Who knew betting on the NFL would cost DraftKings (DKNG) $250 million? On this week’s episode of Yahoo Finance Sports Report, host Joe Pompliano takes a look at the sports betting giant and breaks down why it took a financial hit at the expense of bettors taking massive wins. In their recent earnings report, DraftKings announced that they revised their 2024 fiscal guidance due to NFL game bets going in favor of bettors. Pompliano says it’s not something DraftKings should worry about long term as they’re “sort of an ebb and flow with betting where sometimes the favorites go on a hot streak and sometimes the underdogs do as well.” However, he advises it “is certainly something that we need to be watching out for because the vig that DraftKings was seeing on these bets was not enough to make up for the loss on the NFL bets.” Losses from football aside, DraftKings CEO Jason Robins is optimistic about the future of the company, recently telling Yahoo finance, "2025’s going to be an even bigger year for us." Commercial sports betting has become a multi-billion dollar industry that is continuing to grow. According to the American Gaming Association, its year-to-date revenue reached $8.36 billion through August alone, which is a 30.4% increase from the same period last year. Plus, PFL founder and co-owner Donn Davis, joins the show this week to discuss MMA, media rights, and the growth of the fighter’s league. Yahoo Finance Sports Report with Joe Pompliano, a vodcast brought to you by Yahoo Finance and Yahoo Sports, looks beyond the latest sports business headlines, analyzes all the need-to-know news – the teams, trades, and billion dollar deals – so you and your portfolio will win BIG.
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