DraftKings Reports ‘Atypically’ Hot Start to NFL Season, Higher Online Sports Betting Hold

DraftKings had a successful start to the NFL season. The company's revenue for the third quarter was $502 million. It's business-to-consumer segment revenue shot up 161%. Online sports betting sites have had similar success. The public is known for favoring the favorites. Players lose parlays more often than they do single bets. DraftKings is expanding the content of its online sportsbook. Its content for 2022 NFL seasons includes head- to-head matchups and flash markets. Covers’ numbers show underdogs were 69-52-3 against the spread as of Friday morning.

DraftKings' parlay percentage rose 5% year-over-year in the third quarter. The company's new partnership with Amazon for Thursday Night Football has helped with marketing parlays. DraftKings lost $450.5 million for the three months that ended September 30. It has lost more than $1.1 billion through the first nine months of 2022.

DraftKings invested $17 million in the California initiative, but the taps are now closed and the company has discontinued any further spending on the campaign. The company is now live with mobile sports betting in 18 states, including Maryland, Puerto Rico, Ohio and Massachusetts. The percentage of the U.S. population where DraftKings expects to offer legalized mobile betting is 45%. It is also forecasting an adjusted EBITDA loss of between $575 million and $475 million next year.