Kings Share

    • DraftKings is spending $200 million on marketing in the third quarter.
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Investors received an early look at DraftKings’ third quarter yesterday as it announced a public offering of 32 million shares of Class A common stock. Half of the shares will come from current investors — like New England Patriots owner Robert Kraft — selling stock.

Early NFL results seem to have stymied growth, as few underdogs are winning this season. The company reported revenues should hit between $131 million and $133 million, meeting analyst expectations. 

Marketing expenses were forecast to be at least $200 million in the third quarter, with a 64% year-over-year increase in active users — now totaling 1 million monthly. Wagers are up 460% compared to the same quarter last year. DraftKings shares dropped 5% on the day, but they are up more than 460% year-to-date.

Betting Roundup: