JPMorgan lowers DraftKings’ fourth-quarter revenue and EBITDA estimates
JPMorgan analyst Joseph Greff lowered his DraftKings fourth-quarter 2024 estimates, citing unfavourable sports results for online sports betting operators in December. He cut expected net revenue to $1.375 billion from $1.525 billion and EBITDA to $68 million from $168 million, partly reflecting a low-hold estimate for DraftKings in New York.
The lower estimates signal how sports outcomes can affect DraftKings’ reported quarterly revenue and EBITDA.