Investment UncertaintyThe company's expansion into Predictions has created greater uncertainty regarding the near-term margin trajectory.
Margin PressureDraftKings' hold of 8.3% is 20bps softer YoY and well below the statewide average, highlighting its continued reliance on handle rather than margin.
Revenue DeclineDraftKings produced handle +12.4% YoY, outperforming both the state and FanDuel, but revenue –4.3% YoY reflects a sharp 170bps YoY hold decline.