DraftKings makes most of its revenue from sports betting and online casino games. In fiscal 2025, Sportsbook and iGaming together accounted for 93% of company revenue. Sportsbook revenue is generally settled wagers minus payouts; iGaming revenue comes from the house’s winnings as customers play. The distinction matters when reading newer reports: DraftKings’ 2026 “Sports” category also includes Prediction Markets, so it is not a sportsbook-only figure.
How DraftKings earns revenue
DraftKings’ main revenue streams work differently, but both depend on the amount customers wager and the amount ultimately retained by the company. Sportsbook revenue is affected by the results of sporting events and how customers bet; iGaming revenue comes from casino games played against the house.
Sportsbook: settled wagers less payouts
DraftKings sets odds designed to provide a theoretical margin. Once a betting market is resolved, it calculates gross gaming revenue, or “hold,” by subtracting payouts from the settled handle—the total amount wagered on those markets. As the company puts it in its 2025 Form 10-K: “Revenue is realized by taking the settled handle for betting markets that have been resolved and subtracting the payouts for these betting markets such that the difference is our gross gaming revenue, or ‘hold.’” DraftKings Inc., 2025 Form 10-K.
That margin is not fixed for every game or reporting period. Results can vary with event outcomes and customer betting patterns, even though DraftKings says it aims for a stable betting revenue margin over time.
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iGaming: casino-game hold
In online casino games such as slots, blackjack, roulette, and baccarat, customers play against the house. DraftKings’ revenue comes from the portion it retains through game outcomes. The company offers games developed in-house as well as content licensed from suppliers.
Other products and changing reporting labels
DraftKings’ 2025 annual report identifies daily fantasy sports (DFS), lottery courier services, prediction markets, and other products alongside its main sportsbook and iGaming businesses. In its second-quarter 2026 filing, the company’s “Sports” category includes online and retail sportsbook as well as Prediction Markets. “Other” primarily includes Fantasy, Lottery, and interest income on customer deposits. These categories are specific to the reporting periods and should not be treated as interchangeable across filings.
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What DraftKings reported in 2025 and 2026
The annual and quarterly figures below describe different periods and category definitions. The 2025 figures are full-year results; 2026 figures are for the six months ended June 30, unless identified as second-quarter results.
| Period and measure | Reported figure | What it means |
|---|---|---|
| Fiscal 2025 total revenue | $6,054.5 million | Full-year company revenue. |
| Fiscal 2025 Sportsbook revenue | $3,827.1 million | Reported as Sportsbook in the 2025 annual report. |
| Fiscal 2025 iGaming revenue | $1,804.6 million | Reported as iGaming in the 2025 annual report. |
| Sportsbook and iGaming share of fiscal 2025 revenue | 93% | Combined share of the year’s total revenue. |
| Revenue, six months ended June 30, 2026 | $3,089.3 million | Year-to-date total, not a full-year result. |
| Sports revenue, six months ended June 30, 2026 | $1,986.4 million | Includes Prediction Markets; not sportsbook-only. |
| iGaming revenue, six months ended June 30, 2026 | $923.2 million | Year-to-date iGaming revenue. |
| Other revenue, six months ended June 30, 2026 | $179.6 million | Primarily Fantasy, Lottery, and interest income on customer deposits. |
| Second-quarter 2026 revenue | $1,443.2 million, down 4.6% year over year | Quarterly total revenue. |
The figures are from DraftKings’ 2025 Form 10-K and second-quarter 2026 Form 10-Q. The 2026 breakdown is the latest reported year-to-date view in that filing, not a forecast or a full-year comparison. Because the Sports category changed to include Prediction Markets, it should not be directly read as a continuation of the 2025 Sportsbook line.
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Why betting volume can rise while revenue falls
Wagering volume is not revenue. DraftKings reported $13.1 billion in Sports Consumer Volume in the second quarter of 2026, up 14.5% year over year, while Sports revenue fell 10.6%. Sports Net Revenue Margin declined from 8.7% to 6.8%. The company attributed the margin decline mainly to customer-friendly sports outcomes and higher promotional spending tied to customer acquisition. iGaming revenue rose 7.5% in the quarter, partly offsetting the Sports decrease. DraftKings Inc., second-quarter 2026 Form 10-Q.
The example shows why a larger handle or consumer-volume figure does not guarantee higher sportsbook revenue: payouts and promotions can reduce the share retained. Sports results are also sensitive to which outcomes occur in a given period.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Revenue is not profit
Revenue is the money generated before operating costs, not the amount DraftKings keeps as profit. In fiscal 2025, DraftKings reported $3,556.9 million in cost of revenue, $1,379.9 million in sales and marketing, $459.9 million in product and technology expense, and $673.6 million in general and administrative expense. Its filings identify gaming taxes, payment processing, platform costs, promotions, and customer acquisition as relevant expense drivers.
Spending can also rise when the company enters or builds a market: launches may require substantial investment to acquire and retain customers and to cross-sell products. A revenue figure alone therefore cannot show whether a period was profitable; costs and the company’s other reported financial measures also matter.
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