DraftKings Goes Long

Despite withdrawing guidance for 2020 due to the halt in play, DraftKings CEO Jason Robins said the company plans to hit its 2021 revenue goal of $700 million. The company expects the rebound to start with a busy Fall, headlined by postponed marquee events including The Masters, French Open and Kentucky Derby, in addition to NFL and MLB action.

Robins also sees massive potential with in-game betting. While it makes up 75% of revenue in the U.K. market, in-play betting makes up less than 20% of handles at Nevada sportsbooks and some operators don’t offer the option yet.

Investors are optimistic as well. DraftKings’ stock is up 70% since April, putting the company’s value at $10 billion and second only to Las Vegas Sands in the U.S. gambling sector. Analysts estimate that DraftKings could turn a profit as early as 2023.

DraftKings has explored a deal for Bleacher Report, which would allow it to provide sports and betting content while adding users in a way similar to Penn National’s partial acquisition of Barstool Sports.