10-Q – 2025-08-07 – dkng-20250630.htm

The table below presents the Company’s Adjusted Earnings (Loss) Per Share reconciled to its diluted earnings (loss) per share attributable to common stockholders, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP, for the periods indicated:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Diluted earnings (loss) per share attributable to common stockholders $ 0.30   $ 0.10   $ 0.23   $ (0.17)
Adjusted for:
Amortization of acquired intangible assets (1)
0.07  0.07  0.15  0.14 
Discrete tax benefit attributed to the acquisition of Jackpocket Inc. (2)
—  (0.15) —  (0.16)
Stock-based compensation (3)
0.16  0.17  0.31  0.39 
Transaction-related costs (4)
—  0.04  —  0.05 
Litigation, settlement, and related costs (5)
—  0.02  —  0.04 
Advocacy and other related legal expenses (6)
—  —  —  0.00 
(Gain) loss on remeasurement of warrant liabilities 0.00  0.00  0.00  0.02 
Other non-recurring and non-operating costs (income) (0.04) (0.04) (0.04) (0.04)
Tax impact of adjusting items (7)
(0.11) —   (0.16) —  
Adjusted Earnings (Loss) Per Share* $ 0.38   $ 0.22   $ 0.50   $ 0.27  

_____________
*     Weighted average diluted number of shares used to calculate Adjusted Earnings (Loss) Per Share for the three months ended June 30, 2025 and 2024 was 529.5 million and 518.8 million, respectively, and 529.6 million and 476.8 million for the six months ended June 30, 2025 and 2024, respectively; totals may not add due to rounding.

(1) The amounts include the amortization of acquired intangible assets of $36.4 million and $36.4 million for the three months ended June 30, 2025 and 2024, respectively, and $79.1 million and $65.7 million for the six months ended June 30, 2025 and 2024, respectively.
(2) The Company recorded a discrete income tax benefit of $75.8 million during the second quarter of 2024 which was attributable to non-recurring partial releases of the Company's U.S. valuation allowance as a result of the purchase accounting for Jackpocket.
(3) Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans.
(4) Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions.
(5) Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations.
(6) Reflects non-recurring and non-ordinary course 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.
(7) Beginning in the first quarter of the 2025, the Company began applying an estimated non-GAAP effective tax rate of 25%. The non-GAAP effective tax rate reflects the non-GAAP tax provision commensurate with the Company’s level of non-GAAP profitability, which was determined after adjusting for the non-GAAP adjustments presented above and excluding the impact of changes in the valuation allowance.
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Results of Operations
Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024
The following table sets forth a summary of our consolidated results of operations for the interim periods indicated, and the changes between periods:

Three Months Ended June 30,
(amounts in thousands, except percentages) 2025 2024 $ Change % Change
Revenue $ 1,512,507   $ 1,104,441   $ 408,066   36.9   %
Cost of revenue 854,559  663,414  191,145  28.8  %
Sales and marketing 233,187  215,676  17,511  8.1  %
Product and technology 108,417  92,655  15,762  17.0  %
General and administrative 165,700  165,084  616  0.4  %
Income (loss) from operations 150,644   (32,388) 183,032   565.1   %
Interest income 12,305  14,212  (1,907) (13.4) %
Interest expense (11,640) (678) (10,962) 1,616.8  %
Gain (loss) on remeasurement of warrant liabilities (5,851) 9,791  (15,642) 159.8  %
Other gain (loss), net 24,459  (446) 24,905  5,584.1  %
Income (loss) before income tax and equity method investments 169,917   (9,509) 179,426   1,886.9   %
Income tax provision (benefit) 11,790  (73,570) 85,360  116.0  %
(Gain) loss from equity method investments 191  239  (48) 20.1  %
Net income (loss) attributable to common stockholders $ 157,936   $ 63,822   $ 94,114   147.5   %

Revenu e. Revenue increased by $408.1 million, or 36.9%, to $1,512.5 million in the three months ended June 30, 2025, from $1,104.4 million in the three months ended June 30, 2024. The increase was primarily attributable to our Sportsbook and iGaming product offerings, which increased $390.1 million , or 37.6% , to $1,427.5 million in the three months ended June 30, 2025 , from $1,037.4 million in the three months ended June 30, 2024 , due to MUPs and ARPMUPs increasing by 6.5% , and 29.1%, respectively, as compared to the three months ended June 30, 2024. The increase in MUPs was due to strong player retention and acquisition across our Sportsbook and iGaming product offerings and the Jackpocket Transaction. The increase in ARPMUP was primarily due to higher structural Sportsbook hold percentage, sportsbook-friendly outcomes, and improved promotional reinvestment.
Cost of Revenue . Cost of revenue increased $191.1 million , or 28.8% , to $854.6 million in the three months ended June 30, 2025 , from $663.4 million in the three months ended June 30, 2024 . The increase was primarily due to our revenue growth and an increase in our variable expenses, such as gaming taxes and payment processing fees, which increased $142.1 million and $20.7 million, respectively. The remaining increase was primarily attributable to an increase of $15.5 million in our variable platform costs resulting from additional customer activity and an increase in amortization of intangible assets of $4.5 million.

Cost of revenue as a percentage of revenue decreased by 3.6 percentage points to 56.5% in the three months ended June 30, 2025 , as compared to 60.1% in the three months ended June 30, 2024 , reflecting, in part, structural improvement in our Sportsbook hold rate, an improved Sportsbook Net Revenue Margin, and improved promotional reinvestment for our Sportsbook product offering, partially offset by a change in revenue mix from our more mature DFS product offering to our Sportsbook and iGaming product offerings, which, in general, produce revenue at a higher cost per revenue dollar relative to our DFS product offering.

Sales and Marketing. Sales and marketing expense increased $17.5 million, or 8.1%, to $233.2 million in the three months ended June 30, 2025, from $215.7 million in the three months ended June 30, 2024. The increase was primarily attributable to higher external marketing costs.

Product and Technology. Product and technology expense increased $15.8 million, or 17.0%, to $108.4 million in the three months ended June 30, 2025, from $92.7 million in the three months ended June 30, 2024 due to increased headcount in our product and engineering departments.

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General and Administrative. General and administrative expense was consistent, increasing by $0.6 million, or 0.4%, to $165.7 million in the three months ended June 30, 2025, from $165.1 million in the three months ended June 30, 2024.

Interest Income. We recorded interest income of $12.3 million in the three months ended June 30, 2025, compared to $14.2 million in the three months ended June 30, 2024, due to fluctuations in cash balances and interest rates during the respective periods.
Interest Expense. We recorded interest expense of $11.6 million in the three months ended June 30, 2025, compared to $0.7 million in the three months ended June 30, 2024, primarily due to interest incurred on the Term B Facility.
Gain (Loss) on Remeasurement of Warrant Liabilities. We recorded a loss of $5.9 million on remeasurement of warrant liabilities in the three months ended June 30, 2025, compared to a gain of $9.8 million in the three months ended June 30, 2024, due to changes in the underlying share price of our Class A common stock.
Other Gain (Loss), net . We recorded a $24.5 million gain in the three months ended June 30, 2025, as compared to a loss of $0.4 million in the three months ended June 30, 2024. The gain was primarily attributable to the revaluation of contingent consideration for the three months ended June 30, 2025.
Income Tax Provision (Benefit). We recorded income tax expense of $11.8 million in the three months ended June 30, 2025 , as compared to an income tax benefit of $73.6 million in the three months ended June 30, 2024 . Although we have a cumulative three year loss position, based on our recent financial performance and our future projections, we could record a reversal of all, or a portion of the valuation allowance associated with U.S. deferred tax assets in future periods. However, any such change is subject to actual performance and other considerations that may present positive or negative evidence at the time of the assessment.

Net Income (Loss). Net income increased by $94.1 million to a net income of $157.9 million in the three months ended June 30, 2025, as compared to a net income of $63.8 million in the three months ended June 30, 2024, for the reasons discussed above.
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
The following table sets forth a summary of our consolidated results of operations for the interim periods indicated, and the changes between periods:

Six Months Ended June 30,
(amounts in thousands, except percentages) 2025 2024 $ Change % Change
Revenue $ 2,921,313   $ 2,279,437   $ 641,876   28.2   %
Cost of revenue 1,698,362  1,373,483  324,879  23.7  %
Sales and marketing 576,867  556,375  20,492  3.7  %
Product and technology 211,677  181,470  30,207  16.6  %
General and administrative 330,094  339,335  (9,241) (2.7) %
Income (loss) from operations 104,313   (171,226) 275,539   160.9   %
Interest income 21,794  29,279  (7,485) (25.6) %
Interest expense (16,734) (1,327) (15,407) 1,161.0  %
Gain (loss) on remeasurement of warrant liabilities (3,356) (8,303) 4,947  59.6  %
Other gain (loss), net 24,481  (1,181) 25,662  2,172.9  %
Income (loss) before income tax and equity method investments 130,498   (152,758) 283,256   185.4   %
Income tax provision (benefit) 6,190  (73,921) 80,111  108.4  %
(Gain) loss from equity method investments 236  (91) 327  359.3  %
Net income (loss) attributable to common stockholders $ 124,072   $ (78,746) $ 202,818   257.6   %

Revenu e. Revenue increased by $641.9 million, or 28.2%, to $2,921.3 million in the six months ended June 30, 2025, from $2,279.4 million in the six months ended June 30, 2024. The increase was primarily attributable to our Sportsbook and iGaming product offerings, which increased $591.5 million , or 27.6% , to $2,733.0 million in the six months ended June 30, 2025 , from $2,141.5 million in the six months ended June 30, 2024 , due to MUPs and ARPMUPs increasing by 6.5% , and 10.4%, respectively, as compared to the six months ended June 30, 2024. The increase in MUPs was due to strong player retention and
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acquisition across our Sportsbook and iGaming product offerings, the expansion of our Sportsbook product offering into new jurisdictions and the Jackpocket Transaction. The increase in ARPMUP was primarily due to higher structural Sportsbook hold percentage and improved promotional reinvestment, partially offset by customer-friendly sports outcomes in the first quarter.

Cost of Revenue . Cost of revenue increased $324.9 million , or 23.7% , to $1,698.4 million in the six months ended June 30, 2025 , from $1,373.5 million in the six months ended June 30, 2024 . The increase was due primarily to revenue growth and an increase in our variable expenses, such as gaming taxes and payment processing fees, which increased $223.8 million and $49.8 million, respectively. The remaining increase was primarily attributable to an increase of $20.2 million in our variable platform costs resulting from additional customer activity and an increase in amortization of intangible assets of $22.8 million.

Cost of revenue as a percentage of revenue decreased by 2.2 percentage points to 58.1% in the six months ended June 30, 2025 , as compared to 60.3% in the six months ended June 30, 2024 , reflecting, in part, structural improvement in our Sportsbook hold rate, an improved Sportsbook Net Revenue Margin, and improved promotional reinvestment for our Sportsbook product offering, partially offset by a change in revenue mix from our more mature DFS product offering to our Sportsbook and iGaming product offerings, which, in general, produce revenue at a higher cost per revenue dollar relative to our DFS product offering.

Sales and Marketing. Sales and marketing expense increased $20.5 million, or 3.7%, to $576.9 million in the six months ended June 30, 2025, from $556.4 million in the six months ended June 30, 2024. The increase was primarily attributable to higher external marketing costs.

Product and Technology. Product and technology expense increased $30.2 million, or 16.6%, to $211.7 million in the six months ended June 30, 2025, from $181.5 million in the six months ended June 30, 2024 due to increased headcount in our product and engineering departments.

General and Administrative. General and administrative expense decreased $9.2 million, or 2.7%, to $330.1 million in the six months ended June 30, 2025, from $339.3 million in the six months ended June 30, 2024. The decrease was primarily due to an $11.0 million reduction in professional services expenses, largely attributable to transaction costs incurred during the three and six months ended June 30, 2024, which were not incurred during the corresponding periods in 2025.

Interest Income. We recorded interest income of $21.8 million in the six months ended June 30, 2025, compared to $29.3 million in the six months ended June 30, 2024, due to fluctuations in cash balances and interest rates during the respective periods.
Interest Expense. We recorded interest expense of $16.7 million in the six months ended June 30, 2025, compared to $1.3 million in the six months ended June 30, 2024, primarily due to interest incurred on the Term B Facility.
Gain (Loss) on Remeasurement of Warrant Liabilities. We recorded a loss of $3.4 million on remeasurement of warrant liabilities in the six months ended June 30, 2025, compared to a loss of $8.3 million in the six months ended June 30, 2024, due to changes in the underlying share price of our Class A common stock.
Other Gain (Loss), net . We recorded a $24.5 million gain in the six months ended June 30, 2025, as compared to a loss of $1.2 million in the six months ended June 30, 2024. The gain was primarily attributable to the revaluation of contingent consideration.
Income Tax Provision (Benefit). We recorded income tax expense of $6.2 million in the six months ended June 30, 2025 , as compared to an income tax benefit of $73.9 million in the six months ended June 30, 2024 . Although we have a cumulative three year loss position, based on our recent financial performance and our future projections, we could record a reversal of all, or a portion of the valuation allowance associated with U.S. deferred tax assets in future periods. However, any such change is subject to actual performance and other considerations that may present positive or negative evidence at the time of the assessment.

Net Income (Loss). Net income increased by $202.8 million to a net income of $124.1 million in the six months ended June 30, 2025, as compared to a net loss of $78.7 million in the six months ended June 30, 2024, for the reasons discussed above.
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Liquidity and Capital Resources
We had $1,262.0 million in cash and cash equivalents as of June 30, 2025 (excluding restricted cash and cash reserved for users, which we segregate on behalf of our paid users for all jurisdictions and product offerings). We believe our cash on hand is sufficient to meet our current working capital and capital expenditure requirements for a period of at least twelve months. We will continue to evaluate our long-term operating performance and cash needs and believe we are well positioned to continue to fund the operations of our business long-term.
Debt. In March 2021, we issued zero-coupon convertible senior notes in an aggregate principal amount of $1,265.0 million (the “Convertible Notes”). The Convertible Notes mature on March 15, 2028, subject to earlier conversion, redemption or repurchase. In connection with the pricing of the Convertible Notes and the exercise of the option to purchase additional Convertible Notes, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”). The Capped Call Transactions are expected generally to reduce potential dilution to DraftKings Inc.’s Class A common stock upon any conversion of the Convertible Notes. The net cost of $124.0 million incurred to enter into the Capped Call Transactions was recorded as a reduction to additional paid-in capital on the Company’s condensed consolidated balance sheets. As of June 30, 2025, the Convertible Notes, net of issuance costs, balance was $1,257.8 million.
Revolving Credit Facility. In November 2024, we and certain of our subsidiaries entered into a credit agreement (the “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 “Revolving Credit Facility”). The Revolving Credit Facility provides for revolving loans, swing line borrowings and letters of credit and has a maturity date of November 7, 2029. As of June 30, 2025, $10.0 million in letters of credit were issued under the Revolving Credit Facility, with $490.0 million available for borrowing.

Term Loan . In March 2025, we and certain of our subsidiaries entered into a first amendment to the Credit Agreement, which provides for a new class of incremental term loans under the Credit Agreement in an aggregate principal amount of $600.0 million (the “Term B Facility” and, such term loans, the “Term B Loan”). The Term B Facility requires principal payments in the amount of 1.00% per annum of the original aggregate principal amount of the Term B Loan payable in quarterly installments. Term B Loan bear interest at the Company’s election at either (i) in the case of Term SOFR Loans, Term SOFR plus an applicable margin of 1.75% per annum, or (ii) in the case of ABR Term Loans, ABR plus an applicable margin of 0.75% per annum (with each of the capitalized terms used in clauses (i) and (ii) as defined in the Credit Agreement). As of June 30, 2025, there was $600.0 million in aggregate principal amount of Term B Loan outstanding.

Other Purchase Obligations . We have certain non-cancelable contracts with vendors, licensors and others requiring us to make future cash payments. As of June 30, 2025, these purchase obligations were $794.9 million, with $219.6 million payable in the remainder of 2025.

Stock Repurchase Program. On July 30, 2024, our Board of Directors authorized the repurchase of an aggregate of up to $1.0 billion of our Class A common stock through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws. We repurchased 2.9 million shares for $100.5 million during the three months ended June 30, 2025 and 6.5 million shares and $242.7 million for the six months ended June 30, 2025. As of June 30, 2025, we have purchased 7.7 million shares of Class A common stock for $290.8 million since the inception of the stock repurchase program.

Cash Flows
The following table summarizes our cash flows for the periods indicated:

Six Months Ended June 30,
(amounts in thousands) 2025 2024
Net cash provided by (used in) operating activities $ 54,905  $ (41,006)
Net cash provided by (used in) investing activities (74,278) (456,534)
Net cash provided by (used in) financing activities 253,134  (52,469)
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users 233,761  (550,009)
Cash and cash equivalents, restricted cash, and cash reserved for users at beginning of period 1,330,193  1,623,493 
Cash and cash equivalents, restricted cash, and cash reserved for users at end of period $ 1,563,954   $ 1,073,484  

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Operating Activities . Net cash provided by operating activities in the six months ended June 30, 2025 was $54.9 million, compared to $41.0 million used in operating activities in the six months ended June 30, 2024, primarily from an improvement in net income, net of non-cash items , of $262.5 million for reasons discussed in Results of Operations above, offset by $166.6 million of cash used from changes in operating assets and liabilities, primarily related to a larger reduction in liabilities to users, due to timing of player activity, and a larger reduction in accounts payable due to timing of vendor payments.
Investing Activities.  Net cash used in investing activities during the six months ended June 30, 2025 decreased by $382.3 million to $74.3 million, compared to $456.5 million in the six months ended June 30, 2024, primarily due to a decrease of $392.0 million in cash paid for acquisitions, net of cash required, and a decrease of $10.5 million in cash paid for gaming licenses, offset by an increase of $16.3 million in cash paid for internally developed software costs .
Financing Activities.  Net cash provided by financing activities during the six months ended June 30, 2025 increased by $305.6 million to $253.1 million, compared to $52.5 million used in the six months ended June 30, 2024, primarily driven by $588.1 million of cash received from borrowing under the Term B Facility, partially offset by $242.7 million in treasury stock purchases under the Stock Repurchase Program, and an increase of $43.9 million of RSU withhol ding activity relating to tax obligations upon vesting of restricted stock units.

Commitments and Contingencies
Refer to “Note 13 — Commitments and Contingencies” of our unaudited condensed consolidated financial statements included elsewhere in this Report for a summary of our commitments and contingencies as of June 30, 2025.

Critical Accounting Estimates
Our consolidated financial statements have been prepared in accordance with U.S. GAAP. Our discussion and analysis of the financial condition and results of operations are based on these financial statements. The preparation of these financial statements requires the application of accounting policies in addition to certain estimates and judgments by our management. Our estimates and judgments are based on currently available information, historical results and other assumptions we believe are reasonable. Actual results could differ materially from these estimates.
During the six months ended June 30, 2025, there were no changes to the critical accounting estimates discussed in the 2024 Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no significant changes in our exposure to market risk during the six months ended June 30, 2025. Refer to Item 7A. Quantitative and Qualitative Disclosures about Market Risk in the 2024 Annual Report.

Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of June 30, 2025. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.

Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures
Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, as specified above. Our management recognizes that any control system, no matter how well designed and operated, is based upon certain judgments and assumptions and cannot provide absolute assurance that its objectives will be met.
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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.
The information required by this item is included in “Note 13 — Commitments and Contingencies” to the unaudited condensed consolidated financial statements, which is incorporated herein by reference.

Item 1A. Risk Factors.
Factors that could cause our actual results to differ materially from those in this Report are any of the risks described in the 2024 Annual Report. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On July 30, 2024, our Board of Directors authorized the repurchase of an aggregate of up to $1.0 billion of our Class A common stock through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws. Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, our debt repayment obligations or repurchases of our debt, our stock price, and economic and market conditions. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.

The table below provides information with respect to repurchases of shares of our Class A common stock during the three months ended June 30, 2025:

Total Number of Shares Purchased (1)
Average Price Paid per Share (2)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(in thousands)

April 1, 2025 to April 30, 2025 539,815 $ 33.04  539,815 $ 791,813 
May 1, 2025 to May 31, 2025 190,947 $ 35.18  190,947 $ 785,195 
June 1, 2025 to June 30, 2025 2,141,058 $ 35.43  2,141,058 $ 709,337 
Total 2,871,820   2,871,820  

(1) The total number of shares purchased excludes any shares withheld to satisfy tax withholding obligations in connection with the vesting of employee restricted stock units (“RSUs”).
(2) Average price paid per share excludes broker commissions and excise tax.

Item 3. Defaults Upon Senior Securities.
None.

Item 4. Mine Safety Disclosures.
Not applicable.

Item 5. Other Information.
Securities Trading Plans of Directors and Executive Officers
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Certain of our directors and executive officers have made, and may from time to time enter into trading plans or make elections to have shares sold or withheld to cover withholding taxes or pay the exercise price of options, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).

On May 13, 2025 , our Chief Executive Officer and a member of our Board of Directors , Jason Robins , 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 “Robins PVF Contract”). The Robins PVF Contract obligates Mr. Robins to deliver to such unaffiliated third-party buyer up to an aggregate of 306,997 shares of our Class A common stock following the May 13, 2030 maturity date.

On May 14, 2025 , 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 4,861 shares of the Company’s Class A common stock and terminates on August 29, 2025 , or earlier if all transactions under such trading arrangement are completed.

Item 6. Exhibits.
The following exhibits are filed as part of, or incorporated by reference into, this Report:
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Exhibit Index

Exhibit No.   Description
10.1 +
Amended and Restated DraftKings Inc. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed with the SEC on May 23, 2025).

31.1*
  Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.

31.2*
  Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.

32.1**
  Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**
  Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*   Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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104.1 Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit).

* Filed herewith.
** Furnished herewith.
+    Management contract or compensatory plan or arrangement.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

  DRAFTKINGS INC.
Date: August 7, 2025  
  By: /s/ Alan W. Ellingson
  Name: Alan W. Ellingson
  Title: Chief Financial Officer
  (Principal Financial Officer)

By: /s/ Erik Bradbury
Name: Erik Bradbury
Title: Chief Accounting Officer
(Principal Accounting Officer)

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