DraftKings’ Q2 performance is better than expected at both the revenue and EBITDA line. The beat is driven by, at least in part, a better ratio of revenue to sales & marketing expense. As such, DraftKings is the latest operator to point towards a more rational US operating environment in recent months. Its full-year guidance implies that it will re-invest this better Q2 profit out-turn in the more attractive Q3 customer acquisition window. The mid-point of its revised EBITDA range suggests we will likely increase our expected 2022 EBITDA loss from -$878m to c.-$840m, reflecting additional cost efficiencies (+$40m).
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