DraftKings reported impressive total revenue of $4.8 billion in 2024, but still suffered a loss of $507.3 million. This marked an improvement from $802.3 million lost in 2023. The trend indicates a slight recovery with a rise in EBITDA figures as well. CEO Jason Robins highlights that sports betting should be seen as entertainment, not an investment, noting a growing number of bettors mistakenly perceive it as a profitable venture. A NerdWallet survey revealed that 31% of sports bettors view betting as an investment, while many report wagering for enjoyment and social interaction.
It's an entertainment product. It's not something that we recommend people looking at as an investment.
Most people over the long term... they understand that they're likely to lose money.
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