2023 despesas	Porcentagem de receita
Engenharia de software	US $ 172,5 milhões	9.9%
Infraestrutura da plataforma	US $ 126,8 milhões	7.3%
Desenvolvimento de produtos digitais	US $ 89 milhões	5.2%

Despesas de marketing e aquisição de usuários

O DraftKings gastou US $ 1,04 bilhão em vendas e marketing em 2023, o que representou 60% da receita total.

• Custo de aquisição de clientes (CAC): US $ 210 por usuário
• Gastes de publicidade digital: US $ 612 milhões
• Despesas promocionais: US $ 428 milhões

Taxas regulatórias de conformidade e licenciamento

Em 2023, a DraftKings alocou US $ 95,7 milhões para a conformidade e o licenciamento regulatórios em várias jurisdições.

Categoria de conformidade	2023 despesas
Taxas estaduais de licenciamento	US $ 52,3 milhões
Consultoria legal e regulatória	US $ 28,9 milhões
Infraestrutura de conformidade	US $ 14,5 milhões

Custos de processamento de pagamento

O DraftKings incorreu em US $ 76,5 milhões em despesas de processamento de pagamentos durante 2023, representando 4,4% da receita total.

• Taxas de transação do cartão de crédito: US $ 42,3 milhões
• ACH Custos de transferência: US $ 19,7 milhões
• Processamento de carteira digital: US $ 14,5 milhões

Infraestrutura de suporte ao cliente

As despesas de suporte ao cliente para o DraftKings totalizaram US $ 98,2 milhões em 2023, representando 5,7% da receita total.

Canal de suporte	2023 despesas
Suporte ao bate -papo ao vivo	US $ 42,6 milhões
Suporte telefônico	US $ 33,7 milhões
Suporte por e -mail	US $ 21,9 milhões

DraftKings Inc. (DKNG) - Modelo de negócios: fluxos de receita

Taxas de inscrição no concurso

Para o terceiro trimestre de 2023, o DraftKings reportou US $ 506 milhões em receita da diária de taxas de inscrição no concurso diário de esportes e apostas esportivas.

Fluxo de receita	Quantidade de 2023 Q3 2023	Porcentagem da receita total
Taxas de inscrição no concurso	US $ 506 milhões	47.3%

Comissões de apostas esportivas

As comissões de apostas esportivas geraram US $ 348 milhões em receita para o DraftKings no terceiro trimestre de 2023.

Fluxo de receita	Quantidade de 2023 Q3 2023	Porcentagem da receita total
Comissões de apostas esportivas	US $ 348 milhões	32.5%

Receita de publicidade e patrocínio

A DraftKings reportou US $ 87 milhões de publicidade e patrocínio no terceiro trimestre de 2023.

• Principais parcerias da liga esportiva
• Plataformas de publicidade digital
• Acordos de colaboração da marca

Serviços de assinatura premium

Os serviços de assinatura premium geraram US $ 42 milhões no terceiro trimestre de 2023.

Tipo de assinatura	Receita estimada
DraftKings Premium	US $ 28 milhões
Assinaturas de análise avançada	US $ 14 milhões

Licenciamento de dados e parcerias

As receitas de licenciamento de dados atingiram US $ 84 milhões no terceiro trimestre de 2023.

• Licenciamento de dados esportivos para empresas de mídia
• Acordos de parceria de tecnologia
• ODCS de apostas e licenciamento de análise

Categoria de parceria	Q3 2023 Receita
Licenciamento de dados de mídia	US $ 42 milhões
Parcerias de tecnologia	US $ 42 milhões

DraftKings Inc. (DKNG) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose DraftKings Inc. over the competition as of late 2025. It boils down to a unified, high-performing digital experience that keeps users engaged across all verticals.

Seamless, integrated platform for Sportsbook, iGaming, and Daily Fantasy Sports (DFS).

DraftKings Inc. offers a single destination for multiple forms of regulated digital wagering. This ecosystem approach is a key differentiator, allowing for cross-platform value delivery. The company operates in sports betting, iGaming, and daily fantasy sports, plus lottery offerings. As of the third quarter of 2025, DraftKings Inc. was live with mobile sports betting in 25 U.S. states plus Washington, D.C., and offered iGaming in 5 states, in addition to its Ontario operations. This integration drives engagement, as seen in the Q3 2025 Monthly Unique Payers (MUPs) reaching 3.6 million average customers.

The value proposition is further quantified by the financial output of these combined segments:

Metric	Value (Q3 2025)	Context
Sportsbook Revenue	$596 million	For the three months ended September 30, 2025
iGaming Revenue	$451 million	For the three months ended September 30, 2025
Average Revenue per MUP (ARPMUP)	$106	For the three months ended September 30, 2025
Sportsbook Handle Growth (YoY)	17%	As of October 2025

Real-time, dynamic odds and micro-betting options for live engagement.

The focus on in-play wagering is clearly paying off in terms of handle contribution. Live betting accounted for more than half of DraftKings Inc.'s total betting handle during Q1 2025, a first for the company. Management notes that in mature markets, live betting can generate as much as 70-80% of gross gaming revenue. The platform supports this with features like Same-Game Parlays (SGPs) and technology investments that accelerate live betting options.

High-quality, engaging user experience (ranked #1 sports betting app).

User sentiment data from mid-2025 suggests a high-quality mobile experience. DraftKings Inc. earned the highest individual satisfaction score among online gambling apps in the American Customer Satisfaction Index (ACSI) 2025 report, scoring 78 out of 100. App quality was the top driver of satisfaction in that index, scoring 80 points. You can see this reflected in the store ratings:

• iOS App Rating: 4.8 out of 5 stars
• Android App Rating: 4.3 out of 5 stars

The platform is fast and responsive, even during peak usage times like minutes before major NFL slots.

Responsible Gaming tools like 'My Stat Sheet' for player self-management.

DraftKings Inc. offers the 'My Stat Sheet' tool to help players make data-driven decisions about their own play. This feature is available across all DraftKings Inc. and Golden Nugget products. It provides transparency on key metrics:

• Time Spent on Sportsbook & Casino products.
• Net Total of Spent & Won Funds by product.
• Deposits and Withdrawals tracking.
• Wagers placed and Contest involvement.
• Progress against Responsible Gaming Limits set by the player.

This empowers users to review their win/loss record across monthly, yearly, and lifetime views.

Access to exclusive content and promotions via major media partners.

The value proposition includes distribution and acquisition reach bolstered by media relationships. Strategic partnerships with entities like ESPN and NBCUniversal have broadened DraftKings Inc.'s customer acquisition reach. Promotions are tied to live events, and new customer offers in late 2025 often included tangible value, such as receiving eight $25 Bonus Bets if a $5 wager wins, plus three months of NBA League Pass free. The company is also positioning its new DraftKings Predictions product as a significant incremental opportunity, targeting a revenue range of $5.9 billion to $6.1 billion for fiscal year 2025.

Finance: draft 13-week cash view by Friday.

DraftKings Inc. (DKNG) - Canvas Business Model: Customer Relationships

You're looking at how DraftKings Inc. keeps its customers engaged and spending in a market that's only getting more competitive. The relationship strategy hinges on using data to make every touchpoint feel tailored, rewarding the biggest bettors, and ensuring the app experience itself is top-tier.

Automated, data-driven personalization of promotions and offers

DraftKings Inc. is leaning hard into its data infrastructure and artificial intelligence (AI) capabilities to deliver what they call hyper-personalized user experiences. This focus on efficiency and personalization is directly tied to monetization; for example, the Average Revenue Per Monthly Unique Payer (ARPMUP) for the second quarter of 2025 rose 29% year-over-year to $151, driven in part by more efficient promotions. This contrasts slightly with the first quarter of 2025, where the ARPMUP was $108, a 5% year-over-year fall when including the Jackpocket acquisition, though it was up 7% excluding that business. The company uses this data to automatically inject individualized content into communications. For instance, they send personalized season recaps showing a user's past statistics, such as how many lineups they entered or their Best Value Player. Past data shows that using this level of personalization, like Liquid content, can lead to a 199% increase in open rates for mobile push notifications and a 28% lift in email open rates. Also, the CEO noted that AI integration is rapidly converting manual processes across the entire company, including customer service, to agent-driven processes, which should impact the fixed cost structure.

VIP and loyalty programs to retain high-value, high-volume players

The core retention mechanism for high-value players is the DraftKings Dynasty Rewards loyalty program. You earn DraftKings Crowns for every bet you place, and these Crowns determine your tier status. The benefits for top-tier players are significant, including one-on-one service from a Personal VIP Host, access to private events, and exclusive custom offers. The company hosted an invite-only party at Brennan's in New Orleans before the Super Bowl for these VIPs. It's worth noting the scale of this high-value segment: Americans wagered nearly $148 billion on sports in 2024, generating over $13.7 billion in revenue for sportsbooks, with much of that revenue coming from a small handful of these top customers. Still, these programs face scrutiny; a 2024 Connecticut study found that over 50% of that state's sports-betting revenue came from people with a gambling problem, which critics suggest the VIP programs encourage. The program structure includes:

• DraftKings Crowns earned per wager.
• Redemption options at the DK Store.
• A Personal VIP Host for top players.
• Access to Game Tickets and Private Events.

Self-service support and in-app customer service channels

Customer satisfaction is a key metric, and DraftKings Inc. topped the charts in the American Customer Satisfaction Index (ACSI) 2025 report for online gambling apps. The company achieved a score of 78 out of 100. This high score is heavily influenced by the quality of the digital interface, which is critical for self-service. App quality itself scored 80 out of 100 as the most important driver for users. Furthermore, the company provides self-service data tools; for instance, the 'My Stat Sheet' tool saw 336,317 Massachusetts visits from 70,664 unique Massachusetts players in the first quarter of 2025 alone. The overall customer satisfaction scores for online gambling apps in the ACSI report were:

Category	ACSI Score (out of 100)
DraftKings (Individual Brand)	78
BetMGM (Individual Brand)	77
FanDuel (Individual Brand)	76
Online Gambling Apps (Composite)	76
Video Streaming (Benchmark)	78
Social Media/Food Delivery (Benchmark)	74

Community building through social features on the platform

DraftKings Inc. views social features as one of the key pillars driving user engagement, alongside live betting and personalization, as cited in their second-quarter 2025 earnings call. While specific community engagement numbers aren't public, the focus on product differentiation suggests an ongoing effort to foster interaction. The complete integration of the Jackpocket acquisition is also expected to increase customer engagement across the platform. The company is also focused on product innovation, launching features like Stacks and Ghostleg to boost engagement, particularly around the parlay mix, which increased by 430 basis points year-over-year in Q2 2025, supporting higher margins and user interaction.

Finance: draft 13-week cash view by Friday.

DraftKings Inc. (DKNG) - Canvas Business Model: Channels

The primary channel for DraftKings Inc. (DKNG) remains the direct-to-consumer delivery of its Sportsbook and iGaming products through proprietary mobile applications on iOS and Android, alongside its dedicated website. This digital-first approach is supported by strong underlying engagement metrics as of late 2025. For the three months ended September 30, 2025, the company reported an average of 3.6 million Monthly Unique Payers (MUPs). The monetization of this base resulted in an Average Revenue per MUP (ARPMUP) of $106 in the third quarter of 2025.

The volume of wagering, or Handle, through these digital channels shows continued growth, with the October Sportsbook Handle increasing 17% year-over-year. This digital dominance is further evidenced by the fact that DraftKings holds about 28% market share in the US sportsbook market. The iGaming vertical, also delivered via these apps, saw significant acceleration, reporting revenue of $451.3 million in Q3 2025, a year-over-year rise of 24.9%.

Metric (Q3 2025)	Value	Context/Comparison
Average Monthly Unique Payers (MUPs)	3.6 million	Reflects strong retention and acquisition across products
Average Revenue per MUP (ARPMUP)	$106	Represents a 3% increase compared to Q3 2024
Sportsbook Handle (Q3 2025)	$11.40 billion	A 10% increase year-over-year
iGaming Revenue (Q3 2025)	$451.3 million	Year-over-year growth of 24.9%

A significant enhancement to DraftKings Inc. (DKNG)'s channel strategy is the exclusive marketing agreement with ESPN, set to commence on December 1, 2025. This deal positions DraftKings as the exclusive integration provider for all live sports and digital platforms across ESPN's content universe. This integration is expected to cover 73% of national NBA broadcasts, offering unmatched brand visibility. This move follows ESPN's early termination of its previous deal with Penn Entertainment, which involved a cash payment of approximately $1.5 billion over ten years.

Customer acquisition, which heavily relies on digital and traditional media advertising, has shown signs of improving efficiency. For instance, in the first quarter of 2025, the company benefited from an optimization of marketing costs, building on a trend where Customer Acquisition Costs (CAC) saw a roughly 40% year-over-year decrease in the first quarter of 2024. The company's retail presence serves as a physical touchpoint, though the primary focus remains digital. As of Q1 2025, DraftKings was live with mobile sports betting in 25 US states and Washington, D.C..

The channels utilized for customer reach and engagement include:

• Direct-to-consumer via proprietary mobile apps (iOS/Android) and website.
• Integrated content and odds display across ESPN's digital and linear platforms, commencing December 1, 2025.
• Extensive digital and traditional media advertising, with marketing costs being optimized.
• Retail sportsbooks in physical casino partner locations.

DraftKings Inc. (DKNG) - Canvas Business Model: Customer Segments

You're looking at the core groups DraftKings Inc. targets to drive its multi-billion dollar revenue machine. Honestly, it's about segmenting based on product preference and spend level.

Core sports enthusiasts and online gaming players form the foundation. The customer profile skews toward individuals aged 18-34, though a significant portion also falls into the 35-54 age bracket. Engagement is high, with live betting exceeding 50% of the total handle for the first time in Q1 2025. DraftKings Inc. reported 4.3 million Monthly Unique Payers (MUPs) in Q1 2025, a 28% year-over-year increase, showing strong base growth. By Q2 2025, average MUPs settled at 3.3 million, reflecting a 6% annual increase.

The high-value, high-volume bettors and DFS players are critical for margin. These are the users driving the Sportsbook handle. In Q1 2025, the Average Revenue per MUP (ARPMUP) was $108, though without the Jackpocket acquisition impact, it would have been $122. By Q2 2025, ARPMUP surged to $151, a 29% increase year-over-year, showing better monetization from the core betting base. These players are responsible for the massive wagering volumes seen across the platform.

DraftKings Inc. actively targets the mass market customers in newly legalized US states (e.g., Missouri). As of the end of Q2 2025, the mobile sportsbook operates in 26 U.S. jurisdictions plus Ontario, Canada, reaching approximately 49% of the U.S. population. The company is actively preparing for its launch in Missouri, following the successful ballot initiative on November 5, 2024, which is factored into the fiscal year 2025 guidance.

The iGaming-focused customers, including slots-first players, represent a growing, high-margin segment. The iGaming platform is live in five U.S. states, covering about 11% of the U.S. population as of Q2 2025. This segment is showing robust growth, with revenue reaching $423 million in Q1 2025 and climbing to $429.7 million in Q2 2025, a 22.6% year-over-year increase.

Here's a quick look at how these segments translate to the top-line performance based on Q2 2025 results:

Product Vertical	Q2 2025 Revenue (Millions USD)	Year-over-Year Revenue Growth	Key Metric
Sportsbook	$997.9	45.3%	Handle: $11.5 billion
iGaming	$429.7	22.6%	Sportsbook Population Reach: 49%

You can see the Sportsbook segment is the largest revenue driver, but iGaming is growing fast, too. The MUP data shows the overall reach:

• Average Monthly Unique Payers (Q2 2025): 3.3 million.
• Q1 2025 Monthly Unique Payers: 4.3 million.
• Total Unique Customers (End of 2024): 10.1 million.

Finance: draft 13-week cash view by Friday.

DraftKings Inc. (DKNG) - Canvas Business Model: Cost Structure

You're looking at the major drains on DraftKings Inc.'s bottom line as of late 2025. The cost structure is heavily influenced by regulatory obligations and the relentless need to bring in new bettors. Honestly, the state tax burden is a massive, non-negotiable cost component that varies wildly by jurisdiction.

High state taxes and regulatory fees create a significant drag, which DraftKings has tried to mitigate by passing some of the burden to winners, though that plan was ultimately scrapped. For instance, New York's operator tax rate sits at a steep 51%, and Pennsylvania's is a flat 36%. Illinois uses a graduated structure, hitting the top tier at 40% of Adjusted Gross Revenue (AGR), while Vermont's rate is 31%. Even New Jersey, an early market, recently increased its online tax to 21.00%.

The table below shows the operator tax rates in key states that directly impact the cost of revenue recognition:

State	Operator Tax Rate Structure (as of 2025)
New York	51% of Gross Gaming Revenue (GGR)
Pennsylvania	36% Flat Rate on GGR
Illinois	Graduated from 20% to 40% on AGR
Vermont	31% Rate
New Jersey	21.00% for online sports gambling

Customer acquisition costs (CAC) remain a top expenditure, though DraftKings has been driving efficiency here. In Q1 2025, new customer acquisition was described as highly efficient, and overall CAC declined by nearly 20% in a recent comparison period. The acquisition of Jackpocket was specifically highlighted for its potential to significantly lower customer acquisition costs going forward. Still, the company is cautious about future spending in this area due to the competitive environment.

Platform development, technology infrastructure, and data licensing are embedded within operating expenses. You can see the non-cash component of this through stock-based compensation, which is expected to be about 6% of revenue for fiscal year 2025. For the nine months ending September 30, 2025, cash paid for internally developed software costs saw an increase of $22.4 million compared to the prior year period. Separately, the amortization of acquired intangible assets for the three months ending September 30, 2025, was $33.9 million.

Promotional spending, which directly impacts the net revenue recognized, is being managed more tightly. For instance, promotional reinvestment was noted as more efficient year-over-year as a percentage of gross gaming revenue in Q1 2025. This efficiency helps boost the Adjusted Gross Margin, which the company expected to reach 46% for fiscal year 2025.

DraftKings Inc. is actively targeting operating expenses for efficiency, often through technology integration. While specific AI-driven cost savings aren't quantified yet, the company is focused on expense discipline across the organization. The upcoming launch of DraftKings Predictions is viewed as a significant incremental opportunity, suggesting a strategic shift in how future operating costs might be allocated or offset by new revenue streams.

• Fiscal Year 2025 Adjusted EBITDA guidance range is set between $450 million to $550 million (as of Q3 2025 revision).
• Stock-based compensation expense is projected to be approximately 6% of revenue for fiscal year 2025.
• The company authorized an increase in its share repurchase program from $1.0 billion to $2.0 billion, which impacts financing activities but reflects capital allocation decisions against future cash flows.

Finance: draft 13-week cash view by Friday.

DraftKings Inc. (DKNG) - Canvas Business Model: Revenue Streams

You're looking at how DraftKings Inc. actually brings in the cash, which is always the most critical part of any business model review. For the full fiscal year 2025, DraftKings Inc. projects revenue to land between $5.9 billion and $6.1 billion.

To give you a clearer picture of the current mechanics, let's look at the most recently reported quarterly breakdown, which was for the second quarter of 2025. This shows the relative weight of each segment driving that full-year forecast. Honestly, the Sportsbook is still the engine here, but iGaming is growing fast.

Revenue Stream Component	Q2 2025 Reported Revenue Amount	Year-over-Year Growth (Q2 2025 vs Q2 2024)
Sportsbook Net Revenue	$997.9 million	45.3%
iGaming Net Revenue	$429.7 million	22.6%
Other Revenue (DFS, Advertising, Sponsorship)	$85 million	26.8%
Total Reported Revenue (Q2 2025)	$1.513 billion	37%

Here's the quick math on how those top-line numbers are generated from customer activity:

• Sportsbook Net Revenue (Vigorish/Hold) is derived from the difference between total wagers placed (Handle) and customer payouts. In Q2 2025, the Sportsbook Handle reached $11.5 billion.
• The Sportsbook net revenue margin, which is the hold percentage, improved to 8.7% in Q2 2025, up from 6.4% in Q2 2024.
• iGaming (Online Casino) Net Revenue is the house edge retained from games played on the platform. This segment generated $429.7 million in Q2 2025.
• Daily Fantasy Sports (DFS) Contest Entry Fees (Rake) and Advertising and Sponsorship revenue are grouped into the 'Other' category, which totaled $85 million for the quarter.
• Average Revenue per Monthly Unique Payer (ARPMUP) for the quarter was $151, a 29% increase year-over-year.

The company is definitely seeing monetization improve, partly because the Sportsbook hold percentage is structurally better, and partly because they are managing promotional spending more efficiently. If onboarding takes 14+ days, churn risk rises, but their ARPMUP suggests they are keeping high-value customers engaged.

Finance: draft 13-week cash view by Friday.