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Sports betting platform DraftKings (DKNG) reported its third quarter results, falling short of revenue estimates. The company also reduced its full-year sales and profit outlook. DraftKings CEO and Co-Founder Jason Robins joins Catalysts to discuss the reason for the reduced forecast. "The fundamentals are super-strong," he says, citing the company's growth in handles, users, customer acquisition, and improved gross margins and revenue. Robins expresses optimism about the company's future, stating, "I think 2025's going to be an even bigger year for us." Robins explains that the decision to cut the profit forecast was due to unfavorable sports outcomes at the beginning of October, with favorites winning more than anticipated. "That's going to happen in sports betting," he acknowledges. However, Robins remains unfazed, noting that the situation can "also swing the other way sometimes" and that there is "a lot of time left in the quarter."
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2024/11/08
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