{"id":17506,"date":"2026-09-24T08:15:39","date_gmt":"2026-09-24T08:15:39","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=17506"},"modified":"2026-09-24T08:15:39","modified_gmt":"2026-09-24T08:15:39","slug":"dkng-perp-draftkings-stock","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/dkng-perp-draftkings-stock\/","title":{"rendered":"DraftKings (DKNG): Sports Betting&#8217;s Biggest Winner Goes Profitable \u2014 How to Trade DKNG-PERP"},"content":{"rendered":"<p><span style=\"font-weight: 400; font-family: inter; color: #000000; font-size: 14pt;\">Sports betting was supposed to be a race to the bottom \u2014 a promo war where every dollar of market share cost more in customer acquisition costs than it generated in revenue. DraftKings appears to be exiting that phase.<\/span><\/p>\n<p><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\">In Q1 2026, DraftKings posted $1.65 billion in revenue (up 17% year-on-year), its second consecutive quarter of GAAP profitability, and a 64% jump in adjusted EBITDA \u2014 all while reducing customer acquisition costs by 80% through its Sports Predictions product (<\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/draftkings-dkng-reports-q1-2026-192702834.html\"><span style=\"font-weight: 400;\">Yahoo Finance<\/span><\/a><\/span><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\">).\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\">The stock, however, is down roughly 30% over the past year, trading around $30 against an average analyst target of $47 (<\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/simplywall.st\/stocks\/us\/consumer-services\/nasdaq-dkng\/draftkings\/future\"><span style=\"font-weight: 400;\">Simply Wall St<\/span><\/a><\/span><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\">). That gap between improving fundamentals and a declining share price is exactly what makes DKNG worth trading actively.<\/span><\/span><\/p>\n<h2><span style=\"font-weight: 400; font-family: inter; color: #000000;\">DKNG at a Glance<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Ticker:<\/b><span style=\"font-weight: 400;\"> DKNG (Nasdaq)<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Business:<\/b><span style=\"font-weight: 400;\"> Online sports betting, iGaming (casino), daily fantasy sports, and a fast-growing Sports Predictions product<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Q1 2026 revenue:<\/b><span style=\"font-weight: 400;\"> $1.65 billion, up 17% year-on-year, beating estimates (<\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/247wallst.com\/companies\/dkng\/earnings\/2026\/Q1\"><span style=\"font-weight: 400;\">24\/7 Wall St.<\/span><\/a><\/span><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\">)<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Q2 2026 result:<\/b><span style=\"font-weight: 400;\"> Revenue beat with 75% growth in enterprise-wide new customers; stock jumped ~8% post-earnings despite swinging back to a net loss on the quarter (<\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/simplywall.st\/stocks\/us\/consumer-services\/nasdaq-dkng\/draftkings\/news\/draftkings-dkng-stock-price-hinges-on-its-2026-profit-path\"><span style=\"font-weight: 400;\">Simply Wall St<\/span><\/a><\/span><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\">)<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Full-year 2026 guidance:<\/b><span style=\"font-weight: 400;\"> Revenue $6.5\u2013$6.9 billion; adjusted EBITDA $700 million\u2013$900 million<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Geographic footprint:<\/b><span style=\"font-weight: 400;\"> Mobile sports betting live in 27 US states + DC (~53% of US population) plus expansions into Alberta, Canada (launched July 2026)<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Current stock price:<\/b><span style=\"font-weight: 400;\"> ~$30 \u2014 down ~30% over the past year<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Average analyst target:<\/b><span style=\"font-weight: 400;\"> ~$47, implying ~54% upside from current levels<\/span><\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\"><br \/>\n<span style=\"font-family: inter;\">The Story Behind DraftKings&#8217; Profitability Inflection<\/span><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">The traditional knock on DraftKings was that it spent more acquiring customers than those customers were worth \u2014 a CAC (customer acquisition cost) problem endemic to the whole US sports betting industry&#8217;s early expansion.<\/span><\/p>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">The Predictions product changes that math. Sports Predictions is DraftKings&#8217; entry into prediction markets \u2014 a segment where users bet on event outcomes directly using a proprietary exchange, with DraftKings acting as a marketplace rather than taking on house risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">The product has already crossed $1 billion in annualized consumer volume, and critically, its customer acquisition cost is roughly 80% lower than traditional Sportsbook acquisition. The CEO called it &#8220;the most meaningful product launch in company history.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">Average Revenue per Monthly Unique Payer jumped 21% to $131 in Q1 \u2014 meaning DraftKings is extracting more value per customer even as raw user count modestly declined following its exit from the Texas lottery market. That combination of higher ARPU and lower CAC is the profitability inflection the market has been waiting years to see.<\/span><\/p>\n<h2><span style=\"font-weight: 400; font-family: inter; color: #000000;\">The Competitive Headwind: Prediction Markets<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">The honest version of the DraftKings story includes a real threat: prediction markets are eating into traditional sportsbook territory. Platforms like Polymarket and Kalshi \u2014 and increasingly, Robinhood&#8217;s Super App \u2014 are competing directly for the same speculative user base DraftKings built its business on.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">These platforms often operate with lower friction, no house edge, and near-real-time settlement. DraftKings&#8217; response \u2014 building its own Predictions exchange and integrating it into its Super App \u2014 is the right strategic move, but it&#8217;s a genuine race.<\/span><\/p>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">There&#8217;s also a regulatory dimension. DraftKings&#8217; mobile sportsbook is live in 53% of the US population \u2014 meaning roughly half of the country is either pending legalization or closed off entirely. New state markets are still opening (Alberta being the most recent), but each new state comes with its own tax rate and competitive dynamic.<\/span><\/p>\n<h2><span style=\"font-weight: 400; font-family: inter; color: #000000;\">The Bull and Bear Case for DKNG-PERP<\/span><\/h2>\n<p><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>The bull case:<\/b><span style=\"font-weight: 400;\"> Second consecutive quarter of GAAP profitability. EBITDA guidance of $700\u2013$900 million for the full year. An 80% reduction in customer acquisition costs through Predictions. Revenue guidance of up to $6.9 billion for 2026. Analyst consensus at $47 on a $30 stock, with 33 analysts covering it. And a sports calendar (NFL season, NBA playoffs, March Madness, World Cup build-up) that systematically generates peak engagement.<\/span><\/span><\/p>\n<p><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>The bear case:<\/b><span style=\"font-weight: 400;\"> The stock is down 30% over the past year despite improving fundamentals \u2014 which signals the market either doesn&#8217;t trust the profit trajectory or is pricing in structural competition from Polymarket, Kalshi, and Robinhood&#8217;s growing financial super-app. The H1 2026 EBITDA of $282 million is running well below the full-year guidance midpoint of $750 million, implying a very heavy H2 weighting. Insider selling of over $150 million in the past 12 months is a flag worth noting.<\/span><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why Trade DraftKings With DKNG-PERP on BTSE<\/span><\/h2>\n<p><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><span style=\"font-weight: 400;\">DKNG trades on Nasdaq during US market hours \u2014 but major sports results, regulatory state approval news, and competitor moves regularly land outside those windows. <\/span><b>DKNG-PERP on BTSE lets you react immediately:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><b>Trade 24\/7<\/b><span style=\"font-weight: 400;\"> \u2014 major sports results and regulatory news don&#8217;t wait for the market open<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><b>Go long or short<\/b><span style=\"font-weight: 400;\"> \u2014 trade the profitability inflection story or fade a stock near multi-year highs in analyst expectations against declining price<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><b>Leverage available<\/b><span style=\"font-weight: 400;\"> \u2014 amplify exposure with less upfront capital<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><b>No expiry<\/b><span style=\"font-weight: 400;\"> \u2014 hold as long as you maintain margin<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><b>Stablecoin settlement<\/b><span style=\"font-weight: 400;\"> \u2014 manage DKNG alongside your other stock and crypto perps from one USDT wallet<\/span><\/span><\/span>&nbsp;<\/li>\n<\/ul>\n<p><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><span style=\"font-weight: 400;\">New to perps? Start with <\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/www.btse.com\/blog\/blog-what-are-perpetual-futures\/\"><span style=\"font-weight: 400;\">what perpetual futures are and how they work<\/span><\/a><\/span><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><span style=\"font-weight: 400;\">, then browse the <\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/www.btse.com\/blog\/stock-perps-on-btse-the-10-questions-traders-ask-most\/\"><span style=\"font-weight: 400;\">10 most common stock perp questions, answered<\/span><\/a><\/span><span style=\"font-family: inter; font-size: 14pt; color: #000000;\"><span style=\"font-weight: 400;\">.<\/span><\/span><\/p>\n<h2><span style=\"font-weight: 400; font-family: inter; color: #000000;\">Quick Tips for Trading DKNG-PERP<\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>The sports calendar drives short-term moves.<\/b><span style=\"font-weight: 400;\"> NFL season start, major playoff runs, and high-profile betting events (Super Bowl, March Madness) historically correlate with positive DKNG catalysts. Map the calendar before sizing positions.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Watch the Predictions product metrics specifically.<\/b><span style=\"font-weight: 400;\"> Consumer volume, CAC trends, and Predictions ARPU are the leading indicators for whether the profitability thesis is holding \u2014 not headline MUP count.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Don&#8217;t ignore the regulatory calendar.<\/b><span style=\"font-weight: 400;\"> Each new state market opening is a positive catalyst; a major state blocking or reversing online sports betting (unlikely but possible) would be a negative one. Our <\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/www.btse.com\/blog\/fed-meeting-crypto-stock-perps\/\"><span style=\"font-weight: 400;\">Fed meeting and macro perps guide<\/span><\/a><\/span><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\"> covers the broader rate and risk-sentiment environment that consumer discretionary stocks like DKNG trade within.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><b>Size for earnings volatility.<\/b><span style=\"font-weight: 400;\"> DKNG moved 8% post-Q2 2026 results. Review our <\/span><\/span><span style=\"font-family: inter; font-size: 14pt;\"><a href=\"https:\/\/www.btse.com\/blog\/managing-risk-in-futures-trading-the-importance-of-margin-and-leverage\/\"><span style=\"font-weight: 400;\">risk management guide<\/span><\/a><\/span><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><span style=\"font-weight: 400;\"> before holding through quarterly reports.<br \/>\n<\/span><\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400; font-family: inter; color: #000000;\">The Bottom Line<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-family: inter; color: #000000; font-size: 14pt;\">DraftKings has spent years burning cash to build a user base and is finally turning that base into a profitable business \u2014 led by a Predictions product that cuts acquisition costs by 80% and positions the company for competition with the prediction-market platforms eating at its flanks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-family: inter; color: #000000; font-size: 14pt;\">The stock is down 30% while analysts see 54% upside, creating one of the wider fundamental-to-price gaps in consumer tech. Whether the market eventually agrees with the analysts, or whether prediction market competition proves more disruptive than expected, DKNG-PERP lets you trade that debate 24\/7.<\/span><\/p>\n<h2><span style=\"font-weight: 400; font-family: inter; color: #000000;\">Trade DKNG-PERP on BTSE<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-family: inter; font-size: 14pt; color: #000000;\">Ready to trade DraftKings&#8217; next move around the clock?<\/span><\/p>\n<p><span style=\"font-family: inter; font-size: 14pt;\"><span style=\"font-weight: 400;\">\ud83d\udc49 <\/span><a href=\"https:\/\/www.btse.com\/en\/futures\/DKNG-PERP\"><b>Trade DKNG-PERP on BTSE Futures now<\/b><\/a><\/span><\/p>\n<hr \/>\n<p><span style=\"font-family: inter; color: #000000; font-size: 14pt;\"><i><span style=\"font-weight: 400;\">This article is for informational purposes only and is not financial advice. Perpetual futures and leveraged products carry significant risk, including the risk of total loss and liquidation. Trade responsibly.<\/span><\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sports betting was supposed to be a race to the bottom \u2014 a promo war where every dollar of market share cost more in customer acquisition costs than it generated in revenue. DraftKings appears to be exiting that phase. In Q1 2026, DraftKings posted $1.65 billion in revenue (up 17% year-on-year), its second consecutive quarter [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[484],"tags":[1068,1069],"class_list":["post-17506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-analysis","tag-draftkings-stock-dkng","tag-trade-draftkings-stock"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DraftKings (DKNG): Sports Betting&#039;s Biggest Winner Goes Profitable \u2014 How to Trade DKNG-PERP &#8212; BTSE Blog<\/title>\n<meta name=\"description\" content=\"DraftKings hit second consecutive quarters of GAAP profitability in 2026 while posting 17% revenue growth to $1.65B. Analysts have a $47 price target on a $30 stock. Here&#039;s the story \u2014 and how to trade DKNG-PERP with leverage on BTSE.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.btse.com\/blog\/dkng-perp-draftkings-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings (DKNG): Sports Betting&#039;s Biggest Winner Goes Profitable \u2014 How to Trade DKNG-PERP &#8212; BTSE Blog\" \/>\n<meta property=\"og:description\" content=\"DraftKings hit second consecutive quarters of GAAP profitability in 2026 while posting 17% revenue growth to $1.65B. Analysts have a $47 price target on a $30 stock. 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Analysts have a $47 price target on a $30 stock. Here's the story \u2014 and how to trade DKNG-PERP with leverage on BTSE.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.btse.com\/blog\/dkng-perp-draftkings-stock\/","og_locale":"en_US","og_type":"article","og_title":"DraftKings (DKNG): Sports Betting's Biggest Winner Goes Profitable \u2014 How to Trade DKNG-PERP &#8212; BTSE Blog","og_description":"DraftKings hit second consecutive quarters of GAAP profitability in 2026 while posting 17% revenue growth to $1.65B. Analysts have a $47 price target on a $30 stock. 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