DraftKings Q2 Earnings, Buyback, Surcharge Details
DraftKings Q2 Earnings, Buyback, Surcharge Details
DraftKings Q2 Earnings, Buyback, Surcharge Details
News summary

DraftKings will implement a gaming surcharge on winning bets in states with sports betting tax rates above 20% starting next year, including Illinois, New York, Pennsylvania, and Vermont, as it seeks to boost profits. This move follows the company's first profitable quarter as a public company, with Q2 revenue reaching $1.1 billion. Despite missing some revenue estimates, DraftKings exceeded EPS expectations with a profit of $0.22 per share. The company raised its full-year revenue guidance to $5.15 billion but lowered its adjusted EBITDA guidance due to increased customer acquisition costs. Additionally, DraftKings authorized a $1 billion share repurchase program. The surcharge is expected to be nominal for customers, with an example given of a $10 bet incurring an additional 30 cents in Illinois.

Story Coverage
DraftKings to Implement a Customer Surcharge in High-Tax States
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Forbes
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Center
DraftKings To Levy New Surcharge On Players In Some States
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CNBC
Center
DraftKings to tax winning bets in high-rate states in a bid to boost profit
Bias Distribution
67% Center
Information Sources
71639883-fbbd-48af-8cc3-393f63e7b2ef68e7fc5e-537b-4887-b796-fbd29c3156187684cee2-ff92-4e65-86b5-bfb0b188107d
Left 33%
Center 67%
Coverage Details
Total News Sources
3
Left
1
Center
2
Right
0
Unrated
0
Last Updated
45 days ago
Bias Distribution
67% Center
Related News
AI Assistant
Story Coverage
DraftKings to Implement a Customer Surcharge in High-Tax States
alt
Forbes
$
Center
DraftKings To Levy New Surcharge On Players In Some States
alt
CNBC
Center
DraftKings to tax winning bets in high-rate states in a bid to boost profit

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