There’s talk on the street: Flutter’s sell-off this week also pulled DraftKings lower before its own Q2 results released last night. But although DraftKings’ Q2 earnings statement also missed headline expectations, the sell-side reaction was notably warmer.

• The company maintained 2026 revenue guidance of $6.5bn-$6.9bn and adj. EBITDA guidance of $700m-$900m.
• It said its core business remains on course to produce ~$1bn of EBITDA before prediction-market investment.

It sounds so familiar: The reassurance came despite Q2 revenue declining 4.6% to $1.44bn and adj. EBITDA falling 62% to $115m. Revenue was about 4% below consensus and EBITDA ~30% short, according to Citizens.

• Customer-friendly sporting results – particularly the New York Knicks’ NBA run and World Cup group-stage outcomes – combined with heavier acquisition spending to depress the quarter.
• Sports revenue fell 10.6% to $892m yet sportsbook handle increased 11%, while iCasino revenue rose 7.5% to $462m.
• Monthly unique players increased 9% to 3.6 million, although average revenue per payer fell 13% to $132.

DraftKings vs. Flutter: the tale of the share price tape

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