DraftKings ups long-term EBITDA guidance to $1.7bn
| By Daniel O'Boyle
DraftKings has upped its long-term earnings before interest, tax, depreciation and amortisation (EBITDA) guidance from $1bn to $1.7bn, following strong igaming results in 2020.
The operator did not provide a date at which it expected to reach this level of earnings. Instead it said this was based on 65% of the US having access to legal online betting in their home state, 30% having access to legal igaming and 64% of Canada having legal betting and igaming.
The operator expects to hit this target after five years of maturity at these levels of legalisation.
The operator then assumed at least a 20% market share for US online sports betting for $2.9bn in betting revenue, based on a market that it said would be worth $22bn if sports betting was legal nationwide.
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Image: World Poker Tour