DKNG

DKNG is the duopoly #2 in US online sports betting (~28% OSB GGR share behind $FLUT FanDuel's ~37%) and #2 in US iGaming (~24% share behind $FLUT). The structural read: state-by-state OSB legalization is roughly two-thirds done by population; the next legs (TX, CA, FL) are slow but iGaming legalization (currently 7 states, ~25% of US pop) is the higher-margin TAM unlock.

Profitability inflection in play - first full-year positive adj EBITDA in 2024, hold rates structurally rising as parlay mix grows, promo intensity normalizing as the customer-acquisition war with $FLUT cools.

- Duopoly economics - $DKNG + $FLUT = ~65% OSB share; CAC declining as new-state launches slow

- iGaming mix shift - 5x OSB take rate; every new iGaming state is high-margin GGR

- Parlay/SGP hold expansion - structurally lifts revenue per handle dollar without promo

- Jackpocket cross-sell - lottery courier feeds OSB top of funnel at low CAC

- Operating leverage - fixed tech/marketing base now flexing on growing revenue