What the numbers say: DraftKings has seen a steady rise in revenue over the past three years. The sports betting company, which went public in 2020, crossed over the $1B in revenue shortly before that and has continued to climb, reaching $2.24B in 2022. Relevance: DraftKings made a $195M all-cash offer to purchase PointsBet's U.S. assets, another sports betting operator. This offer outbid rival Fanatics as companies jockey for power in the sports betting landscape. Last month, Fanatics agreed to pay $150M to purchase PointsBet. PointsBet is the seventh-largest sports betting operator in the U.S. Fanatics, the sports clothing company, has been looking to increase its stake in the sports betting world, and losing this bid would be a major blow. The deal will still need to be approved by the PointsBet board. Competition: DraftKings and FanDuel, which is owned by Flutter Entertainment, already dominate the landscape, making this potential acquisition something regulators will keep an eye on. Flutter, which also owns Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, FOX Bet, TVG, Junglee Games, and Adjarabet, brought in annual revenue of $9.5B in 2022. |
