DraftKings (DKNG) perpetual market

DraftKings is a leading US online sports betting and daily fantasy sports company. Founded in 2012, it first grew as a daily fantasy platform, letting users assemble player lineups for cash prizes, then expanded aggressively into sports betting after a 2018 Supreme Court decision cleared the way for states to legalize it. DraftKings has become one of the two dominant operators in the fast-growing US online gambling market, offering mobile sportsbooks and online casino games, and it went public in 2020. Its growth is tied directly to the pace at which individual states legalize and regulate online betting, since each new market expands its addressable audience, though heavy marketing and customer-acquisition spending have weighed on profitability. DraftKings competes most directly with FanDuel for market share, and its results are closely watched as a proxy for the expansion of legal online sports betting across the United States.