DraftKings (DKNG) 10-K 14 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 12, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41379
Entity Registrant Name	DRAFTKINGS INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	87-2764212
Entity Address, Address Line One	222 Berkeley Street
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	986-6744
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	DKNG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 16.6
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, or the Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001883685
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		489,956,221
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		393,013,951

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Boston, Massachusetts
Auditor Firm ID	243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 788,287	$ 1,270,503
Restricted cash	16,499	11,700
Cash reserved for users	525,407	341,290
Receivables reserved for users	62,542	301,770
Accounts receivable	57,839	47,539
Prepaid expenses and other current assets	83,187	98,565
Total current assets	1,533,761	2,071,367
Property and equipment, net	50,550	60,695
Intangible assets, net	933,121	690,620
Goodwill	1,555,116	886,373
Operating lease right-of-use assets	74,917	93,985
Equity method investments	13,200	10,280
Deposits and other non-current assets	123,060	131,546
Total assets	4,283,725	3,944,866
Current liabilities:
Accounts payable and accrued expenses	661,245	639,599
Liabilities to users	979,453	851,898
Operating lease liabilities, current portion	10,993	11,499
Other current liabilities	3,300	46,624
Total current liabilities	1,654,991	1,549,620
Convertible notes, net of issuance costs	1,256,429	1,253,760
Non-current operating lease liabilities	67,660	80,827
Warrant liabilities	22,033	63,568
Long-term income tax liabilities	76,375	72,810
Other long-term liabilities	195,611	83,975
Total liabilities	3,273,099	3,104,560
Commitments and contingent liabilities (Note 7 and 16)
Stockholders’ equity:
Treasury stock, at cost; 15,651 and 11,901 shares as of December 31, 2024 and 2023, respectively	(563,146)	(412,182)
Additional paid-in capital	7,978,425	7,149,858
Accumulated deficit	(6,441,228)	(5,933,943)
Accumulated other comprehensive income	36,488	36,488
Total stockholders’ equity	1,010,626	840,306
Total liabilities and stockholders’ equity	4,283,725	3,944,866
Class A Common Stock
Stockholders’ equity:
Common stock	48	46
Class B Common Stock
Stockholders’ equity:
Common stock	$ 39	$ 39

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Treasury stock (in shares)	15,651	11,901
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	900,000	900,000
Common stock, issued (in shares)	504,722	484,598
Common stock, outstanding (in shares)	489,071	472,697
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	900,000	900,000
Common stock, issued (in shares)	393,014	393,014
Common stock, outstanding (in shares)	393,014	393,014

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 4,767,699	$ 3,665,393	$ 2,240,461
Cost of revenue	2,950,561	2,292,175	1,484,273
Sales and marketing	1,264,920	1,200,718	1,185,977
Product and technology	397,114	355,156	318,247
General and administrative	764,103	606,569	763,720
Loss from operations	(608,999)	(789,225)	(1,511,756)
Other income (expense):
Interest income	47,259	58,418	21,353
Interest expense	(2,959)	(2,679)	(2,651)
(Loss) gain on remeasurement of warrant liabilities	(4,945)	(57,543)	29,396
Other (loss) gain, net	(23,514)	(224)	20,700
Loss before income tax (benefit) provision and loss from equity method investment	(593,158)	(791,253)	(1,442,958)
Income tax (benefit) provision	(86,341)	10,170	(67,866)
Loss from equity method investment	468	719	2,895
Net loss attributable to common stockholders	$ (507,285)	$ (802,142)	$ (1,377,987)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.05)	$ (1.73)	$ (3.16)
Diluted (in dollars per share)	$ (1.05)	$ (1.73)	$ (3.16)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated  Other Comprehensive Income	Treasury Stock Amount
Beginning balance (in shares) at Dec. 31, 2021				407,781	393,014
Beginning balance at Dec. 31, 2021	$ 1,678,528			$ 41	$ 39	$ 5,702,388	$ (3,753,814)	$ 36,488	$ (306,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				3,267
Exercise of stock options	8,743					8,743
Stock-based compensation	578,799					578,799
Equity consideration issued for acquisitions (in shares)				29,252
Equity consideration issued for acquisitions	460,128			$ 3		460,125
Purchase of treasury stock for RSU withholding (in shares)				(1,560)
Purchase of treasury stock for RSU withholding	(25,519)								(25,519)
Restricted stock unit vesting (in shares)				11,835
Restricted stock unit vesting	1			$ 1
Net loss	(1,377,987)						(1,377,987)
Ending balance (in shares) at Dec. 31, 2022				450,575	393,014
Ending balance at Dec. 31, 2022	$ 1,322,693			$ 45	$ 39	6,750,055	(5,131,801)	36,488	(332,133)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	3,944			3,943
Exercise of stock options	$ 16,540					16,540
Stock-based compensation	378,321					378,321
Equity consideration issued for acquisitions	0
Exercise of warrants (in shares)				153
Exercise of warrants	4,942					4,942
Purchase of treasury stock for RSU withholding (in shares)				(3,211)
Purchase of treasury stock for RSU withholding	(80,049)								(80,049)
Restricted stock unit vesting (in shares)				21,237
Restricted stock unit vesting	1			$ 1
Net loss	(802,142)						(802,142)
Ending balance (in shares) at Dec. 31, 2023		472,697	393,014	472,697	393,014
Ending balance at Dec. 31, 2023	$ 840,306			$ 46	$ 39	7,149,858	(5,933,943)	36,488	(412,182)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	2,227			2,227
Exercise of stock options	$ 9,165					9,165
Stock-based compensation	396,217					396,217
Equity consideration issued for acquisitions (in shares)				8,784
Equity consideration issued for acquisitions	376,702			$ 1		376,701
Exercise of warrants (in shares)				1,011
Exercise of warrants	46,484					46,484
Purchase of treasury stock for RSU withholding (in shares)				(2,608)
Purchase of treasury stock for RSU withholding	(102,897)								(102,897)
Restricted stock unit vesting (in shares)				8,102
Restricted stock unit vesting	$ 1			$ 1
Purchase of treasury stock under Stock Repurchase Program (in shares)	(1,100)			(1,142)
Purchase of treasury stock under Stock Repurchase Program	$ (48,067)								(48,067)
Net loss	(507,285)						(507,285)
Ending balance (in shares) at Dec. 31, 2024		489,071	393,014	489,071	393,014
Ending balance at Dec. 31, 2024	$ 1,010,626			$ 48	$ 39	$ 7,978,425	$ (6,441,228)	$ 36,488	$ (563,146)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net loss attributable to common stockholders	$ (507,285)	$ (802,142)	$ (1,377,987)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	270,854	201,920	169,252
Non-cash interest (income) expense, net	(15)	386	870
Stock-based compensation	381,367	398,463	578,799
Loss (gain) on remeasurement of warrant liabilities	4,945	57,543	(29,396)
Loss from equity method investment	468	719	2,895
Loss (gain) on marketable equity securities and other financial assets, net	12,940	75	(10,999)
Loss on sale of Vegas Sports Information Network, LLC	5,865	0	0
Deferred income taxes	(92,733)	5,849	(73,407)
Other expenses (income), net	6,280	554	(7,268)
Change in operating assets and liabilities, net of effect of acquisitions:
Receivables reserved for users	248,320	(141,687)	(105,320)
Accounts receivable	(10,116)	3,558	2,506
Prepaid expenses and other current assets	(26,266)	2,451	(26,217)
Deposits and other non-current assets	1,701	(19,355)	(4,921)
Operating leases, net	130	6,558	1,304
Accounts payable and accrued expenses	(18,200)	103,593	95,269
Liabilities to users	110,678	165,725	152,985
Long-term income tax liability	3,565	2,952	(9,267)
Other long-term liabilities	25,269	11,087	15,383
Net cash flows provided by (used in) operating activities	417,767	(1,751)	(625,519)
Cash Flows from Investing Activities:
Purchases of property and equipment	(10,176)	(20,902)	(32,402)
Cash paid for internally developed software costs	(95,698)	(80,378)	(64,030)
Acquisition of gaming licenses	(14,983)	(12,105)	(7,213)
Proceeds from marketable equity securities and other financial assets	0	24,425	0
Cash paid for acquisitions, net of cash acquired	(441,487)	0	(96,507)
Other investing activities, net	(4,257)	(1,400)	(8,614)
Net cash flows used in investing activities	(566,601)	(90,360)	(208,766)
Cash Flow from Financing Activities:
Proceeds from exercise of warrants	0	288	44
Purchase of treasury stock for RSU withholding	(102,897)	(80,049)	(25,519)
Purchase of treasury stock under Stock Repurchase Program	(48,067)	0	0
Proceeds from exercise of stock options	9,165	16,540	8,743
Other financing activities	(2,667)	0	0
Net cash flows used in financing activities	(144,466)	(63,221)	(16,732)
Net decrease in cash and cash equivalents, restricted cash, and cash reserved for users	(293,300)	(155,332)	(851,017)
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period	1,623,493	1,778,825	2,629,842
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period	1,330,193	1,623,493	1,778,825
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users
Cash and cash equivalents	788,287	1,270,503	1,309,172
Restricted cash	16,499	11,700	0
Cash reserved for users	525,407	341,290	469,653
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period	1,330,193	1,623,493	1,778,825
Supplemental Disclosure of Noncash Investing and Financing Activities:
Investing activities included in accounts payable and accrued expenses	3,462	569	9,155
Equity consideration issued in connection with acquisitions	376,702	0	460,128
Fair value of contingent consideration in connection with acquisitions	77,965	0	0
Decrease of warrant liabilities from cashless exercise of warrants	46,484	4,654	0
Supplemental Disclosure of Cash Activities:
Increase (decrease) in cash reserved for users	184,117	(128,363)	(7,297)
Cash paid for income taxes	$ 5,268	$ 8,341	$ 10,366

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business We are a digital sports entertainment and gaming company. We provide users with online and retail sports betting (together, “Sportsbook”), online casino (“iGaming”) and daily fantasy sports (“DFS”) product offerings, as well as digital lottery courier, media, and other product offerings. In May 2018, the Supreme Court (the “Court”) struck down on constitutional grounds the Professional and Amateur Sports Protection Act of 1992, a law that prohibited most states from authorizing and regulating sports betting. As of December 31, 2024, 39 U.S. states, the District of Columbia and Puerto Rico have some form of authorized sports betting. Of those 41 jurisdictions, 33 have legalized online sports betting. 32 of those 33 jurisdictions are live, and DraftKings operates in 26 of them. As of December 31, 2024, the U.S jurisdictions with statutes legalizing iGaming are Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia. As of December 31, 2024, we operate our Sportsbook product offering in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Vermont, Virginia, Washington, D.C., West Virginia, Wyoming and Ontario, Canada and we operate retail sportsbooks in Arizona, Colorado, Connecticut, Illinois, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, New Hampshire, New Jersey, Washington and Wisconsin. As of December 31, 2024, the Company offers its iGaming product offering in Connecticut, Michigan, New Jersey, Pennsylvania, West Virginia and Ontario, Canada. The Company also has arrangements in place with land-based casinos to expand operations into additional states upon the passing of relevant legislation, the issuance of related regulations and the receipt of required licenses. As further discussed in Note 3 hereof entitled “Acquisition of Golden Nugget Online Gaming, Inc.,” on May 5, 2022 (the “GNOG Closing Date”), DraftKings Inc. (formerly New Duke Holdco, Inc.) consummated the acquisition of Golden Nugget Online Gaming, Inc., a Delaware corporation (together with its subsidiaries unless the context requires otherwise, “GNOG”), pursuant to a definitive agreement and plan of merger, dated August 9, 2021 (the “GNOG Merger Agreement”), in an all-stock transaction (the “GNOG Transaction”). In connection with the GNOG Transaction, DraftKings Inc. undertook a holding company reorganization whereby (i) each share of DraftKings Holdings Inc. (formerly DraftKings Inc.), a Nevada corporation (“Old DraftKings”), Class A common stock and Class B common stock was converted on a one-for-one basis into a share of DraftKings Inc. Class A common stock and Class B common stock, respectively, and (ii) DraftKings Inc. became the going-forward public company and the direct parent company of both Old DraftKings and GNOG. DraftKings Inc. is the registrant filing this Annual Report on Form 10-K as the successor registrant for Old DraftKings. Unless otherwise indicated or the context otherwise requires, the terms “DraftKings”, the “Company”, “we”, “us” and “our” refer to DraftKings Inc. (or, in respect of periods prior to the GNOG Closing Date, Old DraftKings), together with its consolidated subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Practices	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Practices	Summary of Significant Accounting Policies and Practices Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated upon consolidation. Certain amounts, which are not material, in the prior years’ consolidated financial statements have been reclassified to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, the valuation and expensing of equity awards, accounting for contingencies and uncertainties, purchase price allocations, including fair value estimates of intangible assets, the estimated useful lives of fixed assets and intangible assets, internally developed software costs and accrued expenses. Concentration Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, cash reserved for users, and loans receivable. The Company maintains separate accounts for cash and cash reserved for users primarily across several financial institutions. Some of the amounts held exceed federally insured limits. Management believes all financial institutions holding its cash are of high credit quality and does not believe the Company is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies on a limited number of vendors to support operations. In particular, a single vendor is currently the primary provider of web services that allow the Company to host its Sportsbook, iGaming, DFS and digital lottery courier product offerings. Any interruption in the services provided by this supplier could have a material adverse effect on its business, financial condition and results of operations. The Company’s growth prospects and market potential will depend on its ability to obtain and maintain licenses to operate in a number of jurisdictions, and if the Company fails to obtain and maintain such licenses, its business, financial condition, results of operations and prospects could be impaired. We conduct business in numerous countries that carry high levels of currency, political, compliance and economic risk. For example, we have offices in Ukraine and Israel, and the military conflict between Russia and Ukraine and the evolving conflict in the Middle East and any business interruptions or other spillover effects from such conflicts could adversely affect our operations. Business Combinations The Company accounts for business combinations under the acquisition method of accounting, in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), which requires assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. The fair values of the assets acquired and liabilities assumed are determined based upon the valuation of the acquired business and involve management making significant estimates and assumptions. Acquisition costs are expensed as incurred and recorded in general and administrative expenses on the consolidated statement of operations. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid, unrestricted savings, checking, money market funds with original maturities of less than three months and other bank accounts. Restricted Cash Restricted cash refers to cash that is held by the company but cannot be used for continuing operations. Restricted cash as of December 31, 2024, primarily relates to collateral for a letter of credit in connection with a cyber-security insurance policy. Cash Reserved for Users The Company maintains separate bank accounts to segregate users’ funds from operational funds. In certain regulated jurisdictions, user funds are held by DK Player Reserve LLC, a Delaware limited liability company and wholly owned subsidiary of DraftKings Inc., which was organized for the purpose of protecting users’ funds in the event of creditor claims and complying with certain regulatory requirements of gaming authorities in certain jurisdictions. Receivables Reserved for Users Receivables for user deposits not yet received are stated at the amount the Company expects to collect from a payment processor, which includes an allowance for credit losses, if applicable. These receivables arise, primarily, due to process timing between when a user deposits and when the Company receives that deposit from the payment processor. Accounts Receivable Accounts receivable is recorded at amortized cost, less any allowance for credit losses. The allowance for credit losses is determined based on the Company’s assessment of the probability of non-payment of the receivable after all means of collection have been exhausted and the potential for recovery is considered remote. This provision is netted against the receivable balance with the loss being recognized within general and administrative expenses in the consolidated statements of operations. As of and for the years ending December 31, 2024 and 2023, the provision did not have a material impact on the Company’s consolidated financial statements. Digital Assets and Liabilities In accordance with Staff Accounting Bulletin No. 121 (“SAB 121”), the Company recognized a liability for the obligation to safeguard its users’ assets and recognized an associated asset for non-fungible tokens (“NFTs”) held for its users. Both the liability and the associated asset are measured at the fair value of the NFTs being safeguarded. Refer to “ Note 8 – Fair Value Measurements” hereof for disclosures required in accordance with ASC 820, Fair Value Measurement . On January 23, 2025, the SEC published SAB No. 122 (“SAB 122”) to rescind SAB 121. Full retrospective application of SAB 122 is required for annual periods beginning after December 15, 2024, but entities are permitted to early adopt SAB 122 in any interim or annual financial statement period included in filings with the SEC on or after January 30, 2025. The new guidance requires removal of the safeguarding obligation and corresponding asset from the balance sheet unless a loss contingency exists. The Company does not anticipate this having a material impact upon adoption. Property and Equipment, Net Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed utilizing the straight-line method over the estimated useful life of the asset. Leasehold improvements depreciation is computed over the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are generally as follows: Computer equipment and software 3 years Furniture and fixtures 7 years Leasehold improvements Lesser of the lease terms or the estimated useful lives of the improvements, generally 1–10 years Intangible Assets, Net The Company’s intangible assets primarily consist of developed technology, customer relationships, internally-developed software, gaming market access and licenses, trademarks and tradenames and digital assets. The related amortization expense is classified as cost of revenue in the consolidated statements of operations. Estimates and assumptions that we must make in estimating the fair value of future acquired technology, user lists and other identifiable intangible assets include future cash flows that we expect to generate from the acquired assets. Developed Technology Developed technology primarily relates to the design and development of sports betting and casino gaming software for online and retail sports betting and casino gaming products purchased through acquisitions and recorded at fair value at the date of acquisition. Internally Developed Software Software that is developed for internal use is accounted for pursuant to ASC 350-40, Intangibles, Goodwill and Other—Internal-Use Software . Qualifying costs incurred to develop internal-use software are capitalized when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and perform as intended. These capitalized costs include compensation for employees who develop internal-use software and external costs related to development of internal use software. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Internally developed software is amortized using the straight-line method over an estimated useful life. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, are expensed as incurred. When intangible assets are retired or disposed of, the cost and accumulated amortization thereon are removed, and any resulting gain or losses are included in the consolidated statements of operations. Gaming Market Access and Licenses The Company incurs fees in connection with applying for and maintaining good standing in jurisdictions via business licenses. Fees incurred in connection with the application and subsequent renewals are capitalized and amortized using the straight-line method over an estimated useful life. In certain arrangements, the Company enters into agreements to operate on a business partner’s license in exchange for upfront fees. These fees are capitalized and amortized over the shorter of their expected benefit under the partnership agreement or estimated useful life. Customer Relationships Customer (or “user”) relationships are finite-lived intangible assets, which are amortized over their estimated economic lives. Customer relationships are generally recognized as the result of business combinations. Trademarks and Tradenames The Company incurs fees in connection with applying for and maintaining trademarks and tradenames as well as trademarks and tradenames resulting from acquisitions. Fees incurred in connection with the application and subsequent renewals are capitalized and amortized using the straight-line method over an estimated useful life. Digital Assets The Company has purchased certain digital assets, including crypto currencies, with cash that is not required to currently support its operations. The Company accounts for digital assets in accordance with ASC 350, Intangibles—Goodwill and Other. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value an impairment loss equal to the difference will be recognized in the consolidated statement of operations. We have not recorded any significant impairments. Impairment of Long-Lived Assets Long-lived assets, except for goodwill and indefinite-lived intangible assets, consist of property and equipment and finite-lived acquired intangible assets, such as internal-use software, developed software, gaming licenses, trademarks, tradenames, and customer relationships. Long-lived assets, except for goodwill and indefinite-lived assets, are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. Impairment expense is recognized to the extent an asset’s expected undiscounted future cash flows are less than the asset’s carrying amount. The Company determined that there was no impairment of long-lived assets during 2024, 2023, or 2022. Goodwill The Company performs its evaluation for the impairment of goodwill associated with the Company’s reporting units on an annual basis as of each October 1, or more frequently if an event occurs or circumstances change that would indicate that a reporting unit’s carrying amount may be impaired. The Company reviews its reporting unit structure each year, or more frequently based on changes in our organization. The Company concluded that it has one reporting unit. In 2024 and 2023, the annual goodwill impairment assessment was performed on the Company’s one reporting unit, while in 2022, the Company performed its annual assessment on the historic three reporting units that were then in effect. In the fourth quarter of 2024, 2023 and 2022, as part of its annual evaluations, the Company utilized the option to first assess qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment assessment. As part of these assessments, the Company reviews qualitative factors, which include, but are not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, entity-specific financial performance and other events, such as changes in the Company’s management, strategy and primary user base. In accordance with applicable guidance, an entity is not required to calculate the fair value of a reporting unit if, after assessing these qualitative factors, the Company determines that it is more likely than not that the fair value of each of its reporting units is greater than its respective carrying amount. As of October 1, 2024, 2023 and 2022, the Company determined that it was more likely than not that the fair value of each of its reporting unit exceeded its respective carrying amount and, therefore, a quantitative assessment was not required. As a result, no goodwill impairment resulted from the assessments as of October 1, 2024, 2023 and 2022. As of December 31, 2024, the Company had no accumulated goodwill impairment losses. Contingent Consideration Contingent consideration in a business combination is included as part of the acquisition cost and is recognized at fair value as of the acquisition date. For contingent consideration, management is responsible for determining the appropriate valuation model and estimated fair value, and in doing so, considers a number of factors, including information provided by an outside valuation advisor. Contingent consideration liabilities are reported at their estimated fair values based on probability-adjusted present values of the consideration expected to be paid, using significant inputs and estimates. Key inputs to the valuations are the projections of future financial results in relation to the business, revenue volatility, equity volatility, and operational leverage ratio as well as management judgment regarding the probability of achieving a future performance target. The fair value of contingent consideration liabilities is remeasured each reporting period, with changes in the fair value included in current operations. The remeasured liability amount could be significantly different from the amount at the acquisition date, resulting in material charges or credits in subsequent reporting periods. Equity Method Investments The Company has equity method investments in DKFS, LLC, DBDK Venture Fund I, L.P. and DBDK Venture Fund II, L.P. The Company uses the equity method to account for investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, but it does not exercise control and is not the primary beneficiary. The Company’s judgment regarding its level of influence over the equity method investee includes considering key factors, such as ownership interest, representation on the board of directors, and participation in policy-making decisions. The Company’s carrying value in the equity method investee is reflected in the caption “Equity method investments” on the consolidated balance sheets. Changes in value of DKFS, LLC, DBDK Venture Fund I, L.P. and DBDK Venture Fund II, L.P. are recorded in “Loss (income) from equity method investment” on the consolidated statements of operations. Under the equity method, the Company’s investment is initially measured at cost and subsequently increased or decreased to recognize the Company’s share of income and losses of the investee, capital contributions and distributions and impairment losses. The Company performs a qualitative assessment annually and recognizes an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. There was no such impairment recorded during 2024, 2023, or 2022. Leases The Company determines if an arrangement is a lease at inception and categorizes it as either operating or finance based on the criteria of ASC 842, Leases . An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating leases are recorded in the consolidated balance sheets. The Company currently does not have any finance leases. The Company elects certain practical expedients that include not separating lease and non-lease components and it does not apply the right-of-use (“ROU”) assets and lease liability recognition requirements to short-term leases. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. These leases typically do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. ROUs are recognized at the lease commencement date at the value of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the expected lease term. Liabilities to Users The Company records liabilities for user account balances and pending wagers. User account balances consist of user deposits, most promotional awards and user winnings less user withdrawals, tax withholdings and user losses. Liabilities for user account balances may be covered through a combination of cash reserved for users, receivables reserved for users and surety bonds for the benefit of users. Loss Contingencies The Company’s loss contingencies, which are included within accounts payable and accrued expenses or other long-term liabilities in our consolidated balance sheets, are uncertain by nature and their estimation requires significant management judgment as to the probability of loss and estimation of the amount of such loss. These contingencies include, but may not be limited to, litigation, indirect taxes, regulatory investigations and proceedings and management’s evaluation of complex laws and regulations, and the extent to which they may apply to our business and industry. The Company regularly reviews its contingencies to determine whether the likelihood of loss is probable or reasonably possible and to assess whether a reasonable estimate of the loss can be made. Determination of whether a loss estimate can be made is a complex undertaking that considers the judgement of management, third-party research, the prospect of negotiation and interpretations by regulators and courts, among other information. When a loss is determined to be probable, and the amount of the loss can be reasonably estimated, an estimated contingent liability is recorded and the related legal costs are expensed as incurred. Revenue Recognition The Company records revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard requires more detailed disclosures to enable readers of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. See “Note 9 – Revenue Recognition” for further information. The Company determines revenue recognition through the following steps: • Identify the contract, or contracts, with the customer; • Identify the performance obligations in the contract; • Determine the transaction price; • Allocate the transaction price to performance obligations in the contract; and • Recognize revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services. The Company is currently engaged in the business of digital sports entertainment and gaming and provides its users with online gaming opportunities. The Company also provides online sportsbook and casino operators with technical infrastructure as well as related services with respect to its direct customers and distributors. The following is a description of the Company’s revenue streams: Sportsbook Sportsbook or sports betting involves a user wagering money on an outcome or series of outcomes occurring. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Sportsbook revenue is generated by setting odds such that there is a built-in theoretical margin in each sports wagering opportunity offered to users. Sportsbook revenue is generated from users’ wagers net of payouts made on users’ winning wagers and incentives awarded to users. iGaming iGaming, or online casino, typically includes digital versions of wagering games available in land-based casinos, such as blackjack, roulette and slot machines. For these product offerings, the Company functions similarly to land-based casinos, generating revenue through hold, as users play against the house. iGaming revenue is generated from user wagers net of payouts made on users’ winning wagers and incentives awarded to users. DFS DFS is a peer-to-peer product offering in which contestants compete against one another for prizes. Contestants pay an entry fee to join a DFS contest and compete for prizes, which are distributed to the highest performing contestants in each contest as defined by each contest’s prize table. DFS revenue is generated from contest entry fees from contestants, net of prizes and customer incentives awarded to contestants. Sportsbook, iGaming, and DFS create a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results. Revenue is recognized at the conclusion of each wager, wagering game hand, and contest. Incentives can be used across online gaming product offerings. Additionally, certain incentives given to customers create material rights and represent separate performance obligations. User incentives in certain cases create liabilities when awarded to players and in those cases are generally recognized as revenue upon redemption. Digital Lottery Courier Digital lottery courier revenue is earned by facilitating the purchase of official state lottery tickets on behalf of customers through a mobile application or website. This revenue comes primarily from service fees for processing and fulfilling ticket orders, along with commissions earned from state lotteries on ticket sales and certain winning tickets, where applicable. Revenue is not recognized from the face value of lottery tickets or customer prize winnings, as the service acts solely as a courier and assumes no risk from game outcomes. Media and advertising revenue The Company enters contracts with businesses where it receives consideration in exchange for advertisement activities over the related campaign periods. These services are grouped into advertising promises and sponsored game promises. The advertising packages range from standard ad placements and background ad placements to more high-touch integrations, such as sponsored DFS contest series or custom site takeovers. Media and advertising revenue is generated from business users and recognized ratably over the respective ad periods. Non-fungible token (“NFT”) content The Company launched DraftKings Marketplace (“Marketplace”) during the third quarter of 2021. Marketplace is a digital collectibles (non-fungible token or “NFT”) ecosystem designed for mainstream accessibility that offers curated initial NFT drops (“Primary Sales”). In addition to Primary Sales, owners of NFTs on Marketplace can list their NFTs for sale to other Marketplace customers (“Secondary Sales”). The revenue that the Company earns from Marketplace is primarily based on a specific percentage of the gross value of each Primary Sale or Secondary Sale. The revenue is recognized for each sale when the NFT transfers to the end user. The Company discontinued operations of Marketplace during the third quarter of 2024. Transaction Price Considerations Variability in the transaction price arises primarily due to market-based pricing, cash discounts, revenue sharing and usage-based fees. DraftKings offers loyalty programs, free plays, deposit bonuses, discounts, rebates and other rewards and incentives to its customers. Revenue for Sportsbook, iGaming, DFS and digital lottery courier is collected prior to the contest or event and is fixed once the outcome is known. Prizes paid and payouts made to users are recognized when awarded to the player. Contracts with customers may include multiple performance obligations. For such arrangements, the transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. For Sportsbook, iGaming, DFS and digital lottery courier, the Company allocates a portion of the transaction price to certain customer incentives that create material future customer rights. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage. Certain costs to obtain or fulfill contracts Under ASC 606, certain costs to obtain or fulfill a contract with a customer must be capitalized, to the extent recoverable from the associated contract margin, and subsequently amortized as the products or services are delivered to the customer. These costs are capitalized as contract acquisition costs and are amortized over the period of benefit to the customer. For the Company, the period of benefit is typically less than or equal to one year. As such, the Company applied the practical expedient and contract acquisition costs are expensed immediately. Customer contract costs which do not qualify for capitalization as contract fulfillment costs are expensed as incurred. Contract balances Contract assets and liabilities represent the differences in the timing of revenue recognition from the receipt of cash from the Company’s customers and billings to those customers. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Deferred revenue primarily represents contract liabilities related to the Company’s obligation to transfer future value in relation to in-period transactions in which the Company has received consideration. Such obligations are recognized as liabilities when awarded to users and are recognized as revenue when those liabilities are later resolved. The Company maintains various programs to incentivize user behavior, which allow users to earn awards. Incentive awards generally represent a material right to the user, and awards may be redeemed for future services. Incentive awards earned by users, but not yet redeemed, are generally recognized as a reduction to revenue and included within liabilities to users on our consolidated balance sheets. When a user redeems most types of awards, the Company recognizes revenue on its consolidated statements of operations. Certain player awards are not subject to expiration or have not been expired historically; on such awards the Company recognizes breakage (for amounts not expected to be redeemed) to the extent there is no requirement for remitting such balances to regulatory agencies. In addition to these incentive programs, the Company’s deferred revenue balance also consists of wagered amounts that relate to unsettled or pending outcomes. Cost of Revenue Cost of revenue consists primarily of variable costs. These include mainly (i) product taxes, (ii) payment processing fees and chargebacks, (iii) platform costs directly associated with revenue-generating activities, including those costs that were originally capitalized for internally developed software, (iv) revenue share / market access arrangements, and (v) feed / provider services. The Company incurs payment processing fees on user deposits, withdrawals and deposit reversals from payment processors. Cost of revenue also includes expenses related to the distribution of our services, amortization of intangible assets and compensation of revenue associated personnel. Sales and Marketing Sales and marketing expenses consist primarily of expenses associated with advertising, conferences, costs related to free to play contests, rent and facilities maintenance, and the compensation of sales and marketing personnel, including stock-based compensation expenses. Advertising costs are expensed as incurred and are included in sales and marketing expense in our consolidated statements of operations. Advertising costs include those costs associated with communicating with potential customers and generally use some form of media, such as internet, radio, print, television, or billboards. Advertising costs also include costs associated with strategic league and team partnerships. During the years ended December 31, 2024, 2023 and 2022, advertising costs calculated in accordance with U.S. GAAP were $1,049.6 million , $984.4 million and $964.9 million, respectively. Product and Technology Product and technology expenses consist primarily of research and development costs that are not capitalized and other costs not associated directly with revenue generating activities. Research and development costs primarily represent employee expenses (including stock-based compensation) for engineering product, design, analytical research and project management incurred for non-revenue generating activities. Other costs include related overhead for rent, facilities maintenance, third party software licenses and consulting services. General and Administrative General and administrative expenses consist of costs not related to sales and marketing, product and technology or revenue. General and administrative costs include professional services (including legal, regulatory, audit, accounting, lobbying and services related to acquisitions), rent and facilities maintenance, contingencies, insurance, allowance for credit losses, depreciation of leasehold improvements and furniture and fixtures and costs related to the compensation of executive and non-executive personnel, including stock-based compensation. Benefit Plans The Company maintains a defined contribution plan, which covers a majority of employees. The plan allows for employee salary deferrals, which are matched at the Company’s discretion. The Company contributions to these plans were $13.0 million, $11.6 million and $9.3 million in 2024, 2023 and 2022, respectively. Stock-based Compensation The Company measures compensation cost for stock options and other

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combinations	Business Combinations 2024 Business Combinations Acquisition of Jackpocket Inc. ( “ Jackpocket ” ) On February 11, 2024, the Company entered into a definitive agreement (the “Jackpocket Merger Agreement”) to acquire Jackpocket, which is a digital lottery courier app in the United States (the “Jackpocket Transaction”). On May 22, 2024 (the “Jackpocket Closing Date”), DraftKings consummated the Jackpocket Transaction, and, under the terms of the Jackpocket Merger Agreement and subject to certain exclusions contained therein, Jackpocket stockholders received approximately $452.3 million of cash consideration and approximately $320.8 million of equity consideration. The acquisition of Jackpocket allows DraftKings to participate in the U.S. digital lottery courier product offering with expected ancillary benefits to its Sportsbook and iGaming product offerings by enhancing customer lifetime value and customer acquisition capabilities. Operating results for Jackpocket on and after the Jackpocket Closing Date are included in the Company’s consolidated statements of operations for the year ended December 31, 2024. Because the Company is integrating Jackpocket ’ s operations into its consolidated operating activities, the amount of revenue and earnings attributable to the Jackpocket business from the Jackpocket Closing Date through December 31, 2024, which is included within revenue and loss attributable to common stockholders in the Company’s consolidated statements of operations, is impracticable to determine. Preliminary Purchase Price Accounting for the Jackpocket Transaction On the Jackpocket Closing Date, the Company acquired 100% of the equity interests of Jackpocket pursuant to the Jackpocket Merger Agreement. The following is a summary of the consideration issued or paid on the Jackpocket Closing Date: Cash consideration $ 452,322 Equity consideration (1) 320,783 Total consideration $ 773,105 (1) Includes the issuance of approximately 7.5 million shares of DraftKings Inc.’s Class A common stock issued at $41.90 per share and 6.2 million of options exercisable for shares of DraftKings Inc. ’ s Class A common stock, which were issued to certain Jackpocket employee option holders in exchange for their Jackpocket options. The purchase price allocation for Jackpocket set forth herein is preliminary and subject to change within the measurement period, which will not extend beyond one year from the Jackpocket Closing Date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined and may include adjustments pertaining to tax liabilities assumed, including the calculation of deferred tax assets and liabilities, which remain preliminary as of December 31, 2024. Any such adjustments may be material. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in connection with the consummation of the Jackpocket Transaction on the Jackpocket Closing Date. The values set forth below are preliminary, pending finalization of valuation analyses: Cash and cash equivalents $ 45,999 Cash reserved for users 23,349 Receivables reserved for users 9,092 Prepaid expenses and other current assets 4,151 Property and equipment 1,523 Intangible assets 269,736 Operating lease right-of-use assets 2,579 Deposits and other non-current assets 136 Total identifiable assets acquired 356,565 Liabilities assumed: Accounts payable and accrued expenses 33,961 Liabilities to users 16,877 Operating lease liabilities 2,580 Other long-term liabilities 80,463 Total liabilities assumed 133,881 Net assets acquired (a) 222,684 Purchase consideration (b) 773,105 Goodwill (b) – (a) $ 550,421 Goodwill represents the excess of the gross consideration transferred over the difference between the fair value of the underlying net assets acquired and the underlying liabilities assumed. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of benefits from securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a market participant, as well as acquiring a talented workforce and cost savings opportunities. Goodwill recognized is not deductible for tax purposes. Goodwill associated with the Jackpocket Transaction is assigned as of the Jackpocket Closing Date to the Company’s consolidated reporting unit. As Jackpocket ’ s financial results prior to the acquisition are not material to the Company’s consolidated financial statements, the Company has elected to not include pro forma results. Intangible Assets Fair Value Weighted- Customer Relationships $ 174,000 8.0 years Developed Technology 67,000 5.0 years Trade Name 27,000 7.0 years Market Access 1,736 2.9 years Total $ 269,736 Intangible assets consist of customer relationships, developed technology, trade name and market access. We used variations of income approaches with estimates and assumptions developed by us to determine the fair values of customer relationships, developed technology, and trade name. We valued customer relationships by using the multi-period excess earnings method which requires the use of significant estimates and assumptions, including revenue growth rates, attrition rates, operating margin and discount rates. For developed technology and trade name, we used the relief from royalty method including the use of significant estimates and assumptions including royalty rates and discount rates. For market access, cost approximated fair value. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. Transaction Costs For each of the years ended December 31, 2024 and 2023, the Company incurred $11.3 million and $1.5 million in advisory, legal, accounting and management fees in connection with the Jackpocket Transaction, respectively, which are included in general and administrative expenses on the Company’s consolidated statements of operations. Acquisition of Simplebet, Inc. (“Simplebet”) On August 28, 2024, the Company entered into a definitive agreement (the “Simplebet Merger Agreement”) to acquire Simplebet, which is a leading sports betting provider of in-play micromarket content and pricing (the “Simplebet Transaction”). On December 3, 2024 (the “Simplebet Closing Date”), DraftKings consummated the Simplebet Transaction, and, under the terms of the Simplebet Merger Agreement and subject to certain exclusions contained therein, Simplebet stockholders received approximately $36.0 million of cash consideration and approximately $45.1 million of equity consideration. The present value of the contingent consideration of $53.5 million at the acquisition date, which is payable upon, and subject to, the achievement of certain performance targets, is included in other long term liabilities on the consolidated balance sheet. Operating results for Simplebet on and after the Simplebet Closing Date are included in the Company’s consolidated statements of operations for the year ended December 31, 2024. Because the Company is integrating Simplebet’s operations into its consolidated operating activities, the amount of revenue and earnings attributable to the Simplebet business from the Simplebet Closing Date through December 31, 2024, which is included within revenue and loss attributable to common stockholders in the Company’s consolidated statements of operations, is impracticable to determine. Preliminary Purchase Price Accounting for the Simplebet Transaction On the Simplebet Closing Date, the Company acquired 100% of the equity interests of Simplebet pursuant to the Simplebet Merger Agreement. The following is a summary of the consideration issued or paid on the Simplebet Closing Date: Cash consideration $ 35,965 Equity consideration (1) 45,145 Contingent consideration (2) 53,535 Total consideration $ 134,645 (1) Includes the issuance of approximately 1.0 million shares of DraftKings Inc.’s Class A common stock issued at $43.97 per share. (2) Contingent consideration of up to 3.5 million shares of DraftKings Inc.’s Class A common stock may be payable over the next two years, subject to the achievement of certain future performance targets for the Company as a whole. The Company recorded a fair value estimate of the contingent consideration, as disclosed in “Note 8 – Fair Value Measurement”. The purchase price allocation for Simplebet set forth herein is preliminary and subject to change within the measurement period, which will not extend beyond one year from the Simplebet Closing Date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined and may include adjustments pertaining to intangible assets acquired and tax liabilities assumed, including the calculation of deferred tax assets and liabilities. Any such adjustments may be material. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in connection with the consummation of the Simplebet Transaction on the Simplebet Closing Date. The values set forth below are preliminary, pending finalization of valuation analyses: Cash and cash equivalents $ 5,002 Accounts receivable 931 Prepaid expenses and other current assets 282 Operating lease right-of-use assets 144 Property and equipment 32 Intangible assets 62,120 Total identifiable assets acquired 68,511 Liabilities assumed: Accounts payable and accrued expenses 5,374 Operating lease liabilities 144 Other long-term liabilities 11,500 Total liabilities assumed 17,018 Net assets acquired (a) 51,493 Estimated purchase consideration (b) 134,645 Estimated goodwill (b) - (a) $ 83,152 Goodwill represents the excess of the gross consideration transferred over the difference between the fair value of the underlying net assets acquired and the underlying liabilities assumed. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of benefits from securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a market participant, as well as acquiring a talented workforce and cost savings opportunities. Goodwill recognized is not deductible for tax purposes. Goodwill associated with the Simplebet Transaction is assigned as of the Simplebet Closing Date to the Company’s consolidated reporting unit. As Simplebet’s financial results are not material to the Company’s consolidated financial statements, the Company has elected to not include pro forma results. The Company recorded intangible assets related to developed technology of $62.1 million that will be amortized over six years. We valued developed technology by using the multi-period excess earnings method. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, and discount rates. We amortize definite-lived assets based on the pattern over which we expect to receive the economic benefit from these assets. Transaction Costs For the year ended December 31, 2024, the Company incurred $4.5 million in advisory, legal, accounting and management fees in connection with the Simplebet Transaction, which are included in general and administrative expenses on the Company’s consolidated statements of operations. Other 2024 Acquisitions During the year ended December 31, 2024, the Company acquired 100% of the equity interest of Sports IQ Analytics Inc. (“SIQ”) and Dijon Systems Limited (“Dijon”). SIQ and Dijon were acquired for aggregate cash payments of $28.2 million and aggregate equity consideration of $10.8 million on the respective closing dates of such acquisitions. In addition, the Company is subject to contingent consideration payments of up to $33.3 million for both of their acquisitions, subject to the achievement of certain performance targets, with a preliminary fair value estimate of $24.4 million included in other current liabilities and other long term liabilities on the consolidated balance sheet. The Company recorded goodwill of $35.2 million, of which none will be deductible for tax purposes. In addition, the Company recorded intangible assets of $34.9 million that will be amortized over seven years as well as deferred tax liability of $7.7 million, in relation to these acquisitions. For the year ended December 31, 2024, the Company incurred $1.7 million in advisory, legal, accounting and management fees in connection with these acquisitions, which are included in general and administrative expenses on the Company’s consolidated statements of operations. As financial results of SIQ and Dijon are not material to the Company’s consolidated financial statements, the Company has elected to not include pro forma results. 2022 Business Combinations Acquisition of Golden Nugget Online Gaming, Inc. On May 5, 2022, DraftKings consummated the GNOG Transaction, and, under the terms of the GNOG Merger Agreement and subject to certain exclusions contained therein, GNOG stockholders received a fixed ratio of 0.365 shares of DraftKings Inc.’s Class A common stock for each share of GNOG that they held on the GNOG Closing Date. DraftKings Inc. issued approximately 29.3 million shares of its Class A common stock in connection with the consummation of the GNOG Transaction. Operating results for GNOG on and after the GNOG Closing Date are included in the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022. Because the Company was integrating GNOG’s operations into its consolidated operating activities, the amount of revenue and earnings attributable to the GNOG business for 2022, which is included within revenue and net loss attributable to common stockholders in the Company’s consolidated statements of operations , was impracticable to determine. Purchase Price Accounting for the GNOG Transaction On the GNOG Closing Date, the Company acquired 100% of the equity interests of GNOG pursuant to the GNOG Merger Agreement. The following is a summary of the consideration issued on the GNOG Closing Date: Share consideration (1) $ 460,128 Other consideration (2) 143,337 Total consideration $ 603,465 (1) Includes the issuance of approximately 29.3 million shares of DraftKings Inc.’s Class A common stock issued at a price of $15.73. (2) Includes (i) $170.9 million of payments made by the Company on behalf of GNOG, including repayment of the outstanding portion of GNOG’s term loan (including the associated prepayment premium) and payment of certain of GNOG’s transaction expenses incurred in connection with the GNOG Transaction and (ii) warrants that were exercisable for shares of GNOG Class A common stock prior to the GNOG Closing Date, which were assumed by DraftKings in connection with the GNOG Transaction and became eligible to be converted into approximately 2.1 million shares of DraftKings Inc.’s Class A common stock in the aggregate. These payments were partially offset by commercial credits received by the Company from Fertitta Entertainment, Inc. (“FEI”), which can be applied by the Company from time to time to offset future amounts otherwise owed by it to FEI or its affiliates under commercial arrangements among such parties, subject to certain limited exceptions. The following table summarizes the consideration issued or paid in connection with the GNOG Transaction and the fair value of the assets acquired and liabilities assumed in connection with the consummation of the GNOG Transaction on the GNOG Closing Date: Cash and cash equivalents $ 66,709 Cash reserved for users 7,633 Receivables reserved for users 2,814 Accounts receivables 7,783 Prepaid expenses and other current assets 64 Property and equipment, net 1,433 Intangible assets, net 315,000 Operating lease right-of-use assets 1,185 Deposits and other non-current assets 47,395 Total identifiable assets acquired 450,016 Liabilities assumed: Accounts payable and accrued expenses 32,989 Liabilities to users 4,314 Operating lease liabilities 1,185 Other long-term liabilities 78,781 Total liabilities assumed 117,269 Net assets acquired (a) 332,747 Purchase consideration (b) 603,465 Goodwill (b) – (a) $ 270,718 Goodwill represents the excess of the gross consideration transferred over the difference between the fair value of the underlying net assets acquired and the underlying liabilities assumed. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of benefits from securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a market participant, as well as acquiring a talented workforce and cost savings opportunities. Goodwill recognized is partially deductible for tax purposes, and the amount of deductible goodwill was determined to be $160.7 million. Intangible Assets Fair Value Weighted- Gaming licenses $ 145,000 12.2 years Customer relationships 170,000 5.9 years Total $ 315,000 Loan Receivable The Company acquired a long-term receivable in the amount of $30.1 million in connection with the GNOG Transaction, which originally resulted from a $30.0 million mezzanine loan (the “Danville GN Casino Loan”) by GNOG to certain parties before the GNOG Closing Date to develop and construct a “Golden Nugget”-branded casino in Danville, Illinois, pending regulatory approvals, that would enable GNOG to obtain market access to the State of Illinois. There has been no significant deterioration of credit quality since the origination date of the Danville GN Casino Loan. The receivable related to the Danville GN Casino Loan is classified within deposits and other non-current assets on the Company’s consolidated balance sheet. Transaction Costs For the year ended December 31, 2022, the Company incurred $14.9 million in advisory, legal, accounting and management fees in connection with the GNOG Transaction, which are included in general and administrative expenses on the Company’s consolidated statements of operations. Unaudited Pro-Forma Information The financial information in the table below summarizes the combined results of operations of Old DraftKings and GNOG, on an actual and a pro forma basis, as applicable, as though the companies had been combined as of January 1, 2022. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the GNOG Transaction had been consummated as of the beginning of the periods presented or of results that may occur in the future. Year Ended December 31, 2022 Revenue $ 2,284,596 Net loss $ (1,375,161)

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consists of the following: December 31, 2024 December 31, 2023 Computer equipment and software $ 73,440 $ 70,243 Furniture and fixtures 9,131 8,594 Leasehold improvements 56,346 57,309 Property and Equipment 138,917 136,146 Accumulated depreciation (88,367) (75,451) Property and Equipment, net $ 50,550 $ 60,695 During the years ended December 31, 2024, 2023, and 2022 the Company recorded depreciation expense on property and equipment of $21.1 million , $20.4 million, and $18.7 million, respectively. The value of property and equipment, net in foreign countries is $2.9 million and $4.0 million as of December 31, 2024 and 2023, respectively. No other country or region represents greater than 10% of our total property and equipment, net as of the dates presented, other than the United States.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets As of December 31, 2024, intangible assets, net consists of the following: Weighted- Gross Accumulated Net Amortized intangible assets: Developed technology 4.4 years $ 590,231 $ (260,786) $ 329,445 Internally developed software 2.3 years 333,437 (166,456) 166,981 Gaming market access and licenses 8.4 years 221,479 (68,402) 153,077 Customer relationships 6.1 years 442,528 (192,055) 250,473 Trademarks, tradenames and other 5.9 years 46,253 (14,895) 31,358 1,633,928 (702,594) 931,334 Indefinite-lived intangible assets: Digital assets, net of impairment Indefinite-lived 1,787 N/A 1,787 Intangible assets, net $ 1,635,715 $ (702,594) $ 933,121 As of December 31, 2023, intangible assets, net consisted of the following: Weighted- Gross Accumulated Net Amortized intangible assets: Developed technology 4.4 years $ 422,900 $ (193,247) $ 229,653 Internally developed software 2.3 years 236,644 (108,169) 128,475 Gaming market access and licenses 10.6 years 218,760 (47,941) 170,819 Customer relationships 4.1 years 269,728 (127,862) 141,866 Trademarks and tradenames 3.3 years 37,674 (20,751) 16,923 1,185,706 (497,970) 687,736 Indefinite-lived intangible assets: Digital assets, net of impairment Indefinite-lived 2,884 N/A 2,884 Intangible assets, net $ 1,188,590 $ (497,970) $ 690,620 During the years ended December 31, 2024, 2023, and 2022 the Company recorded amortization expense on intangible assets of $249.9 million , $180.9 million , and $150.6 million , respectively. Future cash flows associated with the Company’s intangible assets are not expected to be materially affected by its ability to renew or extend its arrangements. The table below shows expected amortization expense for the next five years of intangible assets recorded as of December 31, 2024: Year Ending December 31, Estimated Amortization 2025 $ 237,285 2026 204,479 2027 176,694 2028 106,425 2029 66,480 Goodwill The changes in the carrying value of goodwill were as follows: Total Balance as of December 31, 2022 $ 886,373 Goodwill resulting from acquisitions — Balance as of December 31, 2023 $ 886,373 Goodwill resulting from acquisitions 668,743 Balance as of December 31, 2024 $ 1,555,116

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: December 31, 2024 December 31, 2023 Accounts payable $ 53,662 $ 34,127 Accrued compensation and related expenses 87,192 94,830 Accrued marketing 94,136 100,840 Accrued partnership fees 113,299 136,338 Accrued processor fees 28,985 21,357 Accrued product taxes 130,401 116,501 Accrued professional fees and litigation 68,835 53,870 Accrued software and license fees 21,747 25,829 Deferred revenue 46,390 43,634 Accrued other expenses 16,598 12,273 Total $ 661,245 $ 639,599

Current and Long-term Liabiliti

Current and Long-term Liabilities	12 Months Ended
	Dec. 31, 2024
Current and Long-term Liabilities
Current and Long-term Liabilities	Current and Long-term Liabilities Revolving Line of Credit On December 20, 2022, the Company entered into a loan and security agreement with Pacific Western Bank and Citizens Bank, as lenders (as amended, the “Old Credit Agreement”), which provides the Company with a revolving line of credit of up to $125.0 million (the “Old Revolving Line of Credit”). The Old Credit Agreement maturity date was extended from December 20, 2024 to December 31, 2025, effective July 31, 2024. On November 7, 2024, the Company entered into a credit agreement (the “New Credit Agreement”) with various financial institutions, as lenders, and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, providing for a senior secured revolving credit facility of up to $500.0 million (the “New Revolving Credit Facility”). The New Revolving Credit Facility has a maturity date of November 7, 2029. In conjunction with the New Credit Agreement and New Revolving Credit Facility, the Old Credit Agreement and Old Revolving Line of Credit were terminated. Revolving loans under the New Revolving Credit Facility bear interest at the Company’s election at either (i) Term SOFR (as defined in the New Credit Agreement), plus an applicable margin ranging from 1.75% to 2.25% depending on the Company’s Net First Lien Leverage Ratio (as defined in the New Credit Agreement) or (ii) a base rate that is equal to the greatest of (a) the federal funds rate plus 0.50%, (b) the prime rate and (c) Term SOFR for a one month interest period plus 1.00%, in each case plus an additional applicable margin ranging from 0.75% to 1.25% depending on the Company’s Net First Lien Leverage Ratio. In addition, the Company is required to pay a commitment fee quarterly in arrear ranging from 0.25% to 0.375% per annum of the unused portion of the New Revolving Credit Facility depending on the Company’s Net First Lien Leverage Ratio. As of December 31, 2024, the New Credit Agreement provided a revolving line of credit of up to $500.0 million, and there was no principal outstanding under the New Credit Agreement. As of December 31, 2024, $10.0 million in letters of credit were issued under the New Credit Agreement, with $490.0 million available for borrowing. The performance of the Company’s obligations under the New Credit Agreement is secured by a first-priority security interest on substantially all of its assets. The New Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including dividend restrictions and a financial covenant that the Company is required to maintain a Net First Lien Leverage Ratio not to exceed 4.50:1.00, which is tested only if the aggregate amount of (i) revolving loans outstanding and (ii) letters of credit outstanding under the New Revolving Credit Facility in excess of a specified threshold (unless cash collateralized) is in excess of 40% of the total amount under the New Revolving Credit Facility. Convertible Notes and Capped Call In March 2021, Old DraftKings issued zero-coupon convertible senior notes in an aggregate principal amount of $1,265.0 million, which includes proceeds from the full exercise of the over-allotment option (collectively, the “Convertible Notes”). The Convertible Notes will mature on March 15, 2028 (the “Notes Maturity Date”), subject to earlier conversion, redemption or repurchase. In connection with the issuance of the Convertible Notes, Old DraftKings incurred $17.0 million of lender fees and $1.7 million of debt financing costs, which are being amortized through the Notes Maturity Date. The Convertible Notes represent senior unsecured obligations of Old DraftKings, which are being amortized through the Notes Maturity Date. On May 5, 2022, in connection with the consummation of the GNOG Transaction, (i) DraftKings Inc. agreed to fully and unconditionally guarantee all of Old DraftKings’ obligations under the Convertible Notes and the indenture governing the Convertible Notes and (ii) each Convertible Note which was outstanding as of the consummation of the GNOG Transaction and previously convertible into shares of Old DraftKings Class A common stock became convertible into shares of DraftKings Inc. Class A common stock. The Convertible Notes are convertible at an initial conversion rate of 10.543 shares of DraftKings Inc.’s Class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of $94.85 per share of DraftKings Inc.’s Class A common stock. The conversion rate is subject to adjustment upon the occurrence of certain specified events and includes a make-whole adjustment upon early conversion in connection with a make-whole fundamental change (as defined in the indenture governing the Convertible Notes). For the years ended December 31, 2024, 2023 and 2022 there were no changes to the initial conversion price. Prior to September 15, 2027, the Convertible Notes will be convertible by the holder only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the Notes Maturity Date. Old DraftKings will satisfy any conversion election by paying or delivering, as the case may be, cash, shares of DraftKings Inc.’s Class A common stock or a combination of cash and shares of DraftKings Inc.’s Class A common stock. During 2022, the conditions allowing holders of the Convertible Notes to convert their Convertible Notes were triggered by the holding company reorganization in connection with the GNOG Transaction, whereby DraftKings Inc. became the going-forward public company and replaced Old DraftKings as the issuer of the Class A common stock issuable upon conversion of the Convertible Notes; such conversion window expired on June 27, 2022, and no holders of the Convertible Notes exercised their conversion rights. As of December 31, 2024, no conditions were met to allow for the conversion of the Convertible Notes by any holder. In connection with the pricing of the Convertible Notes and the exercise of the over-allotment option to purchase additional notes, Old DraftKings entered into a privately negotiated capped call transaction (“Capped Call Transactions”). The Capped Call Transactions have a strike price of $94.85 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Convertible Notes. The Capped Call Transactions have an initial cap price of $135.50 per share, subject to certain adjustments. The Capped Call Transactions are expected generally to reduce potential dilution to DraftKings Inc.’s Class A common stock upon any conversion of Convertible Notes. As the transaction qualifies for equity classification, the net cost of $124.0 million incurred in connection with the Capped Call Transactions was recorded as a reduction to additional paid-in capital on the Company's consolidated balance sheet. As of December 31, 2024, the Company’s convertible debt balance was $1,256.4 million, net of unamortized debt issuance costs of $8.6 million. The amortization of debt issuance costs were $2.7 million, $2.7 million and $2.7 million in 2024, 2023 and 2022, respectively, and these costs are included in the interest expense line-item on the Company's consolidated statements of operations. Although recorded at amortized cost on the Company’s consolidated balance sheets, the estimated fair value of the Convertible Notes was $1,076.9 million and $1,025.6 million as of December 31, 2024 and 2023, respectively, which was calculated using the estimated or actual bids and offers of the Convertible Notes in an over-the-counter market on the last business day of the period, which is a Level 1 fair value measurement. Indirect Taxes Taxation of e-commerce is becoming more prevalent and could negatively affect the Company’s business as it primarily pertains to DFS and its contestants. The ultimate impact of indirect taxes on the Company’s business is uncertain, as is the period required to resolve this uncertainty. The Company’s estimated contingent liability for indirect taxes represents the Company’s best estimate of tax liability in jurisdictions in which the Company believes taxation is probable. The Company frequently reevaluates its tax positions for appropriateness. Indirect tax statutes and regulations are complex and subject to differences in application and interpretation. Tax authorities may impose indirect taxes on Internet-delivered activities based on statutes and regulations which, in some cases, were established prior to the advent of the Internet and do not apply with certainty to the Company’s business. The Company’s estimated contingent liability for indirect taxes may be materially impacted by future audit results, litigation and settlements, should they occur. The Company’s activities by jurisdiction may vary from period to period, which could result in differences in the applicability of indirect taxes from period to period. As of December 31, 2024, and December 31, 2023, the Company’s estimated contingent liability for indirect taxes was $84.7 million and $71.2 million, respectively. The estimated contingent liability for indirect taxes is recorded within other long-term liabilities on our consolidated balance sheets and general and administrative expenses on our consolidated statements of operations. Warrant Liabilities As part of the initial public offering of Diamond Eagle Acquisition Corp. (“DEAC”) on May 14, 2019 (the “IPO”), DEAC issued 13.3 million warrants, each of which entitles the holder to purchase one share of DraftKings Inc.’s Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, DEAC completed the private sale of 6.3 million warrants to DEAC’s sponsor (the “Private Warrants”) where each whole warrant entitles the holder to purchase one share of DraftKings Inc.’s Class A common stock at an exercise price of $11.50 per share. As of December 31, 2024, there were no Public Warrants outstanding and 0.4 million Private Warrants outstanding. As of December 31, 2023, there were no Public Warrants outstanding and 1.4 million Private Warrants outstanding. On May 5, 2022, in connection with the consummation of the GNOG Transaction, Old DraftKings entered into an assignment and assumption agreement (the “Old DraftKings Warrant Assignment Agreement”) with DraftKings Inc., Computershare Trust Company, N.A. and Computershare Inc. (together, “Computershare”), pursuant to which Old DraftKings assigned to DraftKings Inc. all of its rights, interests and obligations under the warrant agreement, dated as of May 10, 2019 (the “Old DraftKings Warrant Agreement”), by and between DEAC and Continental Stock Transfer & Trust Company, as warrant agent, as assumed by Old DraftKings and assigned to Computershare by that certain assignment and assumption agreement, dated as of April 23, 2020, governing Old DraftKings’ outstanding Private Warrants, on the terms and conditions set forth in the Old DraftKings Warrant Assignment Agreement. In connection with the consummation of the GNOG Transaction and pursuant to the Old DraftKings Warrant Assignment Agreement, each of the outstanding Private Warrants became exercisable for one share of DraftKings Inc. Class A common stock on the existing terms and conditions, except as otherwise described in the Old DraftKings Warrant Assignment Agreement. In addition, on May 5, 2022, in connection with the consummation of the GNOG Transaction, the Company assumed an additional 5.9 million warrants, each of which entitled the holder to purchase one share of GNOG’s Class A common stock at an exercise price of $11.50 per share (the “GNOG Private Warrants”). Effective as of the consummation of the GNOG Transaction, each of the outstanding GNOG Private Warrants became exercisable, at a price of $31.50, for 0.365 of a share of DraftKings Inc.’s Class A common stock, or approximately 2.1 million shares of DraftKings Inc.’s Class A common stock in the aggregate, on the existing terms and conditions of such GNOG Private Warrants, except as otherwise described in the assignment and assumption agreement relating to the GNOG Private Warrants entered into on the GNOG Closing Date. As of December 31, 2024 and 2023, there were 3.0 million and 5.9 million GNOG Private Warrants outstanding, respectively. The Company classified its Public Warrants, Private Warrants and GNOG Private Warrants pursuant to ASC 815 as derivative liabilities with subsequent changes in their respective fair values recognized in its consolidated statement of operations at each reporting date. As of December 31, 2024, and 2023 the fair value of the Company’s warrant liability was $22.0 million and $63.6 million, respectively. Due to fair value changes the Company recorded a loss on remeasurement of warrant liabilities of $4.9 million, and $57.5 million, in 2024 and 2023, respectively, and a gain on remeasurement of warrant liabilities of $29.4 million in 2022. In 2024, 1.0 million Private Warrants and 2.9 million GNOG Private Warrants were exercised resulting in a reclassification to additional paid-in-capital in the amount of $32.8 million and $13.7 million, respectively. These exercises resulted in the issuance of approximately 1.0 million shares of DraftKings Inc. Class A common stock as all were exercised on a cashless basis. In 2023, 0.2 million Private Warrants were exercised resulting in a reclassification to additional paid-in-capital in the amount of $4.6 million, and no GNOG Private Warrants were exercised. In 2022, a de minimis number of Private Warrants and no GNOG Private Warrants were exercised. See “Note 8 – Fair Value Measurements” and “Note 14 – Loss Per Share” for further information on the Company’s warrant liabilities.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value and nonrecurring fair value measurements are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of December 31, 2024 and 2023 based on the three-tier fair value hierarchy: December 31, 2024 Level 1 Level 2 Level 3 Total Assets Other non-current assets: Derivative instruments $ — $ — $ 7,059 (4) $ 7,059 Equity securities — 13,533 (3) — 13,533 Total $ — $ 13,533 $ 7,059 $ 20,592 Liabilities Other current liabilities $ — $ — $ 3,300 (6) $ 3,300 Warrant liabilities — 22,033 (5) — 22,033 Other long-term liabilities — — 74,665 (6) 74,665 Total $ — $ 22,033 $ 77,965 $ 99,998 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 250,055 (1) $ — $ — $ 250,055 Other current assets: Digital assets held for users — 46,624 (2) — 46,624 Other non-current assets: Derivative instruments — — 19,999 (4) 19,999 Equity securities — 13,533 (3) — 13,533 Total $ 250,055 $ 60,157 $ 19,999 $ 330,211 Liabilities Other current liabilities: Digital assets held for users $ — $ 46,624 (2) $ — $ 46,624 Warrant liabilities — 63,568 (5) — 63,568 Total $ — $ 110,192 $ — $ 110,192 (1) Represents the Company’s money market funds, which are classified as Level 1 because the Company measures these assets to fair value using quoted market prices. (2) Represents the asset and liability balance for the digital assets held by the Company for its users, which are classified as Level 2 because the Company measures these digital assets to fair value using latest transaction price for similar transactions. (3) Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures these assets to fair value using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets. (4) Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments to fair value using option pricing models and, accordingly, classifies these assets as Level 3. There were no new Level 3 derivative instruments purchased by or issued to the Company for the years ended December 31, 2024 and 2023. The key inputs to the valuations are underlying stock price, volatility and risk free rate. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other income, net on the consolidated statements of operations and Loss on marketable equity securities and other financial assets, net in the consolidated statement of cash flows. (5) The Company measures its Private Warrants and the GNOG Private Warrants to fair value using a binomial lattice model or a Black-Scholes model, where appropriate, with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2. Key assumptions used in the valuation of the Private Warrants and GNOG Private Warrants include term, risk free rate and volatility. See “Note 7 – Current and Long-term Liabilities” and “Note 14 – Loss Per Share” for further information on the Company’s warrant liabilities. (6) Represents the contingent consideration issuable to former SIQ, Dijon and Simplebet securityholders in connection with the SIQ Transaction, Dijon Transaction and Simplebet Transaction upon the achievement of certain performance targets. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. The key inputs to the valuations are the projections of future financial results in relation to the business, revenue risk premium, revenue volatility, and operational leverage ratio as well as management judgment regarding the probability of achieving a future performance target. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure contingent consideration at fair value. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other income, net on the consolidated statements of operations. December 31, 2024 Significant Unobservable Input of Level 3 Investments Range (Weighted Average) Revenue volatility 17.3% - 17.7% (17.6%) Equity volatility 53.4% - 60.0% (55.3%) Operational leverage ratio 65.0% - 70.0% (66.4%) During 2024, the Company recorded an unrealized loss of $12.9 million in the aggregate for its Level 3 financial assets. The Company did not record any unrealized gains or losses for its Level 3 financial assets dur ing 2023, and

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Deferred Revenue The Company included deferred revenue within accounts payable and accrued expenses and liabilities to users in the consolidated balance sheets. The deferred revenue balances were as follows: Year Ended December 31, 2024 2023 2022 Deferred revenue, beginning of the period $ 174,212 $ 133,851 $ 91,554 Deferred revenue, end of the period $ 166,463 $ 174,212 $ 133,851 Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period $ 171,307 $ 129,246 $ 74,837 Deferred revenue primarily represents contract liabilities related to the Company’s obligation to transfer future value in relation to in period transactions in which the Company has received consideration. These obligations are primarily related to incentive programs and wagered amounts associated with unsettled or pending outcomes that fluctuate based on volume of activity. Such obligations are recognized as liabilities when awarded to users and are recognized as revenue when those liabilities are later resolved, in subsequent periods. Revenue Disaggregation We disaggregate revenue from contracts with customers by product vertical and geography, as we believe it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Disaggregation of revenue for years ended December 31, 2024, 2023 and 2022 are as follows: Year Ended December 31, 2024 2023 2022 Sportsbook $ 2,902,857 $ 2,106,403 $ 1,032,785 iGaming 1,507,808 1,216,749 821,847 Other 357,034 342,241 385,829 Total Revenue $ 4,767,699 $ 3,665,393 $ 2,240,461 Sportsbook revenue includes Online Sportsbook and Retail Sportsbook. Other revenue primarily includes DFS, digital lottery courier, gaming software, media and advertising revenue and Marketplace. The following table presents the Company’s revenue by geographic region for the periods indicated: Year Ended December 31, 2024 2023 2022 United States $ 4,649,136 $ 3,595,622 $ 2,196,803 International (1) 118,563 69,771 43,658 Total Revenue $ 4,767,699 $ 3,665,393 $ 2,240,461 (1)

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders’ Equity (Deficit) Class A Common Stock Holders of Class A common stock are entitled to cast one vote per share of Class A common stock. Holders of Class A common stock are not entitled to cumulate their votes in the election of directors. Holders of Class A common stock will share ratably (based on the number of shares of Class A common stock held) if and when any dividend is declared by the Board of Directors out of funds legally available therefor, subject to restrictions, whether statutory or contractual (including with respect to any outstanding indebtedness), on the declaration and payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or any class or series of stock having a preference over, or the right to participate with, the Class A common stock with respect to the payment of dividends. On the liquidation, dissolution, distribution of assets or winding up of DraftKings, each holder of Class A common stock will be entitled, pro rata on a per share basis, to all assets of DraftKings of whatever kind available for distribution to the holders of common stock, subject to the designations, preferences, limitations, restrictions and relative rights of any other class or series of preferred stock of DraftKings then outstanding. Class B Common Stock Shares of Class B common stock may be issued only to, and registered in the name of, Mr. Robins and any entities wholly owned by Mr. Robins (including all subsequent successors, assigns and permitted transferees). Holders of Class B common stock are entitled to cast 10 votes per share of Class B common stock. Holders of Class B common stock are not entitled to cumulate their votes in the election of directors. Holders of Class B common stock will not participate in any dividend declared by the Board of Directors. On the liquidation, dissolution, distribution of assets or winding up of DraftKings, holders of Class B common stock will not be entitled to receive any distribution of DraftKings assets of whatever kind available until distribution has first been made to all holders of Class A common stock. Notwithstanding this, due to the liquidation rights of holders of Class A common stock described above in which all assets of DraftKings of whatever kind available will be distributed to holders of Class A common stock, no assets of DraftKings will be available for liquidating distributions in respect of Class B common stock. Preferred Stock The Company’s amended and restated articles of incorporation provide that its Board of Directors has the authority, without action by the stockholders, to designate and issue shares of preferred stock in one or more classes or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations, preferences, limitations, restrictions and relative rights of each class or series of preferred stock, including, without limitation, dividend rights, dividend rates, conversion rights, exchange rights, voting rights, rights and terms of redemption, dissolution preferences, and treatment in the case of a merger, business combination transaction, or sale of its assets, which rights may be greater than the rights of the holders of the common stock. As of December 31, 2024, the Company had 300.0 million shares authorized of preferred stock, $0.0001 par value, of which none were issued and outstanding as of December 31, 2024 or December 31, 2023. Share Repurchase Program On July 30, 2024, the Company’s Board of Directors authorized the repurchase of an aggregate of up to $1.0 billion of DraftKings Inc.’s Class A common stock (the “Stock Repurchase Program”). DraftKings may make repurchases of its Class A common stock through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws, subject to market conditions and other factors. The Company’s Stock Repurchase Program does not require it to acquire any specific number or amount of Class A common stock and may be terminated at any time. The Company may enter into Rule 10b5-1 plans from time to time to facilitate repurchases of its Class A common stock in connection with its Stock Repurchase Program.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation In 2012, the Company’s Board of Directors adopted the 2012 Stock Option and Restricted Stock Incentive Plan (the “2012 Plan”), which provides for the granting of incentive and nonqualified stock options, shares of restricted stock and other equity interests or awards in the Company. The Company only issued time-based vesting awards under the 2012 Plan. In 2017, the Company’s Board of Directors approved the 2017 Equity Incentive Plan (the “2017 Plan”). No new awards have been issued under the 2012 Plan following the approval of the 2017 Plan. The 2017 Plan provides for the granting of incentive and nonqualified stock options, shares of restricted stock and other equity interests or awards in the Company. The Company issued time-based and performance-based vesting awards under the 2017 Plan. In 2020, the Company’s Board of Directors approved the 2020 Incentive Award Plan (the “2020 Plan”, together with the 2012 Plan and the 2017 Plan, the “Plans”). The 2020 Plan provides for the granting of incentive and nonqualified stock options, restricted stock units (“RSUs”) and other equity interests or awards in the Company. As of December 31, 2024, the total number of shares available for issuance under the 2020 Plan was 33.9 million shares. There are 10.4 million shares available for issuance under the 2017 Plan, however, we no longer issue awards under the 2017 Plan. There are no securities remaining available for future issuance under the 2012 Plan as this plan has expired pursuant to the terms. The Company issues time-based and performance-based vesting awards under the 2020 Plan. Also in 2020, the Company’s Board of Directors approved the Employee Stock Purchase Plan, as amended from time to time, (as amended, the “ESPP”). The ESPP permits eligible employees to purchase a number of shares of the Company’s Class A common stock at a price per share that is 85% of the lesser of the fair market value of the shares on the first or last day of the offering period, during offerings periods each year. Employees started contributing to the ESPP in 2024 and no shares have been issued under the plan as of December 31, 2024. As of December 31, 2024, a share reserve established that the aggregate number of shares may not exceed 133.3 million shares under the 2020 Plan and the ESPP. The Company has historically issued three types of stock-based compensation: time-based awards, long term incentive plan (“LTIP”) awards and performance-based stock compensation plan (“PSP”) awards. Time-based awards are equity awards that tie vesting to length of service with the Company. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are performance-based equity awards which establish performance objectives related to a particular fiscal year. As applicable, certain stock-based compensation awards expire seven Time-based awards generally vest over a four-year period in annual and/or quarterly installments and, as applicable, expire no later than ten years from the date of grant. Time-based options are valued using the Black-Scholes option-pricing model with the assumptions noted in the table below. Shares issued from the exercise of options are issued from the available Class A shares available under the Plans. The fair value of time-based RSUs is estimated on the grant date using the underlying share price. LTIP awards that were granted as RSUs subsequent to 2020 vest based on long-term revenue targets and used the underlying share price on the grant date to estimate their fair value. On and after November 2, 2022, certain DraftKings executives agreed to delay vesting of the third tranche of their restricted stock units granted under a long-term incentive plan and to add a service condition through an extended vesting date. This modification impacts the issuance of approximately 4 million shares of DraftKings Inc.’s Class A common stock, which vested approximately ten months after the performance condition was met. PSP awards granted in 2024, 2023 and 2022 vest based on achievement of revenue and Adjusted EBITDA targets and have a range of payouts from 0% to 200%. PSP awards granted in 2021 and 2020 vest based on achievement of revenue targets and have a range of payouts from 0% to 300%. As these awards are performance-based RSUs, the fair value is estimated on the grant date using the underlying share price. The fair value of each option is estimated on the grant date using the Black-Scholes option-pricing model and the assumptions noted in the table below. The fair value is recognized over the requisite service period of the awards, which is generally the vesting period. For awards with only service-based vesting conditions, the Company recognizes compensation cost using the straight-line method. Expected volatility is based on an average volatility for a representative sample of comparable public companies, including the Company. Stock options are generally granted with an exercise price equal to the fair value of the common stock at the grant date with a 10-year contractual term. The expected term represents the period of time that the options are expected to be outstanding. The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment , to calculate the expected term for options granted, whereby, the expected term equals the average of the vesting term and the original contractual term of the options. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate is estimated using the rate of return on U.S. treasury notes with a life that approximates the expected life of the option. The fair value of the stock options issued was measured using the following assumptions: Year Ended December 31, 2024 2023 2022 Weighted average risk free interest rate 4.6 % 4.1 % 3.1 % Weighted average expected term (in years) 3.6 5.9 5.6 Weighted average expected volatility 45.1 % 55.7 % 53.0 % Weighted average expected dividend yield 0.0 % 0.0 % 0.0 % The following table shows stock award activity for the years ended December 31, 2024 and 2023: Options RSUs Total Weighted Weighted Weighted Aggregate Time Based PSP LTIP Outstanding at December 31, 2022 25,684 15,273 13,119 13,864 67,940 $ 6.17 $ 29.64 5.49 $ 192,062 Granted 800 11,629 2,240 209 14,878 29.02 19.55 — — Exercised options / vested RSUs (3,944) (7,211) (1,715) (12,310) (25,180) 4.16 42.29 — — Change in awards due to — — 1,141 — 1,141 — 60.25 — — Forfeited (285) (1,810) (976) (508) (3,579) 4.39 21.18 — — Outstanding at December 31, 2023 22,255 17,881 13,809 1,255 55,200 $ 7.10 $ 21.01 4.59 $ 645,885 Granted 761 7,789 1,449 — 9,999 31.85 42.48 — — Exercised options / vested RSUs (2,227) (7,841) — (261) (10,329) 4.17 26.11 — — Change in awards due to — — — — — — — — — Forfeited (14) (1,576) (752) (135) (2,477) 16.99 23.34 — — Outstanding at December 31, 2024 20,775 16,253 14,506 859 52,393 $ 8.31 $ 23.75 3.70 621,065 The following table provides additional information for stock option awards outstanding as of December 31, 2024: Awards Outstanding Weighted Average Remaining Term of Options (Years) Aggregate Intrinsic Value Weighted Average Exercise Price of Options Stock options exercisable 20,219 3.5 $ 618,573 $ 7.45 Stock options remaining to vest 556 9.1 $ 2,492 $ 39.54 As of December 31, 2024, total unrecognized stock-based compensation cost of $620.1 million related to granted and unvested share-based compensation arrangements that are expected to vest is expected to be recognized over a weighted-average period of 2.5 years. The following table shows stock-based compensation cost for the years ended December 31, 2024, 2023 and 2022: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Options RSUs Total (3) Options RSUs Total (3) Options RSUs Total Time Based (1) $ 13,257 $ 193,860 $ 207,117 $ 10,178 $ 183,937 $ 194,115 $ 15,222 $ 103,478 $ 118,700 PSP (2) — 169,832 169,832 — 126,071 126,071 — 90,180 90,180 LTIP (2) — 4,418 4,418 — 78,277 78,277 — 369,919 369,919 Total $ 13,257 $ 368,110 $ 381,367 $ 10,178 $ 388,285 $ 398,463 $ 15,222 $ 563,577 $ 578,799 (1) Time-based awards vest and are expensed over a defined service period. (2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria. (3) Total expenses includes $17.3 million and $20.2 million of liability-classified awards recorded within accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, we capitalized stock-based compensation primarily associated with the development of software for internal-use of $17.8 million. The weighted-average grant-date fair values of options granted during the years ended December 31, 2024, 2023 and 2022 were $22.86, $8.59 and $7.46 per share, respectively. During the years ended December 31, 2024, 2023 and 2022 the Company received proceeds from the exercise of stock options of $9.2 million, $16.5 million and $8.7 million, respectively, and the aggregate intrinsic value of those stock options exercised was $78.3 million, $101.7 million and $38.1 million, respectively. The total grant date fair value of stock options that vested during the years ended December 31, 2024, 2023 and 2022 were $13.4 million, $11.1 million and $15.3 million, respectively. The total grant date fair value of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 were $212.7 million, $893.2 million and $511.4 million, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Loss before income tax (benefit) provision for the years ended December 31, 2024, 2023 and 2022 consists of the following: Year Ended December 31, 2024 2023 2022 United States $ (586,004) $ (753,105) $ (1,329,931) Foreign (7,154) (38,148) (113,027) Loss before income tax (benefit) provision $ (593,158) $ (791,253) $ (1,442,958) The components of the provision (benefit) for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current: Federal $ 10 $ — $ — State 607 433 456 Foreign 5,775 3,888 5,085 Total current provision 6,392 4,321 5,541 Deferred: Federal (64,196) 205 (52,411) State (29,022) 2,643 (17,624) Foreign 485 3,001 (3,372) Total deferred provision (92,733) 5,849 (73,407) Total income tax (benefit) provision $ (86,341) $ 10,170 $ (67,866) The reconciliation between income taxes computed at the U.S. statutory income tax rate to our provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 Benefit for income taxes at 21% rate $ (124,563) $ (166,217) $ (303,028) State taxes, net of federal benefit (9,752) (40,385) (17,265) Stock-based compensation (benefit) expense (882) 26,155 28,015 Non-deductible lobbying expenses 6,924 1,009 4,788 Change in valuation allowance 18,307 130,817 166,978 Non-deductible executive compensation 18,275 30,106 54,925 Loss (gain) on remeasurement of warrant liabilities 1,270 12,084 (6,173) Foreign rate differential 1,003 3,348 1,802 Income tax reserves 3,848 4,119 (553) Other (771) 9,134 2,645 Total income tax (benefit) provision $ (86,341) $ 10,170 $ (67,866) Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2024 and 2023 are as follows: Year Ended December 31, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 1,100,214 $ 1,042,874 Intangible assets 13,770 82,813 Accrual and other temporary differences 78,535 59,656 Operating lease 22,239 24,784 Stock-based compensation 60,754 51,065 Capitalized research and development costs 199,678 128,719 Fixed assets 3,710 2,451 Gross deferred tax assets 1,478,900 1,392,362 Valuation allowance (1,453,715) (1,358,934) Net deferred tax assets $ 25,185 $ 33,428 Deferred tax liabilities: Capitalized software costs $ — $ (4,535) Fixed assets (108) (162) Intangible assets (6,532) — Operating lease (21,472) (25,528) Other (4,041) (7,798) Gross deferred tax liabilities (32,153) (38,023) Total net deferred tax liabilities $ (6,968) $ (4,595) In assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings or loss, experience and expectations of future available taxable income of the appropriate source and character by taxing jurisdiction, tax attribute carryback and carryforward periods available for tax purposes, and prudent and feasible tax planning strategies. The Company records its deferred tax assets of $6.8 million and $7.8 million for 2024 and 2023, respectively, in deposits and other non-current assets in the consolidated balance sheet and its deferred tax liabilities of $13.8 million and $12.4 million for 2024 and 2023, respectively, in other long-term liabilities in the consolidated balance sheets. The Company has provided a valuation allowance for the U.S. deferred tax assets as of December 31, 2024 and 2023. For the years ended December 31, 2024, and 2023, the U.S. valuation allowance increased by $94.8 million (of which $76.5 million was established through goodwill and $18.3 million was established through the consolidated statement of operations), and $130.8 million, respectively primarily due to the operating losses. As of December 31, 2024, the Company had U.S. federal and state tax net operating loss (“NOL”) carryforwards of $4.0 billion and $4.3 billion, respectively, which may be available to offset future income tax liabilities. Of the federal net operating loss carryforward, $0.7 billion expires at various dates beginning in 2032 through 2037 and $3.3 billion does not expire. Of the state NOL carryforward, $4.0 billion expires at various dates beginning in 2025 through 2044 and $0.3 billion does not expire. Utilization of the NOL carryforwards may be subject to limitation under Section 382 of the Internal Revenue Code of 1986 based on ownership changes that could occur in the future. These ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. There could be additional ownership changes in the future, which may result in additional limitations on the utilization of the NOL and tax credit carryforwards. The Company has analyzed the impact of these limitations on its attributes and included the impact of these limitations in its U.S. deferred tax assets. As of December 31, 2024, foreign earnings of $9.7 million have been retained by the Company’s foreign subsidiaries for indefinite reinvestment. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company could be subject to withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred income tax liability related to these outside basis differences is not practicable. In addition to filing federal income tax returns, the Company files income tax returns in numerous states and foreign jurisdictions that impose an income tax. The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for the years beginning in 2012. The Company is no longer subject to foreign income tax examinations for tax years prior to 2018. The following table presents a reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, included in long-term income tax liabilities on the Company’s consolidated balance sheets: Year Ended December 31, 2024 2023 2022 Unrecognized tax benefits at the beginning of the year $ 57,424 $ 58,011 $ 72,407 Additions for tax positions of prior years — 1,026 1,807 Reduction for tax positions of prior years (1,395) (269) — Additions for tax positions of current year 377 449 — Settlements — — (7,412) Foreign currency adjustments (376) (1,793) (8,791) Unrecognized tax benefits at the end of the year $ 56,030 $ 57,424 $ 58,011 As of December 31, 2024, 2023 and 2022, the Company had $54.2 million, $55.9 million and $58.0 million, respectively, of net unrecognized tax benefits, which would affect the Company’s tax rate if recognized. The Company does not anticipate any material changes to its unrecognized tax benefits within the next twelve months. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2024, 2023 and 2022, the Company recognized $5.3 million, $5.0 million and $6.4 million in interest and penalties. The Company had $22.2 million and $16.8 million of interest and penalties accrued at December 31, 2024 and 2023, respectively. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. Although the Company believes that it has appropriately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different than expectations. The Company will adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit, the refinement of an estimate, the closing of a statutory audit period or changes in applicable tax law. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences would impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of reserve provisions and changes to the reserves that are considered appropriate, as well as related net interest. The Company recognizes liabilities for anticipated tax audit issues in the U.S. and other domestic and international tax jurisdictions based on its estimate of whether, and the extent to which, the tax positions are more likely than not to be sustained based on the technical merits. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. The Company believes it maintains appropriate reserves to offset any potential income tax liabilities that may arise upon final resolution of matters for open tax years. If such reserve amounts ultimately prove to be unnecessary, the resulting reversal of such reserves could result in tax benefits being recorded in the period the reserves are no longer deemed necessary. If such amounts prove to be less than an ultimate assessment, a future charge to expense would be recorded in the period in which the assessment is determined.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has one consolidated reportable segment. This segment provides users with Sportsbook, iGaming, DFS and digital lottery courier product offerings, media, and other online product offerings as well as the design, development and licensing of sports betting and casino gaming software for its Sportsbook and iGaming product offerings. The Company drives revenue primarily in North America and manages the business activities on a consolidated basis. The determination of reportable operating segments is based on the Chief Operating Decision Maker’s (“CODM’s”) use of financial information provided for the purposes of assessing performance and making operating decisions. The Company's CODM is its Co-founder and Chief Executive Officer. The CODM uses net income (loss) to allocate resources and assess the performance of the Company by comparing actual results to historical results and previously forecasted financial information and the allocation of budget between cost of revenues, sales and marketing, product and technology, and general and administrative expenses. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The accounting policies of the Company’s consolidated segment are the same as those described in “Note 2 – Summary of Significant Accounting Polices and Practices.” Any intercompany revenues or expenses are eliminated in consolidation. The following table presents revenue, significant expenses, and net income (loss) for our consolidated segment: Year Ended December 31, 2024 2023 2022 Total revenue $ 4,767,699 $ 3,665,393 $ 2,240,461 Less: Gaming tax 1,658,114 1,235,272 716,451 Other adjusted cost of revenue (1) 1,061,992 872,178 612,331 Total Adjusted Cost of Revenue 2,720,106 2,107,450 1,328,782 Less: Adjusted sales and marketing expenses (2) 1,224,561 1,161,318 1,129,707 Adjusted product and technology expenses (2) 292,991 240,422 214,824 Adjusted general and administrative expenses (2) 348,734 307,238 288,929 Depreciation and amortization 270,854 201,920 169,252 Interest income (47,259) (58,418) (21,353) Interest expense 2,959 2,679 2,651 Stock-based compensation 381,367 398,463 578,799 Transaction-related costs (3) 26,386 3,060 17,315 Litigation, settlement and related costs (4) 81,246 34,500 7,010 Advocacy and other related legal expenses (5) 16,049 — 16,558 Loss (gain) on remeasurement of warrant liabilities 4,945 57,543 (29,396) Loss on equity method investment 468 719 2,895 Income tax (benefit) provision (86,341) 10,170 (67,866) Other expenses (6) 37,917 471 (19,659) Consolidated net income (loss) $ (507,285) $ (802,142) $ (1,377,987) (1) Other adjusted cost of revenue includes all cost of revenue, other than gaming tax, presented in the statement of operations, adjusted for the impact of depreciation and amortization and stock-based compensation. (2) These items represent the respective line items in the statement of operations, adjusted for the impact of depreciation and amortization; stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; and other expenses, as further described below. (3) Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with transactions under consideration, pending, or completed transactions and offerings, including costs relating to our completed acquisitions of Jackpocket, SIQ, Dijon and Simplebet. (4) Primarily includes certain external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations. (5) Reflects certain costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain product offerings and are actively seeking licensure, or similar approval, for those product offerings. This adjustment excludes (i) costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate that are incurred in the ordinary course of business and (ii) costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate. (6) Other expenses are defined other certain costs that were not included in the above categories including any gain or loss on the disposal of a business and termination expenses.

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The computation of loss per share and weighted-average shares of the Company’s Class A common stock outstanding for the periods presented are as follows: Year Ended December 31, 2024 2023 2022 Net loss $ (507,285) $ (802,142) $ (1,377,987) Basic and diluted weighted-average common shares outstanding 481,954 462,599 436,513 Loss per share attributable to common stockholders: Basic and diluted $ (1.05) $ (1.73) $ (3.16) For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding: Year Ended December 31, 2024 2023 2022 Class A common stock resulting from exercise of all warrants 1,439 3,524 3,761 Stock options and RSUs 52,393 55,200 67,941 Convertible notes 13,337 13,337 13,337 Total 67,169 72,061 85,039

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Financial Advisor On May 7, 2021, DraftKings entered into a master engagement letter (as amended, the “Master Engagement Letter”), with Raine Securities LLC (the “Financial Advisor”), an affiliate of Raine. John Salter, who served as a member of our Board of Directors until April 2022, is a partner of Raine. Pursuant to the Master Engagement Letter, Raine Securities will act as a financial advisor to DraftKings in connection with certain proposed transactions, and DraftKings will pay Raine Securities certain fees and expenses from time to time on the terms and conditions described in the related statements of work. During 2022, when Raine was a related party, the Company incurred $8.5 million of professional fees in connection with certain business combination transactions and offerings undertaken by the Company, which are recorded within general and administrative expenses on the consolidated statement of operations. Receivables from Equity Method Investments The Company has committed to invest up to $17.5 million into DBDK Venture Fund I, LP and $21.0 million in DBDK Fund II, L.P. Both funds are Delaware limited partnerships and are both managed by Drive by DraftKings, LLC (“DBDK”) . As of December 31, 2024, the Company had invested a total of $11.0 million and $0.0 million of the total commitment in DBDK Venture Fund I, L.P. and DBDK Fund II, L.P., respectively. The Company also provides office space and general operational support to DBDK, which is partially owned by DKFS, LLC, an equity-method affiliate in which the Company has a 49.9% membership interest, in exchange for services-in-kind. The operational support is primarily general and administrative services. Transactions with a Former Director and their Immediate Family Members The Company previously had sales to entities related to an immediate family member of a former director who ceased being a director in May 2023. During 2023 and 2022, the Company had $1.4 million and $2.3 million, respectively, in sales to those entities. Aircraft Starting in 2022, from time to time, the Company has chartered, without mark-up, the private plane owned by Jason Robins, the Company’s Chief Executive Officer, utilizing aircraft services from Jet Aviation Flight Services, Inc. for the business and personal travel of Mr. Robins and his family. The Company had no direct or indirect interest in such private plane. During 2024 and 2023, the Company incurred no expenses and during 2022, the Company incurred $0.7 million of expense, for use of the aircraft under these chartering services, which was superseded by the lease referred to below. On March 30, 2022, the Company entered into a one-year lease of an aircraft from an entity controlled by Mr. Robins, pursuant to which Mr. Robins’ entity leased the aircraft to the Company for $0.6 million for a one-year period (the “Original Aircraft Lease”). The Company covered all operating, maintenance and other expenses associated with the aircraft. The Original Aircraft Lease expired in accordance with its terms on March 30, 2023, and on each of March 30, 2024 and 2023 DraftKings entered into a new one-year lease of such aircraft from an entity controlled by Mr. Robins for $0.6 million and otherwise on terms and conditions substantially the same as the Original Aircraft Lease, effective upon the expiration of the Original Aircraft Lease (collectively with the Original Aircraft Lease, the “Aircraft Leases”). The audit and compensation committees of the Company’s Board of Directors approved this arrangement, as well as the Aircraft Leases, based on, among other things, the requirements of the overall security program that Mr. Robins and his family fly private and the committees' assessment that such an arrangement is more efficient and flexible and better ensures safety, confidentiality and privacy. During 2024, 2023 and 2022, the Company incurred $0.6 million, $0.6 million and $0.4 million of expense, respectively, under the Aircraft Lease as well as $0.9 million during 2024 for upgrades related to the aircraft.

Leases, Commitments and Conting

Leases, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Leases, Commitments and Contingencies	Leases, Commitments and Contingencies Leases The Company leases corporate office facilities, data centers, and motor vehicles under operating lease agreements. Some of the Company’s leases include one or more options to renew. For a majority of the Company’s leases, it does not assume renewals in its determination of the lease term as the renewals are not deemed to be reasonably assured. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2024, the Company’s lease agreements typically have terms not exceeding ten years. Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments primarily represent costs related to common area maintenance and utilities. The components of lease expense are as follows: December 31, 2024 December 31, 2023 December 31, 2022 Operating lease cost $ 20,206 $ 19,175 $ 20,003 Short term lease cost 774 2,616 6,004 Variable lease cost 4,747 4,644 4,462 Sublease income — (704) (849) Total lease cost $ 25,727 $ 25,731 $ 29,620 Supplemental cash flow and other information for 2024 and 2023 related to operating leases was as follows: December 31, 2024 December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,880 $ 13,561 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,417 $ 21,917 The weighted-average remaining lease term and weighted-average discount rate were as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 6.4 7.3 Weighted-average discount rate 6.5 % 6.5 % The Company calculated the weighted-average discount rates using incremental borrowing rates, which equal the rates of interest that it would pay to borrow funds on a fully collateralized basis over a similar term. Maturity of lease liabilities are as follows: December 31, 2025 $ 15,945 2026 15,599 2027 15,138 2028 15,531 2029 10,869 Thereafter 24,873 Total undiscounted future cash flows 97,955 Less: Imputed interest 19,302 Present value of undiscounted future cash flows $ 78,653 Other Contractual Obligations and Contingencies The Company is a party to several non-cancelable contracts with vendors where the Company is obligated to make future minimum payments under the terms of these contracts as follows: Year Ending December 31, 2025 $ 375,233 2026 141,263 2027 64,264 2028 38,211 2029 30,952 Thereafter 76,027 Total $ 725,950 Surety Bonds As of December 31, 2024, the Company has been issued $400.0 million in surety bonds at a combined annual premium cost of 0.4% which are held for certain regulators’ use and benefit in order for the Company to satisfy state license requirements. There have been no claims against such bonds and the likelihood of future claims is remote. Contingencies We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. These proceedings are at varying stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made. For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties involved. Unless otherwise indicated, for each of the matters described below, management does not believe that, despite the potential for significant damages, and based on currently available information, the outcome of any specific matter will have a material adverse effect on our financial condition, though an outcome of a specific matter could be material to our operating results for any particular period, depending, in part, upon the operating results for such period. Attorney General of Texas On January 19, 2016, the Texas Attorney General issued an opinion letter that “odds are favorable that a court would conclude that participation in paid daily fantasy sports leagues constitutes illegal gambling” under Texas law. In response to the opinion letter, we sued the Texas Attorney General on March 4, 2016 in Dallas County, Texas. The lawsuit makes five claims: (1) a claim for a declaratory judgment that daily fantasy sports contests do not violate Texas law; (2) a claim of denial of due process under the Fifth and Fourteenth Amendments to the U.S. Constitution; (3) a claim of denial of due course of law under Article I of the Texas Constitution; (4) a claim of denial of equal protection under the Fourteenth Amendment to the U.S. Constitution; and (5) a claim of denial of equal rights under Article I of the Texas Constitution. We are also seeking reimbursement of our costs and attorneys’ fees. On April 16, 2018, the parties filed a notice of agreed non-suit without prejudice, and we re-filed our lawsuit against the Texas Attorney General in Travis County. On April 17, 2018, the Dallas County court granted the parties’ agreed non-suit without prejudice, thereby dismissing the Dallas County lawsuit without prejudice. FanDuel filed a petition in intervention on August 24, 2018, seeking essentially the same relief as the Company seeks. The parties filed an agreed motion to extend the scheduling order seeking, among other things, to change the non-jury trial date to January 27, 2026. We intend to vigorously pursue our claims. In the event a court ultimately determines that daily fantasy sports contests violate Texas law, that determination could cause financial harm to us and loss of business in Texas. We cannot predict with any degree of certainty the outcome of these matters or determine the extent of any potential liabilities. Winview I On July 7, 2021, Winview Inc., a Delaware corporation (“Winview”) filed suit against the Company in the U.S. District Court for the District of New Jersey. In the complaint, Winview alleges that the Company infringes two patents: U.S. Patent No. 9,878,243 (“the ’243 Patent”), entitled “Methodology for Equalizing Systemic Latencies in Television Reception in Connection with Games of Skill Played in Connection with Live Television Programming”, and U.S. Patent No. 10,721,543 (“the ’543 Patent”), entitled “Method of and System for Managing Client Resources and Assets for Activities on Computing Devices”. The allegations based on the ’243 Patent are directed to Sportsbook, and the allegations based on the ‘543 Patent are directed to both Sportsbook and DFS. On July 28, 2021, Winview filed an amended complaint, in which it alleges that the Company infringes two additional patents: U.S. Patent No. 9,993,730 (“the ’730 Patent”), entitled “Methodology for Equalizing Systemic Latencies in Television Reception in Connection with Games of Skill Played in Connection with Live Television Programming”, and U.S. Patent No. 10,806,988 (“the ’988 Patent”), entitled “Method Of and System For Conducting Multiple Contests of Skill with a Single Performance”. The allegations based on the ’730 Patent are directed at Sportsbook, and the allegations based on the ’988 Patent are directed at DFS. On November 15, 2021, Winview filed a second amended complaint (the “SAC”), adding as defendants DK Crown Holdings Inc. and Crown Gaming Inc., a Delaware corporation, which are wholly-owned subsidiaries of the Company. The SAC, among other allegations, repeats the allegations of the first amended complaint that the defendants infringe the ’243 Patent, the ’543 Patent, the ’730 Patent, and the ’988 Patent. On December 15, 2021, the Company filed its motion to dismiss the SAC, arguing that Winview failed to state a claim for direct infringement of the ’543 Patent and the ’730 Patent, and for willful, induced, and contributory infringement for all four asserted patents. On August 3, 2022, we filed a petition for inter partes review with the PTAB challenging the validity of the ‘243 Patent. On July 25, 2022, FanDuel filed petitions for inter partes review with the PTAB challenging the validity of the '543 and '730 Patents. On September 20, 2022, the court entered an order staying the pending motion to dismiss and staying all discovery pending final resolution of the petition for inter partes review through a final written decision. On February 15, 2023, the District Court administratively terminated the lawsuit pending the PTAB’s final written decision. On January 29, 2024, the PTAB issued final written decisions in the IPRs, finding unpatentable all challenged claims of the ’243, ’543, and ’730 Patents. On February 16, 2024, the parties jointly requested that the case remain administratively terminated. On February 20, 2024, the court granted the request. On March 29, 2024, Winview filed a notice of appeal in the United States Court of Appeals for the Federal Circuit, challenging the PTAB’s final written decisions in the IPRs. On April 11, 2024, the parties jointly requested that the district court litigation remain administratively terminated until at least the Federal Circuit issues its mandate regarding Winview’s appeals. On April 15, 2024, the district court ordered the case to remain administratively terminated. On June 26, 2024, Winview and DraftKings filed a joint stipulation of voluntary dismissal of Winview’s appeal. On June 28, 2024, the United States Court of Appeals for the Federal Circuit ordered Winview’s appeal dismissed. On December 17, 2024, the court dismissed all of Winview’s claims with respect to U.S. Patent Nos. 9,878,243 and 9,930,730. On January 6, 2025, Defendants filed a motion to dismiss Winview’s direct infringement claims for U.S. Patent No. 10,721,543 as well as Winview’s claim for willful, induced, and contributory infringement for the two remaining patents-in-suit. The case remains stayed and administratively terminated pending the outcome of the motion to dismiss. We intend to vigorously defend this case. In the event that a court ultimately determines that we are infringing the asserted patents, we may be subject to substantial damages, which may include treble damages and/or an injunction that could require us to modify certain features that we currently offer. We cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. We also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. AG 18, LLC d/b/a Arrow Gaming On August 19, 2021, AG 18, LLC d/b/a Arrow Gaming (“Arrow Gaming”) filed a complaint against the Company in the United States District Court for the District of New Jersey alleging that the Company’s DFS and Casino product offerings infringe four patents. On October 12, 2021, Arrow Gaming filed an amended complaint to add one additional patent. The following U.S. Patents are asserted against one or both of the Company’s DFS and Casino product offerings in the amended complaint: (1) U.S. Patent No. 9,613,498, entitled “Systems and Methods For Peer-to-Peer Gaming”; (2) U.S. Patent No. 9,978,205, entitled “Location Based Restrictions on Networked Gaming”; (3) U.S. Patent No. 10,497,220 entitled “Location Based Restrictions on Networked Gaming”; (4) U.S. Patent No. 10,614,657 entitled “Location Based Restrictions on Networked Gaming”; and (5) U.S. Patent No. 11,024,131 entitled “Location Based Restrictions on Networked Gaming” (collectively, the “Arrow Gaming Patents”). On November 10, 2021, we answered the complaint and filed counterclaims (the “Counterclaims”). In the Counterclaims we seek, among other things, a declaratory judgment that the Arrow Gaming Patents are invalid. On December 1, 2021, Arrow Gaming answered our Counterclaims. On December 20, 2021, Arrow Gaming filed a second amended complaint adding new allegations with respect to the alleged willful infringement. On January 21, 2022, the Company filed a motion to dismiss plaintiff’s second amended complaint. On October 21, 2022, the Company filed a renewed motion to dismiss plaintiff’s complaint. On November 4, 2022, the Company filed a motion to stay the case pending resolution of the below-referenced petitions for inter partes review. Between August 22, 2022 and August 30, 2022, the Company filed petitions for inter partes review (“IPRs”) with the PTAB challenging the validity of each of the Arrow Gaming Patents. On March 14, 2023, the PTAB granted institution of all IPRs. On March 12 and 13, 2024, the PTAB issued final written decisions in all pending IPRs finding all claims that were asserted in the litigation unpatentable. Only two claims were not found unpatentable: claim 18 of the ’205 Patent and claim 11 of the ’657 Patent. Neither of these claims were asserted in the litigation brought by Arrow Gaming. On May 14, 2024, Arrow Gaming filed a Notice of Appeal of the IPR directed to the ’498 Patent. That appeal remains pending. On July 10, 2024, DraftKings filed a Notice of Appeal of the IPR directed to the ’205 Patent challenging the PTAB’s final written decision as to claim 18 of the ’205 Patent. That appeal remains pending. On April 3, 2023, the District Court administratively terminated the lawsuit pending the PTAB’s final written decisions. The parties have agreed to maintain the stay pending any appeals of the PTAB’s final written decisions in the IPRs. We intend to vigorously defend this case. In the event that a court ultimately determines that we are infringing the asserted patents, we may be subject to substantial damages, which may include treble damages and/or an injunction that could require us to modify certain features that we currently offer. We cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. We also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. Diogenes Ltd. & Colossus (IOM) Ltd. On December 1, 2021, Diogenes Ltd. & Colossus (IOM) Ltd. (“Colossus”), filed a complaint against the Company in the United States District Court for the District of Delaware alleging that the Company’s Sportsbook product offering infringes seven of its patents. The following U.S. Patents, each entitled “Wagering apparatus, methods and systems”, are asserted against the Company’s Sportsbook product offering in the complaint: U.S. Patent No. 8,721,439 (“the ’439 patent”); U.S. Patent No. 9,117,341 (“the ’341 patent”); U.S. Patent No. 9,275,516 (“the ’516 patent”); U.S. Patent No. 9,424,716 (“the ’716 patent”); U.S. Patent No. 9,704,338 (“the ’338 patent”); U.S. Patent No. 10,970,969 (“the ’969 patent”); and U.S. Patent No. 10,997,822 (“the ’822 patent”). On January 24, 2022, the Company filed its motion to dismiss the original complaint. On February 7, 2022, Colossus filed an amended complaint (the “Amended Complaint”) to, among other things, assert one additional patent against the Company, U.S. Patent No. 11,200,779 (“the ’779 patent”). The patents asserted by Colossus are collectively referred to as the “Colossus Patents.” The Company filed its motion to dismiss the Amended Complaint on February 22, 2022. On July 18, 2022, Magistrate Judge Burke issued a report and recommendation (the “Report and Recommendation”) that the motion to dismiss be granted-in-part and denied-in-part. On August 26, 2022, District Court Judge Noreika adopted the Report and Recommendation of Magistrate Judge Burke regarding the motion to dismiss. On December 27, 2022, the Company filed an Answer to the Amended Complaint, including certain affirmative defenses. On January 17, 2023, Colossus filed a motion to strike the affirmative defense of unenforceability from the Company’s Answer. On February 7, 2023, the Company filed an Amended Answer and Counterclaims to the Amended Complaint., and also filed a response to Colossus’ motion to strike. On February 28, 2023, Colossus filed another motion to strike DraftKings’ inequitable conduct affirmative defense and counterclaim. Magistrate Judge Burke held a hearing on Colossus’ motion on June 6, 2023 and subsequently issued a report and recommendation (the “Second Report and Recommendation”) that the motion be denied in part and granted in part. On August 2, 2023, Judge Noreika overruled Colossus’ objections and adopted the Second Report and Recommendation. Between November 29, 2022, and February 7, 2023, the Company filed petitions for inter partes review with the PTAB challenging the validity of the Colossus Patents. The PTAB granted institution of IPRs for each of the ’341 patent, ’969 patent, and the ’822 patent. The PTAB denied institution of IPR for each of the ’516 patent, ’716 patent, ’338 patent and the ’779 patent. On September 11, 2023, the Company filed a request for Director Review of the PTAB’s decision not to institute review in the IPR for the ’779 patent. On November 7, 2023, the Director of the U.S. Patent and Trademark Office delegated Director Review of the PTAB’s institution decision in the IPR for the ’779 Patent to the Delegated Review Panel (“DRP”) to determine whether to grant rehearing. On February 21, 2024, the DRP issued a decision vacating the PTAB’s denial of institution of the IPR directed to the ’779 Patent and instructing the PTAB to reconsider institution. On May 15, 2024, the PTAB instituted the IPR directed to the ‘779 Patent. Colossus filed its Patent Owner Response on August 9, 2024. The Company filed its reply on November 8, 2024. Colossus’ filed its sur-reply on December 20, 2024. Oral argument is schedule for February 20, 2025. On March 15, 2024, the parties entered into a partial settlement agreement, in which the parties agreed to, among other things: (1) dismissal with prejudice of the claims relating to the ’439 patent; ’341 patent; ’516 patent; ’716 patent; ’338 patent; ’969 patent; and the ’822 patent; and (2) DraftKings’ withdrawal of its IPRs with respect to the ’341 Patent, the ’969 Patent, and the ’822 Patent. The dismissal and withdrawal both occurred on March 18, 2024. Only the ‘779 Patent remains pending in the district court litigation. The parties have stipulated to a stay of the district court litigation pending resolution of the IPR directed to the ‘779 Patent. We intend to vigorously defend this case. In the event that a court ultimately determines that we are infringing the asserted patents, we may be subject to substantial damages, which may include treble damages and/or an injunction that could require us to modify certain features that we currently offer. We cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. We also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. Steiner Nelson Steiner filed suit against the Company and FanDuel Inc. in Florida state court on November 9, 2015. The action was subsequently transferred to In Re: Daily Fantasy Sports Litigation (Multi-District Litigation) (the “MDL”), and Mr. Steiner’s action was consolidated into the MDL’s amended complaint, which, in February 2016, consolidated numerous actions (primarily purported class actions) filed against the Company, FanDuel, and other related parties in courts across the United States. By June 23, 2022, the MDL was resolved, except for Mr. Steiner’s action, and the court officially closed the MDL docket on July 8, 2022. Mr. Steiner brings this action as a concerned citizen of the state of Florida alleging that, among other things, defendants’ daily fantasy sports contests are illegal gambling under the state laws of Florida and seeks disgorgement of “gambling losses” purportedly suffered by Florida citizens on behalf of the state. On June 23, 2022, the MDL court remanded Mr. Steiner’s action to the Circuit Court for Pinellas County, Florida. Plaintiff has not yet filed an amended pleading. The Company intends to vigorously defend this suit. Any adverse outcome in this matter could subject the Company to substantial damages and it could be restricted from offering DFS contests in Florida. The Company cannot provide any assurance as to the outcome of this matter. The Company cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in these matters could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. Securities Matters Arising From Marketplace and Related Matters On March 9, 2023, a putative class action was filed in Massachusetts federal court by an alleged purchaser of non-fungible tokens (“NFTs”) on the Marketplace. The complaint asserts claims for violations of federal and state securities laws against the Company and three of its officers on the grounds that, among other things, the NFTs that are sold and traded on Marketplace allegedly constitute securities that were not registered with the SEC in accordance with federal and Massachusetts law, and that Marketplace is a securities exchange that is not registered in accordance with federal and Massachusetts law. Based on these allegations, the plaintiff brings claims seeking rescissory damages and other relief on behalf of himself and a putative class of persons who purchased NFTs on Marketplace between August 11, 2021 and the present. On September 25, 2023, defendants filed a motion seeking dismissal of this action. On July 2, 2024, the district court denied the motion to dismiss. We intend to vigorously defend this case. Beginning in July 2023, the Company received subpoenas from the Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts seeking information concerning, among other things, Marketplace and NFTs that were sold on Marketplace, and related matters, and from the United States Securities and Exchange Commission seeking documents concerning, among other things, the blockchain on which NFTs that were sold on Marketplace were minted and digital assets and validator nodes associated with that blockchain, and related matters. We intend to comply with these requests. Any adverse outcome in the subpoena matters could subject the Company to substantial damages and/or require alterations to the Company’s business. The Company cannot provide any assurance as to the outcome of the subpoena matters. The Company cannot predict with any degree of certainty the outcome of the subpoena matters or determine the extent of any potential liability or damages. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in the subpoena matters could expose the Company to substantial damages, penalties and/or require alterations to the Company that may have a material adverse impact on the Company’s operations and cash flows. Shareholder Derivative Litigation Related to Marketplace On May 31, 2023, the first of three substantially similar, putative shareholder derivative actions was filed in Nevada state court by an alleged shareholder of the Company. On October 29, 2024, the court entered a stipulated order consolidating the three actions under the caption In re DraftKings Inc. Stockholder Derivative Litigation and appointed lead counsel. On December 23, 2024, the plaintiffs filed a consolidated amended complaint. The complaint purports to assert claims on behalf of the Company against certain senior officers and members of the Board of Directors of the Company for breach of fiduciary duty, aiding-and-abetting breach of fiduciary duty, unjust enrichment, and corporate waste based primarily on allegations that the defendants caused or allowed the Company to sell NFTs in violation of applicable law and/or operate the Company as an unregistered broker-dealer or securities exchange in violation of applicable law. The complaint also alleges that certain individuals are liable for trading in Company stock at artificially inflated prices. The actions seek unspecified compensatory damages, changes to corporate governance and internal procedures, restitution, disgorgement, costs and attorney’s fees, and other unspecified relief. The defendants have not yet answered or otherwise responded to the complaint. The Company cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. The Company also cannot provide an estimate of the possible loss or range of loss. Because this action alleges claims on behalf of the Company and purports to seek a judgment in favor of the Company, the Company does not believe, based on currently available information, that the outcome of the proceedings will have a material adverse effect on the Company’s financial condition, although the outcome could be material to the Company’s operating results for any particular period, depending, in part, upon the operating results for such period. Scanlon On December 8, 2023, plaintiffs Melissa Scanlon and Shane Harris, individually and on behalf of others similarly situated, filed a purported class action lawsuit against DraftKings in Middlesex County Superior Court of Massachusetts. Among other things, Plaintiffs allege that the Company’s promotion that offered new customers an opportunity to earn up to 1,000 in site credits, and related advertisements, were: (1) unfair or deceptive practices in violation of Massachusetts General Laws (“M.G.L.”) c. 93A, §§ 2, 9; and (2) untrue and misleading advertising in violation of M.G.L. c. 266, § 91. The Plaintiffs are seeking, among other things, injunctive relief, actual damages, double or treble damages, and attorneys’ fees. On March 26, 2024, the case was transferred to the Business Litigation Session (“BLS”) of the Massachusetts Superior Court. On January 29, 2024, DraftKings served its Motion to Dismiss all of Plaintiffs’ claims. On August 19, 2024, the court denied the motion to dismiss. The Company intends to vigorously defend this case. Any adverse outcome in this matter could subject the Company to substantial damages and /or require alterations to the Company’s business. The Company cannot provide any assurance as to the outcome of this matter. The Company cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. McAfee On June 10, 2024, Plaintiff Matthew McAfee, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against DraftKings in the Hamilton County Superior Court, State of Indiana. Among other things, Plaintiff alleges that those customers who had winning bets placed and accepted on the October 24, 2023 Lakers versus Nuggets basketball game that were subsequently canceled by DraftKings for obvious error were not timely canceled and should have been paid. Plaintiff brings claims for: (1) Indiana Deceptive Consumer Sales Act – Incurable Deceptive Act; (2) Indiana Deceptive Consumer Sales Act – Uncured Deceptive Act; and (3) breach of contract. Plaintiff seeks, among other things, actual and statutory damages, treble and exemplary damages, interest, and attorney fees and costs. On July 12, 2024, DraftKings removed the matter to the United States District Court for the Southern District of Indiana. On August 14, 2024, DraftKings filed a motion to dismiss. On February 7, 2025, the court granted DraftKings’ motion to dismiss as to plaintiff’s DCSA claims and denied DraftKings’ motion to dismiss as to plaintiff’s breach of contract claim. The court also held that DraftKings may amend its response to Plaintiff’s motion for class certification up until February 24, 2025. On February 12, 2025, McAfee filed a motion for leave to file a first amended complaint. On November 20, 2024, Plaintiff filed a motion for class certification. On December 16, 2024, DraftKings filed its opposition, and on December 24, 2024, Plaintiff filed his reply. The class certification motion remains pending. The Company intends to vigorously defend this case. Any adverse outcome in this matter could subject the Company to substantial damages and/or require alterations to the Company’s business. The Company cannot provide any assurance as to the outcome of this matter. The Company cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. Aminov On September 30, 2024, plaintiff Nerye Aminov, individually and on behalf of others similarly situated, filed a purported class action lawsuit against DraftKings in the Supreme Court of the State of New York, County of Queens. Among other things, Plaintiff alleges that the Company’s promotion that offered new customers an opportunity to earn up to 1,000 in site credits, and related advertisements were unfair or deceptive practices in violation of New York General Business Law §§ 349-350.Plaintiff also asserts claims for intentional misrepresentation, fraudulent inducement, and quasi-contract/unjust enrichment. Plaintiff seeks, among other things, injunctive relief, actual damages, punitive damages, and attorneys’ fees. Plaintiff seeks to certify a nationwide class, with a New York subclass. On December 11, 2024, DraftKings removed this matter to the United States District Court for the Eastern District of New York. DraftKings filed its motion to dismiss on February 3, 2025. That motion remains pending. The Company intends to vigorously defend this case. Any adverse outcome in this matter could subject the Company to substantial damages and/or require alterations to the Company’s business. The Company cannot provide any assurance as to the outcome of this matter. The Company cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows. National Football League Players Association On August 20, 2024, the plaintiffs, National Football League Players Association and National Football League Players Incorporated, filed a complaint against DraftKings in the United States District Court for the Southern District of New York alleging, among other things, that DraftKings breached its Licensing Agreement (the “Agreement”) with the plaintiffs. The plaintiffs are seeking, among other things, payment of all purported unpaid sums due under the Agreement On November 25, 2024, DraftKings filed its partial motion to dismiss the complaint; on December 16, 2024, NFLPA filed its opposition; and on January 3, 2025, DraftKings filed its reply. On January 27, 2025, the parties filed a joint motion to stay the action until March 28, 2025 on

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (507,285)	$ (802,142)	$ (1,377,987)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Alan Ellingson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 20, 2024, our Chief Financial Officer, Alan Ellingson, entered into a trading arrangement designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act (the “Ellingson 10b5-1 Plan”). The Ellingson 10b5-1 Plan provides for the sale of up to $1,000,000 of the Company’s Class A common stock and terminates on November 14, 2025, or earlier if all transactions under such trading arrangement are completed.
Name	Alan Ellingson
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2024
Expiration Date	November 14, 2025
Arrangement Duration	359 days
Jocelyn Moore [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2024, Jocelyn Moore, a member of our Board of Directors, entered into a trading arrangement designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act (the “Moore 10b5-1 Plan”). The Moore 10b5-1 Plan provides for the sale of up to 6,556 shares of the Company’s Class A common stock and terminates on November 28, 2025, or earlier if all transactions under such trading arrangement are completed.
Name	Jocelyn Moore
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	November 28, 2025
Arrangement Duration	357 days
Aggregate Available	6,556	6,556
Kalish PVF Contract [Member] | Matthew Kalish [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 14, 2024, our President, DraftKings North America and a member of our Board of Directors, Matthew Kalish, entered into a prepaid variable forward sale contract with an unaffiliated third-party buyer, which may constitute a non-Rule 10b5-1 trading arrangement (the “Kalish PVF Contract”). The Kalish PVF Contract obligates Mr. Kalish to deliver to such unaffiliated third-party buyer up to an aggregate of 785,000 shares of the Company’s Class A common stock following the November 17, 2027 maturity date.
Name	Matthew Kalish
Title	President, DraftKings North America and a member of our Board of Directors
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 14, 2024
Expiration Date	November 17, 2027
Arrangement Duration	1098 days
Aggregate Available	785,000	785,000
Kalish 10b5-1 Plan [Member] | Matthew Kalish [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 27, 2024, Mr. Kalish entered into a trading arrangement designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act (the “Kalish 10b5-1 Plan”). The Kalish 10b5-1 Plan provides for the sale of up to 1,680,000 shares of the Company’s Class A common stock and terminates on November 11, 2025, or earlier if all transactions under such trading arrangement are completed.
Name	Mr. Kalish
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2024
Expiration Date	November 11, 2025
Arrangement Duration	349 days
Aggregate Available	1,680,000	1,680,000
Dodge PVF Contract [Member] | R. Stanton Dodge [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 9, 2024, our Chief Legal Officer, R. Stanton Dodge, entered into a prepaid variable forward sale contract with an unaffiliated third-party buyer, which may constitute a non-Rule 10b5-1 trading arrangement (the “Dodge PVF Contract”). The Dodge PVF Contract obligates Mr. Dodge to deliver to such unaffiliated third-party buyer up to an aggregate of 500,000 shares of the Company’s Class A common stock following the November 18, 2026 maturity date.
Name	R. Stanton Dodge
Title	Chief Legal Officer
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 9, 2024
Expiration Date	November 18, 2026
Arrangement Duration	709 days
Aggregate Available	500,000	500,000
Dodge 10b5-1 Plan [Member] | R. Stanton Dodge [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 13, 2024, Mr. Dodge entered into a trading arrangement designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act (the “Dodge 10b5-1 Plan”). The Dodge 10b5-1 Plan provides for the sale of up to 1,899,972 shares of the Company’s Class A common stock and terminates on May 15, 2026, or earlier if all transactions under such trading arrangement are completed.
Name	Mr. Dodge
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2024
Expiration Date	May 15, 2026
Arrangement Duration	518 days
Aggregate Available	1,899,972	1,899,972

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company maintains an operational Incident Response Plan (“IRP”) that defines how the Company handles cybersecurity incidents, including escalation, reporting and remediation procedures. The IRP is reviewed annually both internally and by third parties during regular audits. In addition, the Company retains a preferred partner with expertise in cybersecurity risks and incidents to advise on cybersecurity related matters. The Company’s preferred partner is also part of the Company’s IRP procedures and provides independent analysis and advice during cybersecurity investigations. The Company also maintains a Security Awareness Program, which is designed, implemented, and maintained by the Company’s Chief Information Security Officer. The Company’s Security Awareness Program includes training that reinforces the Company’s information technology risk and security management policies, standards and practices, as well as the expectation that employees comply with these policies. The Security Awareness Program engages personnel through training on how to identify potential cybersecurity risks and protect the Company’s resources and information, as well as how to respond to unauthorized access to or use of Company information. The Security Awareness Program training is mandatory for all employees globally at least annually, and it is supplemented by Company-wide assessment initiatives, including periodic testing. The Company provides specialized security training for certain employee roles, such as application developers. The Company conducts periodic tests to assess the Company’s processes and procedures and the threat landscape, which are designed with the goal of implementing and maintaining a robust cybersecurity program. Where appropriate, the Company takes additional and ongoing steps intended to strengthen the Company’s cybersecurity capabilities and mitigate the risk of a breach or incident. The Company’s security program and IT-related controls are regularly examined by internal auditors, external auditors and various regulators. For example, each year, the Company conducts various third-party audits, including SOC 2 Type2, PCI DSS, ISO 27001. The Company also engages third-party consultants for incident responses. These third-party consultants report directly to the Chief Information Security Officer and, depending on the nature of the incident, report directly to the Executive Security Steering Committee on various topics including, effects of the incident and recommendations on how to strengthen the Company’s cybersecurity capabilities and mitigate the risk of a breach or incident. In addition to assessing the Company’s cybersecurity preparedness, the Company also considers and evaluates cybersecurity risks associated with its use of third-party service providers. The Company maintains a vendor onboarding program, pursuant to which the Company regularly reviews third-party hosted applications and, when available, requests its vendors to provide SOC2 and/or ISO 27001 certificates. The Company’s assessment of risks associated with use of third-party providers is part of the Company’s overall cybersecurity risk management program. Although we have designed our cybersecurity program and governance procedures above to mitigate cybersecurity risks, we have experienced, and we may in the future experience cybersecurity risks, threats and attacks. To date, these risks, threats or attacks have not had a material impact on our operations, business strategy or financial results, but we cannot provide assurance that they will not have a material impact in the future. See the section entitled “Risk Factors” included elsewhere in this Annual Report for further information. We continuously work to enhance our cybersecurity risk management program.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company maintains an operational Incident Response Plan (“IRP”) that defines how the Company handles cybersecurity incidents, including escalation, reporting and remediation procedures. The IRP is reviewed annually both internally and by third parties during regular audits. In addition, the Company retains a preferred partner with expertise in cybersecurity risks and incidents to advise on cybersecurity related matters. The Company’s preferred partner is also part of the Company’s IRP procedures and provides independent analysis and advice during cybersecurity investigations. The Company also maintains a Security Awareness Program, which is designed, implemented, and maintained by the Company’s Chief Information Security Officer. The Company’s Security Awareness Program includes training that reinforces the Company’s information technology risk and security management policies, standards and practices, as well as the expectation that employees comply with these policies. The Security Awareness Program engages personnel through training on how to identify potential cybersecurity risks and protect the Company’s resources and information, as well as how to respond to unauthorized access to or use of Company information. The Security Awareness Program training is mandatory for all employees globally at least annually, and it is supplemented by Company-wide assessment initiatives, including periodic testing. The Company provides specialized security training for certain employee roles, such as application developers.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company maintains a governance structure to address cybersecurity risk, which involves a dedicated Security Operations Team (the “Security Operations Team”), an executive security steering committee (the “Executive Security Steering Committee”), and the Compliance and Risk Committee of the Board and the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Security Operations Team, led by our Chief Information Security Officer, is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s Executive Security Steering Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Security Operations Team, led by our Chief Information Security Officer, is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s Executive Security Steering Committee. The Company’s Chief Information Security Officer holds high-level licenses and certifications relating to information security, including a Certified Information Security Manager from the Information Systems Audit and Control Association and a Certified Information Systems Security Professional and a Certified Cloud Security Professional from the International Information Security System Security Certification Consortium. The Company’s Executive Security Steering Committee, chaired by the Company’s Chief Information Security Officer and comprised of various cross-functional members of senior management, drives awareness and alignment across broad stakeholder groups for cybersecurity governance and risk management and reporting. The Executive Security Steering Committee receives quarterly reports from the Company’s Chief Information Security Officer. The Compliance and Risk Committee receives regular reports from the Company’s Chief Information Security Officer. The Compliance and Risk Committee periodically reports to the Board.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Security Operations Team, led by our Chief Information Security Officer, is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s Executive Security Steering Committee. The Company’s Chief Information Security Officer holds high-level licenses and certifications relating to information security, including a Certified Information Security Manager from the Information Systems Audit and Control Association and a Certified Information Systems Security Professional and a Certified Cloud Security Professional from the International Information Security System Security Certification Consortium. The Company’s Executive Security Steering Committee, chaired by the Company’s Chief Information Security Officer and comprised of various cross-functional members of senior management, drives awareness and alignment across broad stakeholder groups for cybersecurity governance and risk management and reporting. The Executive Security Steering Committee receives quarterly reports from the Company’s Chief Information Security Officer. The Compliance and Risk Committee receives regular reports from the Company’s Chief Information Security Officer. The Compliance and Risk Committee periodically reports to the Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s Security Operations Team, led by our Chief Information Security Officer, is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s Executive Security Steering Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Chief Information Security Officer holds high-level licenses and certifications relating to information security, including a Certified Information Security Manager from the Information Systems Audit and Control Association and a Certified Information Systems Security Professional and a Certified Cloud Security Professional from the International Information Security System Security Certification Consortium.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s Security Operations Team, led by our Chief Information Security Officer, is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s Executive Security Steering Committee. The Company’s Chief Information Security Officer holds high-level licenses and certifications relating to information security, including a Certified Information Security Manager from the Information Systems Audit and Control Association and a Certified Information Systems Security Professional and a Certified Cloud Security Professional from the International Information Security System Security Certification Consortium. The Company’s Executive Security Steering Committee, chaired by the Company’s Chief Information Security Officer and comprised of various cross-functional members of senior management, drives awareness and alignment across broad stakeholder groups for cybersecurity governance and risk management and reporting. The Executive Security Steering Committee receives quarterly reports from the Company’s Chief Information Security Officer. The Compliance and Risk Committee receives regular reports from the Company’s Chief Information Security Officer. The Compliance and Risk Committee periodically reports to the Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Practices (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated upon consolidation. Certain amounts, which are not material, in the prior years’ consolidated financial statements have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, the valuation and expensing of equity awards, accounting for contingencies and uncertainties, purchase price allocations, including fair value estimates of intangible assets, the estimated useful lives of fixed assets and intangible assets, internally developed software costs and accrued expenses.
Concentrations Risks and Uncertainties	Concentration Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, cash reserved for users, and loans receivable. The Company maintains separate accounts for cash and cash reserved for users primarily across several financial institutions. Some of the amounts held exceed federally insured limits. Management believes all financial institutions holding its cash are of high credit quality and does not believe the Company is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies on a limited number of vendors to support operations. In particular, a single vendor is currently the primary provider of web services that allow the Company to host its Sportsbook, iGaming, DFS and digital lottery courier product offerings. Any interruption in the services provided by this supplier could have a material adverse effect on its business, financial condition and results of operations. The Company’s growth prospects and market potential will depend on its ability to obtain and maintain licenses to operate in a number of jurisdictions, and if the Company fails to obtain and maintain such licenses, its business, financial condition, results of operations and prospects could be impaired.
Business Combinations and Contingent Consideration	Business Combinations The Company accounts for business combinations under the acquisition method of accounting, in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), which requires assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. The fair values of the assets acquired and liabilities assumed are determined based upon the valuation of the acquired business and involve management making significant estimates and assumptions. Acquisition costs are expensed as incurred and recorded in general and administrative expenses on the consolidated statement of operations. Contingent Consideration Contingent consideration in a business combination is included as part of the acquisition cost and is recognized at fair value as of the acquisition date. For contingent consideration, management is responsible for determining the appropriate valuation model and estimated fair value, and in doing so, considers a number of factors, including information provided by an outside valuation advisor. Contingent consideration liabilities are reported at their estimated fair values based on probability-adjusted present values of the consideration expected to be paid, using significant inputs and estimates. Key inputs to the valuations are the projections of future financial results in relation to the business, revenue volatility, equity volatility, and operational leverage ratio as well as management judgment regarding the probability of achieving a future performance target. The fair value of contingent consideration liabilities is remeasured each reporting period, with changes in the fair value included in current operations. The remeasured liability amount could be significantly different from the amount at the acquisition date, resulting in material charges or credits in subsequent reporting periods.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid, unrestricted savings, checking, money market funds with original maturities of less than three months and other bank accounts.
Restricted Cash	Restricted Cash
Cash Reserved for Users	Cash Reserved for Users
Receivables Reserved for Users	Receivables Reserved for Users
Accounts Receivables	Accounts Receivable Accounts receivable is recorded at amortized cost, less any allowance for credit losses. The allowance for credit losses is determined based on the Company’s assessment of the probability of non-payment of the receivable after all means of collection have been exhausted and the potential for recovery is considered remote. This provision is netted against the receivable balance with the loss being recognized within general and administrative expenses in the consolidated statements of operations. As of and for the years ending December 31, 2024 and 2023, the provision did not have a material impact on the Company’s consolidated financial statements.
Digital Assets and Liabilities	Digital Assets and Liabilities In accordance with Staff Accounting Bulletin No. 121 (“SAB 121”), the Company recognized a liability for the obligation to safeguard its users’ assets and recognized an associated asset for non-fungible tokens (“NFTs”) held for its users. Both the liability and the associated asset are measured at the fair value of the NFTs being safeguarded. Refer to “ Note 8 – Fair Value Measurements” hereof for disclosures required in accordance with ASC 820, Fair Value Measurement . On January 23, 2025, the SEC published SAB No. 122 (“SAB 122”) to rescind SAB 121. Full retrospective application of SAB 122 is required for annual periods beginning after December 15, 2024, but entities are permitted to early adopt SAB 122 in any interim or annual financial statement period included in filings with the SEC on or after January 30, 2025. The new guidance requires removal of the safeguarding obligation and corresponding asset from the balance sheet unless a loss contingency exists. The Company does not anticipate this having a material impact upon adoption.
Property and Equipment, net	Property and Equipment, Net
Intangible Assets, Net	Intangible Assets, Net The Company’s intangible assets primarily consist of developed technology, customer relationships, internally-developed software, gaming market access and licenses, trademarks and tradenames and digital assets. The related amortization expense is classified as cost of revenue in the consolidated statements of operations. Estimates and assumptions that we must make in estimating the fair value of future acquired technology, user lists and other identifiable intangible assets include future cash flows that we expect to generate from the acquired assets. Developed Technology Developed technology primarily relates to the design and development of sports betting and casino gaming software for online and retail sports betting and casino gaming products purchased through acquisitions and recorded at fair value at the date of acquisition. Internally Developed Software Software that is developed for internal use is accounted for pursuant to ASC 350-40, Intangibles, Goodwill and Other—Internal-Use Software . Qualifying costs incurred to develop internal-use software are capitalized when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and perform as intended. These capitalized costs include compensation for employees who develop internal-use software and external costs related to development of internal use software. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Internally developed software is amortized using the straight-line method over an estimated useful life. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, are expensed as incurred. When intangible assets are retired or disposed of, the cost and accumulated amortization thereon are removed, and any resulting gain or losses are included in the consolidated statements of operations. Gaming Market Access and Licenses The Company incurs fees in connection with applying for and maintaining good standing in jurisdictions via business licenses. Fees incurred in connection with the application and subsequent renewals are capitalized and amortized using the straight-line method over an estimated useful life. In certain arrangements, the Company enters into agreements to operate on a business partner’s license in exchange for upfront fees. These fees are capitalized and amortized over the shorter of their expected benefit under the partnership agreement or estimated useful life. Customer Relationships Customer (or “user”) relationships are finite-lived intangible assets, which are amortized over their estimated economic lives. Customer relationships are generally recognized as the result of business combinations. Trademarks and Tradenames The Company incurs fees in connection with applying for and maintaining trademarks and tradenames as well as trademarks and tradenames resulting from acquisitions. Fees incurred in connection with the application and subsequent renewals are capitalized and amortized using the straight-line method over an estimated useful life. Digital Assets The Company has purchased certain digital assets, including crypto currencies, with cash that is not required to currently support its operations. The Company accounts for digital assets in accordance with ASC 350, Intangibles—Goodwill and Other.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, except for goodwill and indefinite-lived intangible assets, consist of property and equipment and finite-lived acquired intangible assets, such as internal-use software, developed software, gaming licenses, trademarks, tradenames, and customer relationships. Long-lived assets, except for goodwill and indefinite-lived assets, are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. Impairment expense is recognized to the extent an asset’s expected undiscounted future cash flows are less than the asset’s carrying amount. The Company determined that there was no impairment of long-lived assets during 2024, 2023, or 2022.
Goodwill	Goodwill The Company performs its evaluation for the impairment of goodwill associated with the Company’s reporting units on an annual basis as of each October 1, or more frequently if an event occurs or circumstances change that would indicate that a reporting unit’s carrying amount may be impaired. The Company reviews its reporting unit structure each year, or more frequently based on changes in our organization. The Company concluded that it has one reporting unit. In 2024 and 2023, the annual goodwill impairment assessment was performed on the Company’s one reporting unit, while in 2022, the Company performed its annual assessment on the historic three reporting units that were then in effect. In the fourth quarter of 2024, 2023 and 2022, as part of its annual evaluations, the Company utilized the option to first assess qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment assessment. As part of these assessments, the Company reviews qualitative factors, which include, but are not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, entity-specific financial performance and other events, such as changes in the Company’s management, strategy and primary user base. In accordance with applicable guidance, an entity is not required to calculate the fair value of a reporting unit if, after assessing these qualitative factors, the Company determines that it is more likely than not that the fair value of each of its reporting units is greater than its respective carrying amount. As of October 1, 2024, 2023 and 2022, the Company determined that it was more likely than not that the fair value of each of its reporting unit exceeded its respective carrying amount and, therefore, a quantitative assessment was not required. As a result, no goodwill impairment resulted from the assessments as of October 1, 2024, 2023 and 2022. As of December 31, 2024, the Company had no accumulated goodwill impairment losses.
Equity Method Investment	Equity Method Investments The Company has equity method investments in DKFS, LLC, DBDK Venture Fund I, L.P. and DBDK Venture Fund II, L.P. The Company uses the equity method to account for investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, but it does not exercise control and is not the primary beneficiary. The Company’s judgment regarding its level of influence over the equity method investee includes considering key factors, such as ownership interest, representation on the board of directors, and participation in policy-making decisions. The Company’s carrying value in the equity method investee is reflected in the caption “Equity method investments” on the consolidated balance sheets. Changes in value of DKFS, LLC, DBDK Venture Fund I, L.P. and DBDK Venture Fund II, L.P. are recorded in “Loss (income) from equity method investment” on the consolidated statements of operations.
Leases	Leases The Company determines if an arrangement is a lease at inception and categorizes it as either operating or finance based on the criteria of ASC 842, Leases . An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating leases are recorded in the consolidated balance sheets. The Company currently does not have any finance leases. The Company elects certain practical expedients that include not separating lease and non-lease components and it does not apply the right-of-use (“ROU”) assets and lease liability recognition requirements to short-term leases.
Liabilities to Users	Liabilities to Users The Company records liabilities for user account balances and pending wagers. User account balances consist of user deposits, most promotional awards and user winnings less user withdrawals, tax withholdings and user losses. Liabilities for user account balances may be covered through a combination of cash reserved for users, receivables reserved for users and surety bonds for the benefit of users.
Loss Contingencies	Loss Contingencies The Company’s loss contingencies, which are included within accounts payable and accrued expenses or other long-term liabilities in our consolidated balance sheets, are uncertain by nature and their estimation requires significant management judgment as to the probability of loss and estimation of the amount of such loss. These contingencies include, but may not be limited to, litigation, indirect taxes, regulatory investigations and proceedings and management’s evaluation of complex laws and regulations, and the extent to which they may apply to our business and industry. The Company regularly reviews its contingencies to determine whether the likelihood of loss is probable or reasonably possible and to assess whether a reasonable estimate of the loss can be made. Determination of whether a loss estimate can be made is a complex undertaking that considers the judgement of management, third-party research, the prospect of negotiation and interpretations by regulators and courts, among other information. When a loss is determined to be probable, and the amount of the loss can be reasonably estimated, an estimated contingent liability is recorded and the related legal costs are expensed as incurred.
Revenue Recognition	Revenue Recognition The Company records revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard requires more detailed disclosures to enable readers of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. See “Note 9 – Revenue Recognition” for further information. The Company determines revenue recognition through the following steps: • Identify the contract, or contracts, with the customer; • Identify the performance obligations in the contract; • Determine the transaction price; • Allocate the transaction price to performance obligations in the contract; and • Recognize revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services. The Company is currently engaged in the business of digital sports entertainment and gaming and provides its users with online gaming opportunities. The Company also provides online sportsbook and casino operators with technical infrastructure as well as related services with respect to its direct customers and distributors. The following is a description of the Company’s revenue streams: Sportsbook Sportsbook or sports betting involves a user wagering money on an outcome or series of outcomes occurring. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Sportsbook revenue is generated by setting odds such that there is a built-in theoretical margin in each sports wagering opportunity offered to users. Sportsbook revenue is generated from users’ wagers net of payouts made on users’ winning wagers and incentives awarded to users. iGaming iGaming, or online casino, typically includes digital versions of wagering games available in land-based casinos, such as blackjack, roulette and slot machines. For these product offerings, the Company functions similarly to land-based casinos, generating revenue through hold, as users play against the house. iGaming revenue is generated from user wagers net of payouts made on users’ winning wagers and incentives awarded to users. DFS DFS is a peer-to-peer product offering in which contestants compete against one another for prizes. Contestants pay an entry fee to join a DFS contest and compete for prizes, which are distributed to the highest performing contestants in each contest as defined by each contest’s prize table. DFS revenue is generated from contest entry fees from contestants, net of prizes and customer incentives awarded to contestants. Sportsbook, iGaming, and DFS create a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results. Revenue is recognized at the conclusion of each wager, wagering game hand, and contest. Incentives can be used across online gaming product offerings. Additionally, certain incentives given to customers create material rights and represent separate performance obligations. User incentives in certain cases create liabilities when awarded to players and in those cases are generally recognized as revenue upon redemption. Digital Lottery Courier Digital lottery courier revenue is earned by facilitating the purchase of official state lottery tickets on behalf of customers through a mobile application or website. This revenue comes primarily from service fees for processing and fulfilling ticket orders, along with commissions earned from state lotteries on ticket sales and certain winning tickets, where applicable. Revenue is not recognized from the face value of lottery tickets or customer prize winnings, as the service acts solely as a courier and assumes no risk from game outcomes. Media and advertising revenue The Company enters contracts with businesses where it receives consideration in exchange for advertisement activities over the related campaign periods. These services are grouped into advertising promises and sponsored game promises. The advertising packages range from standard ad placements and background ad placements to more high-touch integrations, such as sponsored DFS contest series or custom site takeovers. Media and advertising revenue is generated from business users and recognized ratably over the respective ad periods. Non-fungible token (“NFT”) content The Company launched DraftKings Marketplace (“Marketplace”) during the third quarter of 2021. Marketplace is a digital collectibles (non-fungible token or “NFT”) ecosystem designed for mainstream accessibility that offers curated initial NFT drops (“Primary Sales”). In addition to Primary Sales, owners of NFTs on Marketplace can list their NFTs for sale to other Marketplace customers (“Secondary Sales”). The revenue that the Company earns from Marketplace is primarily based on a specific percentage of the gross value of each Primary Sale or Secondary Sale. The revenue is recognized for each sale when the NFT transfers to the end user. The Company discontinued operations of Marketplace during the third quarter of 2024. Transaction Price Considerations Variability in the transaction price arises primarily due to market-based pricing, cash discounts, revenue sharing and usage-based fees. DraftKings offers loyalty programs, free plays, deposit bonuses, discounts, rebates and other rewards and incentives to its customers. Revenue for Sportsbook, iGaming, DFS and digital lottery courier is collected prior to the contest or event and is fixed once the outcome is known. Prizes paid and payouts made to users are recognized when awarded to the player. Contracts with customers may include multiple performance obligations. For such arrangements, the transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. For Sportsbook, iGaming, DFS and digital lottery courier, the Company allocates a portion of the transaction price to certain customer incentives that create material future customer rights. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage. Certain costs to obtain or fulfill contracts Under ASC 606, certain costs to obtain or fulfill a contract with a customer must be capitalized, to the extent recoverable from the associated contract margin, and subsequently amortized as the products or services are delivered to the customer. These costs are capitalized as contract acquisition costs and are amortized over the period of benefit to the customer. For the Company, the period of benefit is typically less than or equal to one year. As such, the Company applied the practical expedient and contract acquisition costs are expensed immediately. Customer contract costs which do not qualify for capitalization as contract fulfillment costs are expensed as incurred. Contract balances Contract assets and liabilities represent the differences in the timing of revenue recognition from the receipt of cash from the Company’s customers and billings to those customers. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Deferred revenue primarily represents contract liabilities related to the Company’s obligation to transfer future value in relation to in-period transactions in which the Company has received consideration. Such obligations are recognized as liabilities when awarded to users and are recognized as revenue when those liabilities are later resolved. The Company maintains various programs to incentivize user behavior, which allow users to earn awards. Incentive awards generally represent a material right to the user, and awards may be redeemed for future services. Incentive awards earned by users, but not yet redeemed, are generally recognized as a reduction to revenue and included within liabilities to users on our consolidated balance sheets. When a user redeems most types of awards, the Company recognizes revenue on its consolidated statements of operations. Certain player awards are not subject to expiration or have not been expired historically; on such awards the Company recognizes breakage (for amounts not expected to be redeemed) to the extent there is no requirement for remitting such balances to regulatory agencies. In addition to these incentive programs, the Company’s deferred revenue balance also consists of wagered amounts that relate to unsettled or pending outcomes.
Cost of Revenue	Cost of Revenue Cost of revenue consists primarily of variable costs. These include mainly (i) product taxes, (ii) payment processing fees and chargebacks, (iii) platform costs directly associated with revenue-generating activities, including those costs that were originally capitalized for internally developed software, (iv) revenue share / market access arrangements, and (v) feed / provider services. The Company incurs payment processing fees on user deposits, withdrawals and deposit reversals from payment processors. Cost of revenue also includes expenses related to the distribution of our services, amortization of intangible assets and compensation of revenue associated personnel.
Sales and Marketing	Sales and Marketing Sales and marketing expenses consist primarily of expenses associated with advertising, conferences, costs related to free to play contests, rent and facilities maintenance, and the compensation of sales and marketing personnel, including stock-based compensation expenses. Advertising costs are expensed as incurred and are included in sales and marketing expense in our consolidated statements of operations. Advertising costs include those costs associated with communicating with potential customers and generally use some form of media, such as internet, radio, print, television, or billboards. Advertising costs also include costs associated with strategic league and team partnerships. During the years ended December 31, 2024, 2023 and 2022, advertising costs calculated in accordance with U.S. GAAP were $1,049.6 million , $984.4 million and $964.9 million, respectively.
Product and Technology	Product and Technology Product and technology expenses consist primarily of research and development costs that are not capitalized and other costs not associated directly with revenue generating activities. Research and development costs primarily represent employee expenses (including stock-based compensation) for engineering product, design, analytical research and project management incurred for non-revenue generating activities. Other costs include related overhead for rent, facilities maintenance, third party software licenses and consulting services.
General and Administrative	General and Administrative General and administrative expenses consist of costs not related to sales and marketing, product and technology or revenue. General and administrative costs include professional services (including legal, regulatory, audit, accounting, lobbying and services related to acquisitions), rent and facilities maintenance, contingencies, insurance, allowance for credit losses, depreciation of leasehold improvements and furniture and fixtures and costs related to the compensation of executive and non-executive personnel, including stock-based compensation.
Benefit Plans	Benefit Plans
Stock-based Compensation	Stock-based Compensation The Company measures compensation cost for stock options and other stock awards in accordance with ASC 718, Compensation—Stock Compensation . Stock-based compensation is measured at fair value on grant date and recognized as compensation cost over the requisite service period. Generally, the Company issues stock options and other stock awards to employees with service-based or performance-based vesting conditions. For awards with only service-based vesting conditions, the Company records compensation cost for these awards using the straight-line method less an assumed forfeiture rate. For awards with performance-based vesting conditions, the Company recognizes compensation cost on a tranche-by-tranche basis (the accelerated attribution method), based on the probability of achieving the performance criteria. Under the provisions of ASC 505-50, Equity-Based Payments to Non-Employees
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between U.S. GAAP treatment and tax treatment of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax liabilities are included in other long-term liabilities in the consolidated balance sheets. Changes in deferred tax assets and liabilities are included in the income tax (benefit) provision in the consolidated statement of operations. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by considering taxable income of the appropriate source and character in carryback years, existing taxable temporary differences, prudent and feasible tax planning strategies and estimated future taxable profits. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then measured to determine the amount of benefit to recognize in our consolidated financial statements. Liabilities for uncertain tax positions are included in long-term income tax liabilities in the consolidated balance sheets. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The income tax (benefit) provision includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate, as well as the related net interest and penalties.
Loss per share	Loss per share Basic loss per share is calculated using the two-class method. Under the two-class method, basic loss is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period excluding the effects of any potentially dilutive instruments. The weighted-average number of common shares outstanding during the period includes Class A common stock but is exclusive of Class B common stock as these shares have no economic or participating rights. Diluted loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if potential common shares had been issued if such additional common shares were dilutive. Since the Company had net losses for all the periods presented, basic and diluted loss per share are the same, and additional potential common shares have been excluded, as their effect would be anti-dilutive.
Recently Adopted Account Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The main provisions of ASU 2023-07 requires (i) enhanced disclosures about significant segment expenses, (ii) extension of certain annual disclosures to interim periods and (iii) certain qualitative information on the chief operating decision maker. We adopted the annual reporting requirement under ASU 2023-07 on January 1, 2024 and will implement the interim disclosure requirements in fiscal year 2025. The adoption did not have a material impact on our consolidated financial statements. See “Note 13 – Segment Information” for additional information. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-08, Accounting for and Disclosure of Crypto Assets (Topic 820) . ASU 2023-08 addresses the accounting and disclosure requirements for certain crypto assets. The new guidance requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. The guidance also requires to provide additional disclosures about the holdings of certain crypto assets. ASU 2023-08 is effective for public business entities for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard on our digital assets’ accounting and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 modifies the rules on income tax disclosures to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024, with early adoption permitted. All entities are required to apply the guidance prospectively but have the option to apply it retrospectively. We are currently evaluating the impact of this standard on our income tax disclosure. In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this standard on our disclosure of income statement expenses.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Practices (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Useful Lives	Useful lives of each asset class are generally as follows: Computer equipment and software 3 years Furniture and fixtures 7 years Leasehold improvements Lesser of the lease terms or the estimated useful lives of the improvements, generally 1–10 years

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Consideration Transferred at Closing	The following is a summary of the consideration issued or paid on the Jackpocket Closing Date: Cash consideration $ 452,322 Equity consideration (1) 320,783 Total consideration $ 773,105 (1) Includes the issuance of approximately 7.5 million shares of DraftKings Inc.’s Class A common stock issued at $41.90 per share and 6.2 million of options exercisable for shares of DraftKings Inc. ’ s Class A common stock, which were issued to certain Jackpocket employee option holders in exchange for their Jackpocket options. Cash consideration $ 35,965 Equity consideration (1) 45,145 Contingent consideration (2) 53,535 Total consideration $ 134,645 (1) Includes the issuance of approximately 1.0 million shares of DraftKings Inc.’s Class A common stock issued at $43.97 per share. (2) Contingent consideration of up to 3.5 million shares of DraftKings Inc.’s Class A common stock may be payable over the next two years, subject to the achievement of certain future performance targets for the Company as a whole. The Company recorded a fair value estimate of the contingent consideration, as disclosed in “Note 8 – Fair Value Measurement”. Share consideration (1) $ 460,128 Other consideration (2) 143,337 Total consideration $ 603,465 (1) Includes the issuance of approximately 29.3 million shares of DraftKings Inc.’s Class A common stock issued at a price of $15.73. (2) Includes (i) $170.9 million of payments made by the Company on behalf of GNOG, including repayment of the outstanding portion of GNOG’s term loan (including the associated prepayment premium) and payment of certain of GNOG’s transaction expenses incurred in connection with the GNOG Transaction and (ii) warrants that were exercisable for shares of GNOG Class A common stock prior to the GNOG Closing Date, which were assumed by DraftKings in connection with the GNOG Transaction and became eligible to be converted into approximately 2.1 million shares of DraftKings Inc.’s Class A common stock in the aggregate. These payments were partially offset by commercial credits received by the Company from Fertitta Entertainment, Inc. (“FEI”), which can be applied by the Company from time to time to offset future amounts otherwise owed by it to FEI or its affiliates under commercial arrangements among such parties, subject to certain limited exceptions.
Summary of Purchase Price Allocation	The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in connection with the consummation of the Jackpocket Transaction on the Jackpocket Closing Date. The values set forth below are preliminary, pending finalization of valuation analyses: Cash and cash equivalents $ 45,999 Cash reserved for users 23,349 Receivables reserved for users 9,092 Prepaid expenses and other current assets 4,151 Property and equipment 1,523 Intangible assets 269,736 Operating lease right-of-use assets 2,579 Deposits and other non-current assets 136 Total identifiable assets acquired 356,565 Liabilities assumed: Accounts payable and accrued expenses 33,961 Liabilities to users 16,877 Operating lease liabilities 2,580 Other long-term liabilities 80,463 Total liabilities assumed 133,881 Net assets acquired (a) 222,684 Purchase consideration (b) 773,105 Goodwill (b) – (a) $ 550,421 The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in connection with the consummation of the Simplebet Transaction on the Simplebet Closing Date. The values set forth below are preliminary, pending finalization of valuation analyses: Cash and cash equivalents $ 5,002 Accounts receivable 931 Prepaid expenses and other current assets 282 Operating lease right-of-use assets 144 Property and equipment 32 Intangible assets 62,120 Total identifiable assets acquired 68,511 Liabilities assumed: Accounts payable and accrued expenses 5,374 Operating lease liabilities 144 Other long-term liabilities 11,500 Total liabilities assumed 17,018 Net assets acquired (a) 51,493 Estimated purchase consideration (b) 134,645 Estimated goodwill (b) - (a) $ 83,152 The following table summarizes the consideration issued or paid in connection with the GNOG Transaction and the fair value of the assets acquired and liabilities assumed in connection with the consummation of the GNOG Transaction on the GNOG Closing Date: Cash and cash equivalents $ 66,709 Cash reserved for users 7,633 Receivables reserved for users 2,814 Accounts receivables 7,783 Prepaid expenses and other current assets 64 Property and equipment, net 1,433 Intangible assets, net 315,000 Operating lease right-of-use assets 1,185 Deposits and other non-current assets 47,395 Total identifiable assets acquired 450,016 Liabilities assumed: Accounts payable and accrued expenses 32,989 Liabilities to users 4,314 Operating lease liabilities 1,185 Other long-term liabilities 78,781 Total liabilities assumed 117,269 Net assets acquired (a) 332,747 Purchase consideration (b) 603,465 Goodwill (b) – (a) $ 270,718
Summary of Intangible Assets	Fair Value Weighted- Customer Relationships $ 174,000 8.0 years Developed Technology 67,000 5.0 years Trade Name 27,000 7.0 years Market Access 1,736 2.9 years Total $ 269,736 Fair Value Weighted- Gaming licenses $ 145,000 12.2 years Customer relationships 170,000 5.9 years Total $ 315,000
Summary of Pro Forma Financial Information	The financial information in the table below summarizes the combined results of operations of Old DraftKings and GNOG, on an actual and a pro forma basis, as applicable, as though the companies had been combined as of January 1, 2022. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the GNOG Transaction had been consummated as of the beginning of the periods presented or of results that may occur in the future. Year Ended December 31, 2022 Revenue $ 2,284,596 Net loss $ (1,375,161)

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following: December 31, 2024 December 31, 2023 Computer equipment and software $ 73,440 $ 70,243 Furniture and fixtures 9,131 8,594 Leasehold improvements 56,346 57,309 Property and Equipment 138,917 136,146 Accumulated depreciation (88,367) (75,451) Property and Equipment, net $ 50,550 $ 60,695

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Finite-Lived	As of December 31, 2024, intangible assets, net consists of the following: Weighted- Gross Accumulated Net Amortized intangible assets: Developed technology 4.4 years $ 590,231 $ (260,786) $ 329,445 Internally developed software 2.3 years 333,437 (166,456) 166,981 Gaming market access and licenses 8.4 years 221,479 (68,402) 153,077 Customer relationships 6.1 years 442,528 (192,055) 250,473 Trademarks, tradenames and other 5.9 years 46,253 (14,895) 31,358 1,633,928 (702,594) 931,334 Indefinite-lived intangible assets: Digital assets, net of impairment Indefinite-lived 1,787 N/A 1,787 Intangible assets, net $ 1,635,715 $ (702,594) $ 933,121 As of December 31, 2023, intangible assets, net consisted of the following: Weighted- Gross Accumulated Net Amortized intangible assets: Developed technology 4.4 years $ 422,900 $ (193,247) $ 229,653 Internally developed software 2.3 years 236,644 (108,169) 128,475 Gaming market access and licenses 10.6 years 218,760 (47,941) 170,819 Customer relationships 4.1 years 269,728 (127,862) 141,866 Trademarks and tradenames 3.3 years 37,674 (20,751) 16,923 1,185,706 (497,970) 687,736 Indefinite-lived intangible assets: Digital assets, net of impairment Indefinite-lived 2,884 N/A 2,884 Intangible assets, net $ 1,188,590 $ (497,970) $ 690,620
Schedule of Intangible Assets, Indefinite-Lived	As of December 31, 2024, intangible assets, net consists of the following: Weighted- Gross Accumulated Net Amortized intangible assets: Developed technology 4.4 years $ 590,231 $ (260,786) $ 329,445 Internally developed software 2.3 years 333,437 (166,456) 166,981 Gaming market access and licenses 8.4 years 221,479 (68,402) 153,077 Customer relationships 6.1 years 442,528 (192,055) 250,473 Trademarks, tradenames and other 5.9 years 46,253 (14,895) 31,358 1,633,928 (702,594) 931,334 Indefinite-lived intangible assets: Digital assets, net of impairment Indefinite-lived 1,787 N/A 1,787 Intangible assets, net $ 1,635,715 $ (702,594) $ 933,121 As of December 31, 2023, intangible assets, net consisted of the following: Weighted- Gross Accumulated Net Amortized intangible assets: Developed technology 4.4 years $ 422,900 $ (193,247) $ 229,653 Internally developed software 2.3 years 236,644 (108,169) 128,475 Gaming market access and licenses 10.6 years 218,760 (47,941) 170,819 Customer relationships 4.1 years 269,728 (127,862) 141,866 Trademarks and tradenames 3.3 years 37,674 (20,751) 16,923 1,185,706 (497,970) 687,736 Indefinite-lived intangible assets: Digital assets, net of impairment Indefinite-lived 2,884 N/A 2,884 Intangible assets, net $ 1,188,590 $ (497,970) $ 690,620
Schedule of Estimated Future Amortization of Intangible Assets	The table below shows expected amortization expense for the next five years of intangible assets recorded as of December 31, 2024: Year Ending December 31, Estimated Amortization 2025 $ 237,285 2026 204,479 2027 176,694 2028 106,425 2029 66,480
Schedule of Goodwill	The changes in the carrying value of goodwill were as follows: Total Balance as of December 31, 2022 $ 886,373 Goodwill resulting from acquisitions — Balance as of December 31, 2023 $ 886,373 Goodwill resulting from acquisitions 668,743 Balance as of December 31, 2024 $ 1,555,116

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following: December 31, 2024 December 31, 2023 Accounts payable $ 53,662 $ 34,127 Accrued compensation and related expenses 87,192 94,830 Accrued marketing 94,136 100,840 Accrued partnership fees 113,299 136,338 Accrued processor fees 28,985 21,357 Accrued product taxes 130,401 116,501 Accrued professional fees and litigation 68,835 53,870 Accrued software and license fees 21,747 25,829 Deferred revenue 46,390 43,634 Accrued other expenses 16,598 12,273 Total $ 661,245 $ 639,599

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of December 31, 2024 and 2023 based on the three-tier fair value hierarchy: December 31, 2024 Level 1 Level 2 Level 3 Total Assets Other non-current assets: Derivative instruments $ — $ — $ 7,059 (4) $ 7,059 Equity securities — 13,533 (3) — 13,533 Total $ — $ 13,533 $ 7,059 $ 20,592 Liabilities Other current liabilities $ — $ — $ 3,300 (6) $ 3,300 Warrant liabilities — 22,033 (5) — 22,033 Other long-term liabilities — — 74,665 (6) 74,665 Total $ — $ 22,033 $ 77,965 $ 99,998 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 250,055 (1) $ — $ — $ 250,055 Other current assets: Digital assets held for users — 46,624 (2) — 46,624 Other non-current assets: Derivative instruments — — 19,999 (4) 19,999 Equity securities — 13,533 (3) — 13,533 Total $ 250,055 $ 60,157 $ 19,999 $ 330,211 Liabilities Other current liabilities: Digital assets held for users $ — $ 46,624 (2) $ — $ 46,624 Warrant liabilities — 63,568 (5) — 63,568 Total $ — $ 110,192 $ — $ 110,192 (1) Represents the Company’s money market funds, which are classified as Level 1 because the Company measures these assets to fair value using quoted market prices. (2) Represents the asset and liability balance for the digital assets held by the Company for its users, which are classified as Level 2 because the Company measures these digital assets to fair value using latest transaction price for similar transactions. (3) Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures these assets to fair value using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets. (4) Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments to fair value using option pricing models and, accordingly, classifies these assets as Level 3. There were no new Level 3 derivative instruments purchased by or issued to the Company for the years ended December 31, 2024 and 2023. The key inputs to the valuations are underlying stock price, volatility and risk free rate. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other income, net on the consolidated statements of operations and Loss on marketable equity securities and other financial assets, net in the consolidated statement of cash flows. (5) The Company measures its Private Warrants and the GNOG Private Warrants to fair value using a binomial lattice model or a Black-Scholes model, where appropriate, with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2. Key assumptions used in the valuation of the Private Warrants and GNOG Private Warrants include term, risk free rate and volatility. See “Note 7 – Current and Long-term Liabilities” and “Note 14 – Loss Per Share” for further information on the Company’s warrant liabilities. (6) Represents the contingent consideration issuable to former SIQ, Dijon and Simplebet securityholders in connection with the SIQ Transaction, Dijon Transaction and Simplebet Transaction upon the achievement of certain performance targets. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. The key inputs to the valuations are the projections of future financial results in relation to the business, revenue risk premium, revenue volatility, and operational leverage ratio as well as management judgment regarding the probability of achieving a future performance target. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure contingent consideration at fair value. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other income, net on the consolidated statements of operations. December 31, 2024 Significant Unobservable Input of Level 3 Investments Range (Weighted Average) Revenue volatility 17.3% - 17.7% (17.6%) Equity volatility 53.4% - 60.0% (55.3%) Operational leverage ratio 65.0% - 70.0% (66.4%)
Summary of Changes in Significant Unobservable Inputs	December 31, 2024 Significant Unobservable Input of Level 3 Investments Range (Weighted Average) Revenue volatility 17.3% - 17.7% (17.6%) Equity volatility 53.4% - 60.0% (55.3%) Operational leverage ratio 65.0% - 70.0% (66.4%)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Deferred Revenue Balances	The deferred revenue balances were as follows: Year Ended December 31, 2024 2023 2022 Deferred revenue, beginning of the period $ 174,212 $ 133,851 $ 91,554 Deferred revenue, end of the period $ 166,463 $ 174,212 $ 133,851 Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period $ 171,307 $ 129,246 $ 74,837
Summary of Disaggregation of Revenue	Disaggregation of revenue for years ended December 31, 2024, 2023 and 2022 are as follows: Year Ended December 31, 2024 2023 2022 Sportsbook $ 2,902,857 $ 2,106,403 $ 1,032,785 iGaming 1,507,808 1,216,749 821,847 Other 357,034 342,241 385,829 Total Revenue $ 4,767,699 $ 3,665,393 $ 2,240,461
Summary of Company's Revenue by Geographical Location	The following table presents the Company’s revenue by geographic region for the periods indicated: Year Ended December 31, 2024 2023 2022 United States $ 4,649,136 $ 3,595,622 $ 2,196,803 International (1) 118,563 69,771 43,658 Total Revenue $ 4,767,699 $ 3,665,393 $ 2,240,461 (1)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Assumptions Used to Measure Fair Value	The fair value of the stock options issued was measured using the following assumptions: Year Ended December 31, 2024 2023 2022 Weighted average risk free interest rate 4.6 % 4.1 % 3.1 % Weighted average expected term (in years) 3.6 5.9 5.6 Weighted average expected volatility 45.1 % 55.7 % 53.0 % Weighted average expected dividend yield 0.0 % 0.0 % 0.0 %
Schedule of Stock Option Activity	The following table shows stock award activity for the years ended December 31, 2024 and 2023: Options RSUs Total Weighted Weighted Weighted Aggregate Time Based PSP LTIP Outstanding at December 31, 2022 25,684 15,273 13,119 13,864 67,940 $ 6.17 $ 29.64 5.49 $ 192,062 Granted 800 11,629 2,240 209 14,878 29.02 19.55 — — Exercised options / vested RSUs (3,944) (7,211) (1,715) (12,310) (25,180) 4.16 42.29 — — Change in awards due to — — 1,141 — 1,141 — 60.25 — — Forfeited (285) (1,810) (976) (508) (3,579) 4.39 21.18 — — Outstanding at December 31, 2023 22,255 17,881 13,809 1,255 55,200 $ 7.10 $ 21.01 4.59 $ 645,885 Granted 761 7,789 1,449 — 9,999 31.85 42.48 — — Exercised options / vested RSUs (2,227) (7,841) — (261) (10,329) 4.17 26.11 — — Change in awards due to — — — — — — — — — Forfeited (14) (1,576) (752) (135) (2,477) 16.99 23.34 — — Outstanding at December 31, 2024 20,775 16,253 14,506 859 52,393 $ 8.31 $ 23.75 3.70 621,065 The following table provides additional information for stock option awards outstanding as of December 31, 2024: Awards Outstanding Weighted Average Remaining Term of Options (Years) Aggregate Intrinsic Value Weighted Average Exercise Price of Options Stock options exercisable 20,219 3.5 $ 618,573 $ 7.45 Stock options remaining to vest 556 9.1 $ 2,492 $ 39.54
Summary of Stock Compensation Expense	The following table shows stock-based compensation cost for the years ended December 31, 2024, 2023 and 2022: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Options RSUs Total (3) Options RSUs Total (3) Options RSUs Total Time Based (1) $ 13,257 $ 193,860 $ 207,117 $ 10,178 $ 183,937 $ 194,115 $ 15,222 $ 103,478 $ 118,700 PSP (2) — 169,832 169,832 — 126,071 126,071 — 90,180 90,180 LTIP (2) — 4,418 4,418 — 78,277 78,277 — 369,919 369,919 Total $ 13,257 $ 368,110 $ 381,367 $ 10,178 $ 388,285 $ 398,463 $ 15,222 $ 563,577 $ 578,799 (1) Time-based awards vest and are expensed over a defined service period. (2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria. (3) Total expenses includes $17.3 million and $20.2 million of liability-classified awards recorded within accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, we capitalized stock-based compensation primarily associated with the development of software for internal-use of $17.8 million.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Loss Before Provision (Benefit) for Income Taxes	Loss before income tax (benefit) provision for the years ended December 31, 2024, 2023 and 2022 consists of the following: Year Ended December 31, 2024 2023 2022 United States $ (586,004) $ (753,105) $ (1,329,931) Foreign (7,154) (38,148) (113,027) Loss before income tax (benefit) provision $ (593,158) $ (791,253) $ (1,442,958)
Summary of Components of the Provision (Benefit) for Income Taxes	The components of the provision (benefit) for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current: Federal $ 10 $ — $ — State 607 433 456 Foreign 5,775 3,888 5,085 Total current provision 6,392 4,321 5,541 Deferred: Federal (64,196) 205 (52,411) State (29,022) 2,643 (17,624) Foreign 485 3,001 (3,372) Total deferred provision (92,733) 5,849 (73,407) Total income tax (benefit) provision $ (86,341) $ 10,170 $ (67,866)
Summary of Reconciliation	The reconciliation between income taxes computed at the U.S. statutory income tax rate to our provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 Benefit for income taxes at 21% rate $ (124,563) $ (166,217) $ (303,028) State taxes, net of federal benefit (9,752) (40,385) (17,265) Stock-based compensation (benefit) expense (882) 26,155 28,015 Non-deductible lobbying expenses 6,924 1,009 4,788 Change in valuation allowance 18,307 130,817 166,978 Non-deductible executive compensation 18,275 30,106 54,925 Loss (gain) on remeasurement of warrant liabilities 1,270 12,084 (6,173) Foreign rate differential 1,003 3,348 1,802 Income tax reserves 3,848 4,119 (553) Other (771) 9,134 2,645 Total income tax (benefit) provision $ (86,341) $ 10,170 $ (67,866)
Summary of Components of Deferred Tax Assets (Liabilities)	Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2024 and 2023 are as follows: Year Ended December 31, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 1,100,214 $ 1,042,874 Intangible assets 13,770 82,813 Accrual and other temporary differences 78,535 59,656 Operating lease 22,239 24,784 Stock-based compensation 60,754 51,065 Capitalized research and development costs 199,678 128,719 Fixed assets 3,710 2,451 Gross deferred tax assets 1,478,900 1,392,362 Valuation allowance (1,453,715) (1,358,934) Net deferred tax assets $ 25,185 $ 33,428 Deferred tax liabilities: Capitalized software costs $ — $ (4,535) Fixed assets (108) (162) Intangible assets (6,532) — Operating lease (21,472) (25,528) Other (4,041) (7,798) Gross deferred tax liabilities (32,153) (38,023) Total net deferred tax liabilities $ (6,968) $ (4,595)
Schedule of Unrecognized Tax Benefits Roll Forward	The following table presents a reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, included in long-term income tax liabilities on the Company’s consolidated balance sheets: Year Ended December 31, 2024 2023 2022 Unrecognized tax benefits at the beginning of the year $ 57,424 $ 58,011 $ 72,407 Additions for tax positions of prior years — 1,026 1,807 Reduction for tax positions of prior years (1,395) (269) — Additions for tax positions of current year 377 449 — Settlements — — (7,412) Foreign currency adjustments (376) (1,793) (8,791) Unrecognized tax benefits at the end of the year $ 56,030 $ 57,424 $ 58,011

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Financial Information for the Company's Segments	Year Ended December 31, 2024 2023 2022 Total revenue $ 4,767,699 $ 3,665,393 $ 2,240,461 Less: Gaming tax 1,658,114 1,235,272 716,451 Other adjusted cost of revenue (1) 1,061,992 872,178 612,331 Total Adjusted Cost of Revenue 2,720,106 2,107,450 1,328,782 Less: Adjusted sales and marketing expenses (2) 1,224,561 1,161,318 1,129,707 Adjusted product and technology expenses (2) 292,991 240,422 214,824 Adjusted general and administrative expenses (2) 348,734 307,238 288,929 Depreciation and amortization 270,854 201,920 169,252 Interest income (47,259) (58,418) (21,353) Interest expense 2,959 2,679 2,651 Stock-based compensation 381,367 398,463 578,799 Transaction-related costs (3) 26,386 3,060 17,315 Litigation, settlement and related costs (4) 81,246 34,500 7,010 Advocacy and other related legal expenses (5) 16,049 — 16,558 Loss (gain) on remeasurement of warrant liabilities 4,945 57,543 (29,396) Loss on equity method investment 468 719 2,895 Income tax (benefit) provision (86,341) 10,170 (67,866) Other expenses (6) 37,917 471 (19,659) Consolidated net income (loss) $ (507,285) $ (802,142) $ (1,377,987) (1) Other adjusted cost of revenue includes all cost of revenue, other than gaming tax, presented in the statement of operations, adjusted for the impact of depreciation and amortization and stock-based compensation. (2) These items represent the respective line items in the statement of operations, adjusted for the impact of depreciation and amortization; stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; and other expenses, as further described below. (3) Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with transactions under consideration, pending, or completed transactions and offerings, including costs relating to our completed acquisitions of Jackpocket, SIQ, Dijon and Simplebet. (4) Primarily includes certain external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations. (5) Reflects certain costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain product offerings and are actively seeking licensure, or similar approval, for those product offerings. This adjustment excludes (i) costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate that are incurred in the ordinary course of business and (ii) costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate. (6) Other expenses are defined other certain costs that were not included in the above categories including any gain or loss on the disposal of a business and termination expenses.

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Loss per Share and Weighted-Average Shares	The computation of loss per share and weighted-average shares of the Company’s Class A common stock outstanding for the periods presented are as follows: Year Ended December 31, 2024 2023 2022 Net loss $ (507,285) $ (802,142) $ (1,377,987) Basic and diluted weighted-average common shares outstanding 481,954 462,599 436,513 Loss per share attributable to common stockholders: Basic and diluted $ (1.05) $ (1.73) $ (3.16)
Schedule of Securities and Convertible Notes	For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding: Year Ended December 31, 2024 2023 2022 Class A common stock resulting from exercise of all warrants 1,439 3,524 3,761 Stock options and RSUs 52,393 55,200 67,941 Convertible notes 13,337 13,337 13,337 Total 67,169 72,061 85,039

Leases, Commitments and Conti_2

Leases, Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows: December 31, 2024 December 31, 2023 December 31, 2022 Operating lease cost $ 20,206 $ 19,175 $ 20,003 Short term lease cost 774 2,616 6,004 Variable lease cost 4,747 4,644 4,462 Sublease income — (704) (849) Total lease cost $ 25,727 $ 25,731 $ 29,620 Supplemental cash flow and other information for 2024 and 2023 related to operating leases was as follows: December 31, 2024 December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,880 $ 13,561 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,417 $ 21,917 The weighted-average remaining lease term and weighted-average discount rate were as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 6.4 7.3 Weighted-average discount rate 6.5 % 6.5 %
Schedule of Maturity of Lease Liabilities	Maturity of lease liabilities are as follows: December 31, 2025 $ 15,945 2026 15,599 2027 15,138 2028 15,531 2029 10,869 Thereafter 24,873 Total undiscounted future cash flows 97,955 Less: Imputed interest 19,302 Present value of undiscounted future cash flows $ 78,653
Schedule of Obligated Future Payments	The Company is a party to several non-cancelable contracts with vendors where the Company is obligated to make future minimum payments under the terms of these contracts as follows: Year Ending December 31, 2025 $ 375,233 2026 141,263 2027 64,264 2028 38,211 2029 30,952 Thereafter 76,027 Total $ 725,950

Description of Business (Detail

Description of Business (Details)	Dec. 31, 2024 jurisdiction	May 05, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of jurisdictions with legalized sports betting in which company operates	26
Conversion basis		1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Practices - Property and Equipment, net (Details)	Dec. 31, 2024
Computer equipment and software
Accounting Policies [Line Items]
Estimated useful lives	3 years
Furniture and fixtures
Accounting Policies [Line Items]
Estimated useful lives	7 years
Minimum | Leasehold improvements
Accounting Policies [Line Items]
Estimated useful lives	1 year
Maximum | Leasehold improvements
Accounting Policies [Line Items]
Estimated useful lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Practices - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) reporting_unit
Accounting Policies [Line Items]
Reporting units | reporting_unit			3
Advertising cost	$ 1,049.6	$ 984.4	$ 964.9
Contributions to employee benefits	$ 13	$ 11.6	$ 9.3

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
	Dec. 03, 2024	May 22, 2024	May 05, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Fair value of contingent consideration in connection with acquisitions				$ 77,965	$ 0	$ 0
Goodwill				1,555,116	886,373	886,373
Jackpocket
Business Acquisition [Line Items]
Cash consideration		$ 452,322
Share consideration		$ 320,783
Equity interest acquired		100%
Transaction costs, expensed				11,300	$ 1,500
Intangible assets, net		$ 269,736
Goodwill		$ 550,421
Simplebet, Inc.
Business Acquisition [Line Items]
Cash consideration	$ 35,965
Share consideration	45,145
Transaction costs, expensed				4,500
Contingent consideration	53,535
Intangible assets, net	62,120
Goodwill	$ 83,152
Simplebet, Inc. | Developed Technology
Business Acquisition [Line Items]
Useful life of intangible assets	6 years
Sports IQ Analytics Inc. And Dijon Systems Limited
Business Acquisition [Line Items]
Cash consideration				28,200
Share consideration				10,800
Transaction costs, expensed				1,700
Intangible assets, net				$ 34,900
Useful life of intangible assets				7 years
Contingent consideration payments				$ 33,300
Fair value of contingent consideration in connection with acquisitions				24,400
Goodwill				35,200
Deferred tax liability				$ 7,700
Dijon Systems Limited
Business Acquisition [Line Items]
Equity interest acquired				100%
Sports IQ Analytics Inc.
Business Acquisition [Line Items]
Equity interest acquired				100%
Golden Nugget Online Gaming, Inc
Business Acquisition [Line Items]
Share consideration			$ 460,128
Equity interest acquired			100%
Transaction costs, expensed						$ 14,900
Intangible assets, net			$ 315,000
Goodwill			$ 270,718
Share ratio (in shares)			0.365
Share consideration (in shares)			29,300,000
Long term receivable			$ 30,100
Golden Nugget Online Gaming, Inc | Danville GN Casino Loan
Business Acquisition [Line Items]
Long term receivable			30,000
Golden Nugget Online Gaming, Inc | B2c Units
Business Acquisition [Line Items]
Goodwill, expected tax deductible amount			$ 160,700

Business Combinations - Summary

Business Combinations - Summary of Consideration Transferred at Closing (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 03, 2024	May 22, 2024	May 05, 2022
Jackpocket
Business Acquisition [Line Items]
Cash consideration		$ 452,322
Share consideration		320,783
Total consideration		$ 773,105
Weighted average fair value (in dollars per share)		$ 41.90
Stock consideration value payable		$ 6,200
Jackpocket | Class A Common Stock
Business Acquisition [Line Items]
Share consideration (in shares)		7.5
Simplebet, Inc.
Business Acquisition [Line Items]
Cash consideration	$ 35,965
Share consideration	45,145
Contingent consideration	53,535
Total consideration	$ 134,645
Weighted average fair value (in dollars per share)	$ 43.97
Contingent consideration payment period	2 years
Simplebet, Inc. | Class A Common Stock
Business Acquisition [Line Items]
Share consideration (in shares)	1
Contingent consideration (in shares)	3.5
Golden Nugget Online Gaming, Inc
Business Acquisition [Line Items]
Share consideration			$ 460,128
Other consideration			143,337
Total consideration			$ 603,465
Share consideration (in shares)			29.3
Weighted average fair value (in dollars per share)			$ 15.73
Payments made by the Company			$ 170,900
Issuance of New DraftKings' class A common stock for each common share of Golden Nugget Online Gaming (in shares)			2.1

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 03, 2024	May 22, 2024	Dec. 31, 2023	Dec. 31, 2022	May 05, 2022
Business Acquisition [Line Items]
Goodwill	$ 1,555,116			$ 886,373	$ 886,373
Jackpocket
Business Acquisition [Line Items]
Cash and cash equivalents			$ 45,999
Cash reserved for users			23,349
Receivables reserved for users			9,092
Prepaid expenses and other current assets			4,151
Operating lease right-of-use assets			2,579
Property and equipment, net			1,523
Intangible assets, net			269,736
Deposits and other non-current assets			136
Total identifiable assets acquired			356,565
Accounts payable and accrued expenses			33,961
Liabilities to users			16,877
Operating lease liabilities			2,580
Other long-term liabilities			80,463
Total liabilities assumed			133,881
Net assets acquired			222,684
Purchase consideration			773,105
Goodwill			$ 550,421
Simplebet, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 5,002
Accounts receivables		931
Prepaid expenses and other current assets		282
Operating lease right-of-use assets		144
Property and equipment, net		32
Intangible assets, net		62,120
Total identifiable assets acquired		68,511
Accounts payable and accrued expenses		5,374
Operating lease liabilities		144
Other long-term liabilities		11,500
Total liabilities assumed		17,018
Net assets acquired		51,493
Purchase consideration		134,645
Goodwill		$ 83,152
Golden Nugget Online Gaming, Inc
Business Acquisition [Line Items]
Cash and cash equivalents						$ 66,709
Cash reserved for users						7,633
Receivables reserved for users						2,814
Accounts receivables						7,783
Prepaid expenses and other current assets						64
Operating lease right-of-use assets						1,185
Property and equipment, net						1,433
Intangible assets, net						315,000
Deposits and other non-current assets						47,395
Total identifiable assets acquired						450,016
Accounts payable and accrued expenses						32,989
Liabilities to users						4,314
Operating lease liabilities						1,185
Other long-term liabilities						78,781
Total liabilities assumed						117,269
Net assets acquired						332,747
Purchase consideration						603,465
Goodwill						$ 270,718

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	May 22, 2024	May 05, 2022
Jackpocket
Business Acquisition [Line Items]
Fair Value	$ 269,736
Jackpocket | Customer relationships
Business Acquisition [Line Items]
Fair Value	$ 174,000
Weighted- Average Useful Life	8 years
Jackpocket | Developed Technology
Business Acquisition [Line Items]
Fair Value	$ 67,000
Weighted- Average Useful Life	5 years
Jackpocket | Trade Name
Business Acquisition [Line Items]
Fair Value	$ 27,000
Weighted- Average Useful Life	7 years
Jackpocket | Market Access
Business Acquisition [Line Items]
Fair Value	$ 1,736
Weighted- Average Useful Life	2 years 10 months 24 days
Golden Nugget Online Gaming, Inc
Business Acquisition [Line Items]
Fair Value		$ 315,000
Golden Nugget Online Gaming, Inc | Gaming market access and licenses
Business Acquisition [Line Items]
Fair Value		$ 145,000
Weighted- Average Useful Life		12 years 2 months 12 days
Golden Nugget Online Gaming, Inc | Customer relationships
Business Acquisition [Line Items]
Fair Value		$ 170,000
Weighted- Average Useful Life		5 years 10 months 24 days

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Golden Nugget Online Gaming, Inc $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Revenue	$ 2,284,596
Net loss	$ (1,375,161)

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 138,917	$ 136,146
Accumulated depreciation	(88,367)	(75,451)
Property and Equipment, net	50,550	60,695
Depreciation expense	21,100	20,400	$ 18,700
Foreign countries
Property, Plant and Equipment [Line Items]
Depreciation expense	2,900	4,000
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and Equipment	73,440	70,243
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment	9,131	8,594
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 56,346	$ 57,309

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,633,928	$ 1,185,706
Accumulated Amortization	(702,594)	(497,970)
Net	931,334	687,736
Indefinite-lived intangible assets:
Intangible assets, gross	1,635,715	1,188,590
Intangible assets, net	933,121	690,620
Digital assets, net of impairment
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	$ 1,787	$ 2,884
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	4 years 4 months 24 days	4 years 4 months 24 days
Gross Carrying Amount	$ 590,231	$ 422,900
Accumulated Amortization	(260,786)	(193,247)
Net	$ 329,445	$ 229,653
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	2 years 3 months 18 days	2 years 3 months 18 days
Gross Carrying Amount	$ 333,437	$ 236,644
Accumulated Amortization	(166,456)	(108,169)
Net	$ 166,981	$ 128,475
Gaming market access and licenses
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	8 years 4 months 24 days	10 years 7 months 6 days
Gross Carrying Amount	$ 221,479	$ 218,760
Accumulated Amortization	(68,402)	(47,941)
Net	$ 153,077	$ 170,819
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	6 years 1 month 6 days	4 years 1 month 6 days
Gross Carrying Amount	$ 442,528	$ 269,728
Accumulated Amortization	(192,055)	(127,862)
Net	$ 250,473	$ 141,866
Trademarks, tradenames and other
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	5 years 10 months 24 days	3 years 3 months 18 days
Gross Carrying Amount	$ 46,253	$ 37,674
Accumulated Amortization	(14,895)	(20,751)
Net	$ 31,358	$ 16,923

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 249.9	$ 180.9	$ 150.6

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Estimated Future Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 237,285
2026	204,479
2027	176,694
2028	106,425
2029	$ 66,480

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance at beginning of period	$ 886,373	$ 886,373
Goodwill resulting from acquisitions	668,743	0
Balance at end of period	$ 1,555,116	$ 886,373

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 53,662	$ 34,127
Accrued compensation and related expenses	87,192	94,830
Accrued marketing	94,136	100,840
Accrued partnership fees	113,299	136,338
Accrued processor fees	28,985	21,357
Accrued product taxes	130,401	116,501
Accrued professional fees and litigation	68,835	53,870
Accrued software and license fees	21,747	25,829
Deferred revenue	46,390	43,634
Accrued other expenses	16,598	12,273
Total	$ 661,245	$ 639,599

Current and Long-term Liabili_2

Current and Long-term Liabilities - Revolving Line of Credit (Details) - Revolving Credit Facility - Line of Credit $ in Millions	Nov. 07, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 20, 2022 USD ($)
Line of Credit Facility [Line Items]
Surety bonds issued	$ 500	$ 500	$ 125
Principal amount outstanding		0
Letters of credit		10
Net facility available		$ 490
Maximum leverage ratio	4.50
Testing threshold percentage	40%
Minimum
Line of Credit Facility [Line Items]
Variable interest rate spread	0.75%
Commitment fee percentage	0.25%
Maximum
Line of Credit Facility [Line Items]
Variable interest rate spread	1.25%
Commitment fee percentage	0.375%
Variable Rate Component One | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable interest rate spread	1.75%
Variable Rate Component One | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable interest rate spread	2.25%
Variable Rate Component Two | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable interest rate spread	1%
Variable Rate Component Two | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Variable interest rate spread	0.50%

Current and Long-term Liabili_3

Current and Long-term Liabilities - Convertible Notes and Capped Call and Indirect Taxes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Convertible notes, net of issuance costs		$ 1,256,429	$ 1,253,760
Estimated liability for indirect taxes		84,700	71,200
Convertible Notes
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 1,265,000
Lender fees	17,000
Debt financing costs	$ 1,700
Conversion ratio	0.010543
Conversion price (in dollars per share) | $ / shares	$ 94.85
Strike price (in dollars per share) | $ / shares	94.85
Cap price (in dollars per share) | $ / shares	$ 135.50
Net costs incurred	$ 124,000
Convertible notes, net of issuance costs		1,256,400
Debt issuance costs		8,600
Amortization of debt issuance costs		2,700	2,700	$ 2,700
Fair value of convertible notes		$ 1,076,900	$ 1,025,600

Current and Long-term Liabili_4

Current and Long-term Liabilities - Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 05, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 14, 2019
Line of Credit Facility [Line Items]
Fair value of warrant liabilities		$ 22,033	$ 63,568
Loss (gain) on remeasurement of warrant liabilities		4,945	57,543	$ (29,396)
Exercise of warrants		46,484	4,942
Golden Nugget Online Gaming, Inc
Line of Credit Facility [Line Items]
Share ratio (in shares)	0.365
Issuance of New DraftKings' class A common stock for each common share of Golden Nugget Online Gaming (in shares)	2,100,000
Public Warrants And Private Warrant
Line of Credit Facility [Line Items]
Loss (gain) on remeasurement of warrant liabilities		$ 4,900	$ 57,500	$ (29,400)
Public Warrants
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)					13,300,000
Number of shares issuable per warrant (in shares)					1
Exercise price per warrant (in dollars per share)					$ 11.50
Number of warrants outstanding (in shares)		0	0
Private Warrants
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)					6,300,000
Number of shares issuable per warrant (in shares)					1
Exercise price per warrant (in dollars per share)					$ 11.50
Number of warrants outstanding (in shares)		400,000	1,400,000
Shares issued for exercise of warrants (in shares)		1,000,000	200,000
Exercise of warrants		$ 32,800	$ 4,600
Private Warrants | Golden Nugget Online Gaming, Inc
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)	5,900,000
Number of shares issuable per warrant (in shares)	1
Exercise price per warrant (in dollars per share)	$ 11.50
Outstanding exercisable warrants (in dollars per share)	$ 31.50
Warrant liabilities		$ 3,000	$ 5,900
Shares issued for exercise of warrants (in shares)		2,900,000	0
Exercise of warrants		$ 13,700
Stock issuance (in shares)		1,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities
Derivative asset, noncurrent, statement of financial position	Deposits and other non-current assets	Deposits and other non-current assets
Fair Value, Recurring
Assets
Digital assets held for users		$ 46,624
Derivative instruments	$ 7,059	19,999
Equity securities	13,533	13,533
Assets	20,592	330,211
Liabilities
Other current liabilities	3,300	46,624
Warrant liabilities	22,033	63,568
Other long-term liabilities	74,665
Liabilities	99,998	110,192
Fair Value, Recurring | Level 1
Assets
Digital assets held for users		0
Derivative instruments	0	0
Equity securities	0	0
Assets	0	250,055
Liabilities
Other current liabilities	0	0
Warrant liabilities	0	0
Other long-term liabilities	0
Liabilities	0	0
Fair Value, Recurring | Level 2
Assets
Digital assets held for users		46,624
Derivative instruments	0	0
Equity securities	13,533	13,533
Assets	13,533	60,157
Liabilities
Other current liabilities	0	46,624
Warrant liabilities	22,033	63,568
Other long-term liabilities	0
Liabilities	22,033	110,192
Fair Value, Recurring | Level 3
Assets
Digital assets held for users		0
Derivative instruments	7,059	19,999
Equity securities	0	0
Assets	7,059	19,999
Liabilities
Other current liabilities	3,300	0
Warrant liabilities	0	0
Other long-term liabilities	74,665
Liabilities	$ 77,965	0
Money Market Funds | Fair Value, Recurring
Assets
Money market funds		250,055
Money Market Funds | Fair Value, Recurring | Level 1
Assets
Money market funds		250,055
Money Market Funds | Fair Value, Recurring | Level 2
Assets
Money market funds		0
Money Market Funds | Fair Value, Recurring | Level 3
Assets
Money market funds		$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assumptions (Details) - Level 3	Dec. 31, 2024
Revenue volatility | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.173
Revenue volatility | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.177
Revenue volatility | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.176
Equity volatility | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.534
Equity volatility | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.600
Equity volatility | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.553
Operational leverage ratio | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.650
Operational leverage ratio | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.700
Operational leverage ratio | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.664

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains (losses)	$ 12.9	$ 0	$ 19.9

Revenue Recognition - Summary o

Revenue Recognition - Summary of Deferred Revenue Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of the period	$ 174,212	$ 133,851	$ 91,554
Deferred revenue, end of the period	166,463	174,212	133,851
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 171,307	$ 129,246	$ 74,837

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 4,767,699	$ 3,665,393	$ 2,240,461
Sportsbook
Disaggregation of Revenue [Line Items]
Total Revenue	2,902,857	2,106,403	1,032,785
iGaming
Disaggregation of Revenue [Line Items]
Total Revenue	1,507,808	1,216,749	821,847
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 357,034	$ 342,241	$ 385,829

Revenue Recognition - Summary_3

Revenue Recognition - Summary of Company's Revenue by Geographical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 4,767,699	$ 3,665,393	$ 2,240,461
United States
Disaggregation of Revenue [Line Items]
Total Revenue	4,649,136	3,595,622	2,196,803
International
Disaggregation of Revenue [Line Items]
Total Revenue	$ 118,563	$ 69,771	$ 43,658

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) vote $ / shares shares	Jul. 30, 2024 USD ($)	Dec. 31, 2023 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	300,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Amount of stock repurchase plan authorized | $		$ 1,000,000
Amount of stock repurchased (in shares)	1,100,000
Repurchases of shares | $	$ 48,067
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share | vote	1
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share | vote	10

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 02, 2022 shares	Dec. 31, 2024 USD ($) segment $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of stock based compensation | segment		3
Modified shares issuable (in shares) | shares	4,000,000
Proceeds from exercise of stock options		$ 9,165	$ 16,540	$ 8,743
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 months
Unrecognized stock-based compensation		$ 620,100
Recognition period for unrecognized share-based compensation		2 years 6 months
Weighted average grant date fair value per share (in dollars per share) | $ / shares		$ 22.86	$ 8.59	$ 7.46
Proceeds from exercise of stock options		$ 9,200	$ 16,500	$ 8,700
Aggregate intrinsic value of stock options exercised		78,300	101,700	38,100
Grant date fair value of stock options vested		13,400	11,100	15,300
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of RSUs		$ 212,700	$ 893,200	$ 511,400
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		7 years
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		0%	0%	0%	0%	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		200%	200%	200%	300%	300%
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share awards issued (in shares) | shares							0
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) | shares		33,900,000
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) | shares		10,400,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchase price as a percentage of fair value						85%
2020 Plan and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share reserve | shares		133,300,000
2020 Plan and ESPP | Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Vesting period		4 years
2020 Plan and ESPP | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions Used to Measure Fair Value (Details) - Stock Options	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted average risk free interest rate	4.60%	4.10%	3.10%
Weighted average expected term (in years)	3 years 7 months 6 days	5 years 10 months 24 days	5 years 7 months 6 days
Weighted average expected volatility	45.10%	55.70%	53%
Weighted average expected dividend yield	0%	0%	0%

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options
Options, Outstanding at beginning of period (in shares)	22,255	25,684
Options, Granted (in shares)	761	800
Options, Exercised options / vested RSUs (in shares)	(2,227)	(3,944)
Options, Change in award due to performance-based multiplier (in shares)	0	0
Options, Forfeited (in shares)	(14)	(285)
Options, Outstanding at end of period (in shares)	20,775	22,255	25,684
Total
Total, Outstanding at beginning of period (in shares)	55,200	67,940
Total, Granted (in shares)	9,999	14,878
Total, Exercised options / vested RSUs (in shares)	(10,329)	(25,180)
Total, Change in awards due to performance-based multiplier (in shares)	0	1,141
Total, Forfeited (in shares)	(2,477)	(3,579)
Total, Outstanding at end of period (in shares)	52,393	55,200	67,940
Weighted Average Exercise Price of Options
Weighted Average Exercise Price of Options, Outstanding at beginning of period (in dollars per share)	$ 7.10	$ 6.17
Weighted Average Exercise Price of Options, Granted (in dollars per share)	31.85	29.02
Weighted Average Exercise Price of Options, Exercised options / vested RSUs (in dollars per share)	4.17	4.16
Weighted Average Exercise Price of Options, Change in awards due to performance-based multiplier (in dollars per share)	0	0
Weighted Average Exercise Price of Options, Forfeited (in dollars per share)	16.99	4.39
Weighted Average Exercise Price of Options, Outstanding at end of period (in dollars per share)	$ 8.31	$ 7.10	$ 6.17
Additional Disclosures
Weighted Average Remaining Term of Options (Years)	3 years 8 months 12 days	4 years 7 months 2 days	5 years 5 months 26 days
Aggregate Intrinsic Value	$ 621,065	$ 645,885	$ 192,062
Stock options exercisable, Awards Outstanding (in shares)	20,219
Stock options exercisable, Weighted Average Remaining Term of Options	3 years 6 months
Stock options exercisable, Aggregate Intrinsic Value	$ 618,573
Stock options exercisable, Weighted Average Exercise Price of Options (in dollars per share)	$ 7.45
Stock options remaining to vest, Awards Outstanding (in shares)	556
Stock options remaining to vest, Weighted Average Remaining Term of Options	9 years 1 month 6 days
Stock options remaining to vest, Aggregate Intrinsic Value	$ 2,492
Stock options remaining to vest, Weighted Average Exercise Price of Options (in dollars per share)	$ 39.54
Time Based RSUs
RSUs
RSUs, Outstanding at beginning of period (in shares)	17,881	15,273
RSUs, Granted (in shares)	7,789	11,629
RSUs, Exercised options / vested RSUs (in shares)	(7,841)	(7,211)
RSUs, Change in awards due to performance-based multiplier (in shares)	0	0
RSUs, Forfeited (in shares)	(1,576)	(1,810)
RSUs, Outstanding at end of period (in shares)	16,253	17,881	15,273
PSP RSUs
RSUs
RSUs, Outstanding at beginning of period (in shares)	13,809	13,119
RSUs, Granted (in shares)	1,449	2,240
RSUs, Exercised options / vested RSUs (in shares)	0	(1,715)
RSUs, Change in awards due to performance-based multiplier (in shares)	0	1,141
RSUs, Forfeited (in shares)	(752)	(976)
RSUs, Outstanding at end of period (in shares)	14,506	13,809	13,119
LTIP RSUs
RSUs
RSUs, Outstanding at beginning of period (in shares)	1,255	13,864
RSUs, Granted (in shares)	0	209
RSUs, Exercised options / vested RSUs (in shares)	(261)	(12,310)
RSUs, Change in awards due to performance-based multiplier (in shares)	0	0
RSUs, Forfeited (in shares)	(135)	(508)
RSUs, Outstanding at end of period (in shares)	859	1,255	13,864
Restricted Stock Units (RSUs)
Weighted Average FMV of RSUs
Weighted Average FMV of RSUS, Outstanding at beginning of period (in dollars per share)	$ 21.01	$ 29.64
Weighted Average FMV of RSUs, Granted (in dollars per share)	42.48	19.55
Weighted Average FMV of RSUs, Exercised options / vested RSUs (in dollars per share)	26.11	42.29
Weighted Average FMV of RSUs, Change in awards due to performance-based multiplier (in dollars per share)	0	60.25
Weighted Average FMV of RSUs, Forfeited (in dollars per share)	23.34	21.18
Weighted Average FMV of RSUS, Outstanding at end of period (in dollars per share)	$ 23.75	$ 21.01	$ 29.64

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	$ 13,257	$ 10,178	$ 15,222
Stock compensation expense, RSUs	368,110	388,285	563,577
Share-based compensation expense	381,367	398,463	578,799
Capitalized stock-based compensation	17,800
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	13,257	10,178	15,222
Stock compensation expense, RSUs	193,860	183,937	103,478
Share-based compensation expense	207,117	194,115	118,700
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0
Stock compensation expense, RSUs	169,832	126,071	90,180
Share-based compensation expense	169,832	126,071	90,180
Liability-classified awards	17,300	20,200
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0
Stock compensation expense, RSUs	4,418	78,277	369,919
Share-based compensation expense	$ 4,418	$ 78,277	$ 369,919

Income Taxes - Summary of Loss

Income Taxes - Summary of Loss and Components Before Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss before provision for (benefit from) income taxes:
United States	$ (586,004)	$ (753,105)	$ (1,329,931)
Foreign	(7,154)	(38,148)	(113,027)
Loss before income tax (benefit) provision and loss from equity method investment	(593,158)	(791,253)	(1,442,958)
Current:
Federal	10	0	0
State	607	433	456
Foreign	5,775	3,888	5,085
Total current provision	6,392	4,321	5,541
Deferred:
Federal	(64,196)	205	(52,411)
State	(29,022)	2,643	(17,624)
Foreign	485	3,001	(3,372)
Total deferred provision	(92,733)	5,849	(73,407)
Total income tax (benefit) provision	$ (86,341)	$ 10,170	$ (67,866)

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Benefit for income taxes at 21% rate	$ (124,563)	$ (166,217)	$ (303,028)
State taxes, net of federal benefit	(9,752)	(40,385)	(17,265)
Stock-based compensation (benefit) expense	(882)	26,155	28,015
Non-deductible lobbying expenses	6,924	1,009	4,788
Change in valuation allowance	18,307	130,817	166,978
Non-deductible executive compensation	18,275	30,106	54,925
Loss (gain) on remeasurement of warrant liabilities	1,270	12,084	(6,173)
Foreign rate differential	1,003	3,348	1,802
Income tax reserves	3,848	4,119	(553)
Other	(771)	9,134	2,645
Total income tax (benefit) provision	$ (86,341)	$ 10,170	$ (67,866)

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 1,100,214	$ 1,042,874
Intangible assets	13,770	82,813
Accrual and other temporary differences	78,535	59,656
Operating lease	22,239	24,784
Stock-based compensation	60,754	51,065
Capitalized research and development costs	199,678	128,719
Fixed assets	3,710	2,451
Gross deferred tax assets	1,478,900	1,392,362
Valuation allowance	(1,453,715)	(1,358,934)
Net deferred tax assets	25,185	33,428
Deferred tax liabilities:
Capitalized software costs	0	(4,535)
Fixed assets	(108)	(162)
Intangible assets	(6,532)	0
Operating lease	(21,472)	(25,528)
Other	(4,041)	(7,798)
Gross deferred tax liabilities	(32,153)	(38,023)
Total net deferred tax liabilities	$ (6,968)	$ (4,595)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities	$ 76,375	$ 72,810
Increase (decrease) in valuation allowance	94,800	130,800
Foreign earnings for indefinite reinvestment	9,700
Unrecognized tax benefits which would affect the tax rate	54,200	55,900	$ 58,000
Interest and penalties expense	5,300	5,000	$ 6,400
Interest and penalties accrued	22,200	16,800
Valuation Allowance, Deferred Tax Asset, Established Through Goodwill
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	76,500
Valuation Allowance, Deferred Tax Asset, Established Through The Consolidated Statement Of Operations
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	18,300
Deposits And Other Noncurrent Assets
Operating Loss Carryforwards [Line Items]
Deferred tax assets	6,800	7,800
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities	13,800	$ 12,400
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	4,000,000
Operating loss carryforward, subject to expiration	700,000
Operating loss carryforward, not subject to expiration	3,300,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	4,300,000
Operating loss carryforward, subject to expiration	4,000,000
Operating loss carryforward, not subject to expiration	$ 300,000

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the year	$ 57,424	$ 58,011	$ 72,407
Additions for tax positions of prior years	0	1,026	1,807
Reduction for tax positions of prior years	(1,395)	(269)	0
Additions for tax positions of current year	377	449	0
Settlements	0	0	(7,412)
Foreign currency adjustments	(376)	(1,793)	(8,791)
Unrecognized tax benefits at the end of the year	$ 56,030	$ 57,424	$ 58,011

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Total Revenue	$ 4,767,699	$ 3,665,393	$ 2,240,461
Depreciation and amortization	270,854	201,920	169,252
Interest income	(47,259)	(58,418)	(21,353)
Interest expense	2,959	2,679	2,651
Stock-based compensation	381,367	398,463	578,799
Loss (gain) on remeasurement of warrant liabilities	4,945	57,543	(29,396)
Loss from equity method investment	468	719	2,895
Income tax (benefit) provision	(86,341)	10,170	(67,866)
Net loss attributable to common stockholders	(507,285)	(802,142)	(1,377,987)
Reportable Segment
Segment Reporting Information, Profit (Loss) [Abstract]
Total Revenue	4,767,699	3,665,393	2,240,461
Gaming tax	1,658,114	1,235,272	716,451
Other adjusted cost of revenue	1,061,992	872,178	612,331
Total Adjusted Cost of Revenue	2,720,106	2,107,450	1,328,782
Sales and marketing	1,224,561	1,161,318	1,129,707
Product and technology	292,991	240,422	214,824
General and administrative	348,734	307,238	288,929
Depreciation and amortization	270,854	201,920	169,252
Interest income	(47,259)	(58,418)	(21,353)
Interest expense	2,959	2,679	2,651
Stock-based compensation	381,367	398,463	578,799
Transaction-related costs	26,386	3,060	17,315
Litigation, settlement and related costs	81,246	34,500	7,010
Advocacy and other related legal expenses	16,049	0	16,558
Loss (gain) on remeasurement of warrant liabilities	4,945	57,543	(29,396)
Loss from equity method investment	468	719	2,895
Income tax (benefit) provision	(86,341)	10,170	(67,866)
Other expenses	37,917	471	(19,659)
Net loss attributable to common stockholders	$ (507,285)	$ (802,142)	$ (1,377,987)

Loss Per Share - Schedule of Lo

Loss Per Share - Schedule of Loss per Share and Weighted-Average Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (507,285)	$ (802,142)	$ (1,377,987)
Diluted weighted-average common shares outstanding (in shares)	481,954	462,599	436,513
Basic weighted-average common shares outstanding (in shares)	481,954	462,599	436,513
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.05)	$ (1.73)	$ (3.16)
Diluted (in dollars per share)	$ (1.05)	$ (1.73)	$ (3.16)

Loss Per Share - Schedule of Se

Loss Per Share - Schedule of Securities and Convertible Notes (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	67,169	72,061	85,039
Class A common stock resulting from exercise of all warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,439	3,524	3,761
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	52,393	55,200	67,941
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	13,337	13,337	13,337

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 30, 2024	Mar. 30, 2023	Mar. 30, 2022
Related Party Transaction [Line Items]
Revenue	$ 4,767,699	$ 3,665,393	$ 2,240,461
Related party aircraft lease amount	3,300	46,624
Chief Executive Officer
Related Party Transaction [Line Items]
Aircraft lease cost incurred	600	600	400
Aircraft upgrade expense	$ 900
D K F S L L C
Related Party Transaction [Line Items]
Equity method investment ownership percentage	49.90%
Financial Advisor Fee Payable
Related Party Transaction [Line Items]
Total administrative services expenses			8,500
Equity Method Investee | DBDK Venture Fund
Related Party Transaction [Line Items]
Investment commitment	$ 17,500
Investment amount	11,000
Equity Method Investee | DBDK Fund II, LP
Related Party Transaction [Line Items]
Investment commitment	21,000
Investment amount	0
Shareholders and Directors | Related Party
Related Party Transaction [Line Items]
Revenue		1,400	2,300
Aircraft Lease | Chief Executive Officer
Related Party Transaction [Line Items]
Total administrative services expenses	$ 0	$ 0	$ 700
Aircraft lease, term				1 year	1 year	1 year
Related party aircraft lease amount				$ 600	$ 600	$ 600

Leases, Commitments and Conti_3

Leases, Commitments and Contingencies - Narrative (Details) $ in Millions	Feb. 10, 2025 patent	Mar. 13, 2024 claim	May 31, 2023 action	Feb. 07, 2022 patent	Dec. 01, 2021 patent	Oct. 12, 2021 patent	Jul. 28, 2021 patent	Dec. 31, 2024 USD ($)	Mar. 04, 2016 claim
Property, Plant and Equipment [Line Items]
Number of claims | claim									5
Unpatentable claims | claim		2
Number of cases | action			3
Case Filed By Winview Inc. | Sportsbook product
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed							2
Case Filed By Winview Inc. | Sportsbook product | Subsequent Event
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed	9
Case Filed By Winview Inc. | Daily Fantasy Sports
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed							2
Arrow Gaming Matter
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed						1
Diogenes Ltd. & Colossus (IOM) Ltd. Matter
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed				1	7
Surety Bond
Property, Plant and Equipment [Line Items]
Surety bonds issued | $								$ 400
Combined annual premium cost								0.40%
Maximum
Property, Plant and Equipment [Line Items]
Term of contract								10 years

Leases, Commitments and Conti_4

Leases, Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 20,206	$ 19,175	$ 20,003
Short term lease cost	774	2,616	6,004
Variable lease cost	4,747	4,644	4,462
Sublease income	0	(704)	(849)
Total lease cost	$ 25,727	$ 25,731	$ 29,620

Leases, Commitments and Conti_5

Leases, Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 17,880	$ 13,561
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,417	$ 21,917
Weighted-average remaining lease term (in years)	6 years 4 months 24 days	7 years 3 months 18 days
Weighted-average discount rate	6.50%	6.50%

Leases, Commitments and Conti_6

Leases, Commitments and Contingencies - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 15,945
2026	15,599
2027	15,138
2028	15,531
2029	10,869
Thereafter	24,873
Total undiscounted future cash flows	97,955
Less: Imputed interest	19,302
Present value of undiscounted future cash flows	$ 78,653

Leases, Commitments and Conti_7

Leases, Commitments and Contingencies - Schedule of Obligated Future Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 375,233
2026	141,263
2027	64,264
2028	38,211
2029	30,952
Thereafter	76,027
Total	$ 725,950