0001772757-21-000032 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 03, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38908
Entity Registrant Name	DRAFTKINGS INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-4052441
Entity Address, Address Line One	222 Berkeley Street
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	986-6744
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	DKNG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001772757
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		406,453,020
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		393,013,951

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,394,865	$ 1,817,258
Cash reserved for users	480,168	287,718
Receivables reserved for users	30,118	30,249
Accounts receivable	45,101	44,522
Prepaid expenses and other current assets	34,820	14,558
Total current assets	2,985,072	2,194,305
Property and equipment, net	45,484	40,827
Intangible assets, net	516,943	555,930
Goodwill	626,090	569,603
Operating lease right-of-use assets	67,834	68,077
Equity method investment	4,808	2,955
Deposits and other non-current assets	12,826	7,632
Total assets	4,259,057	3,439,329
Current liabilities:
Accounts payable and accrued expenses	416,537	223,633
Liabilities to users	510,261	317,942
Operating lease liabilities, current portion	13,110	12,837
Total current liabilities	939,908	554,412
Convertible notes	1,247,785	0
Non-current operating lease liabilities	60,904	68,775
Warrant liabilities	63,843	65,444
Long-term income tax liability	75,615	72,066
Other long-term liabilities	44,835	47,287
Total liabilities	2,432,890	807,984
Commitments and contingent liabilities
Stockholders' equity:
Treasury stock, at cost; 7,050 and 6,807 shares as of September 30, 2021 and December 31, 2020, respectively	(303,118)	(288,784)
Additional paid-in capital	5,505,908	5,067,135
Accumulated deficit	(3,427,517)	(2,230,619)
Accumulated other comprehensive income	50,815	83,534
Total stockholders’ equity	1,826,167	2,631,345
Total liabilities and stockholders’ equity	4,259,057	3,439,329
Class A common stock
Stockholders' equity:
Common stock	40	40
Class B common stock
Stockholders' equity:
Common stock	$ 39	$ 39

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
Treasury stock, shares (in shares)	7,050	6,807
Class A common stock
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized (in shares)	900,000	900,000
Common shares, shares issued (in shares)	412,395	403,110
Common shares, shares outstanding (in shares)	405,345	396,303
Class B common stock
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized (in shares)	900,000	900,000
Common shares, shares issued (in shares)	393,014	393,014
Common shares, shares outstanding (in shares)	393,014	393,014

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 212,819	$ 132,836	$ 822,700	$ 292,309
Cost of revenue	170,749	96,569	540,980	187,315
Sales and marketing	303,658	203,339	703,056	303,233
Product and technology	65,222	53,909	184,016	102,499
General and administrative	219,706	127,376	587,509	274,180
Loss from operations	(546,516)	(348,357)	(1,192,861)	(574,918)
Other income (expense):
Interest (expense) income, net	(1,556)	686	1,071	(2,253)
Gain (loss) on remeasurement of warrant liabilities	7,091	(47,908)	(2,905)	(411,269)
Loss before income tax provision (benefit) and loss from equity method investment	(540,981)	(395,579)	(1,194,695)	(988,440)
Income tax provision (benefit)	3,845	(13)	1,654	319
Loss from equity method investment	202	95	549	380
Net loss attributable to common stockholders	$ (545,028)	$ (395,661)	$ (1,196,898)	$ (989,139)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.35)	$ (1.11)	$ (2.98)	$ (3.56)
Diluted (in dollars per share)	$ (1.35)	$ (1.11)	$ (2.98)	$ (3.56)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (545,028)	$ (395,661)	$ (1,196,898)	$ (989,139)
Other comprehensive (loss) income:
Foreign currency translation adjustments arising during period, net of nil tax	(13,098)	29,137	(32,719)	54,123
Comprehensive loss	$ (558,126)	$ (366,524)	$ (1,229,617)	$ (935,016)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Tax (expense) benefit	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Ordinary Shares Class A common stock	Ordinary Shares Class B common stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock Amount
Balance at the beginning (in shares) at Dec. 31, 2019		184,626	0
Balance at the beginning at Dec. 31, 2019	$ (49,580)	$ 18	$ 0	$ 949,186	$ (998,784)	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of Series F preferred stock (in shares)		1,526
Issuance of Series F preferred stock	11,000			11,000
Exercise of stock options (in shares)		456
Exercise of stock options	467			467
Stock-based compensation expense	4,842			4,842
Net loss	(68,680)				(68,680)
Balance at the end (in shares) at Mar. 31, 2020		186,608	0
Balance at the end at Mar. 31, 2020	(101,951)	$ 18	$ 0	965,495	(1,067,464)	0
Balance at the beginning (in shares) at Dec. 31, 2019		184,626	0
Balance at the beginning at Dec. 31, 2019	(49,580)	$ 18	$ 0	949,186	(998,784)	0
Increase (Decrease) in Stockholders' Equity
Equity consideration issued for acquisition	789,064
Foreign currency translation	54,123
Net loss	(989,139)
Balance at the end (in shares) at Sep. 30, 2020		357,348	393,014
Balance at the end at Sep. 30, 2020	1,902,632	$ 35	$ 39	3,836,358	(1,987,923)	54,123
Balance at the beginning (in shares) at Mar. 31, 2020		186,608	0
Balance at the beginning at Mar. 31, 2020	(101,951)	$ 18	$ 0	965,495	(1,067,464)	0
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		2,287
Exercise of stock options	5,599			5,599
Stock-based compensation expense (in shares)			393,014
Stock-based compensation expense	54,486		$ 39	54,447
Merger recapitalization, net repurchase of $7,192 and issuance costs of $11,564 (in shares)		(278)
Merger recapitalization, net repurchase of $7,192 and issuance costs of $11,564	(18,756)			(18,756)
Conversion of Convertible Notes to common shares (in shares)		11,254
Conversion of convertible notes to common shares	112,545	$ 1		112,544
DEAC shares recapitalized, net of redemptions and equity issuance costs of $10,631 (in shares)		74,122
DEAC shares recapitalized, net of redemptions and equity issuance costs of $10,631	665,485	$ 7		665,478
Equity consideration issued for acquisition (in shares)		40,739
Equity consideration issued for acquisition	789,064	$ 4		789,060
Shares issued for earn outs - SBTech (in shares)		720
Shares issued for earn outs - DEAC and DK (in shares)		5,280
Shares issued for earn outs – DEAC and DK	0	$ 1		(1)
Shares issued for exercise of warrants (in shares)		17,519
Shares issued for exercise of warrants	515,773	$ 2		515,771
Shares issued in Offering, net of issuance costs of $19,200 (in shares)		16,000
Shares issued in offering, net of issuance costs of $19,200	620,800	$ 2		620,798
Foreign currency translation	24,986					24,986
Net loss	(524,798)				(524,798)
Balance at the end (in shares) at Jun. 30, 2020		354,251	393,014
Balance at the end at Jun. 30, 2020	2,143,233	$ 35	$ 39	3,710,435	(1,592,262)	24,986
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		3,006
Exercise of stock options	3,996			3,996
Stock-based compensation expense	117,034			117,034
Shares issued for exercise of warrants (in shares)		91
Shares issued for exercise of warrants	4,893			4,893
Foreign currency translation	29,137					29,137
Net loss	(395,661)				(395,661)
Balance at the end (in shares) at Sep. 30, 2020		357,348	393,014
Balance at the end at Sep. 30, 2020	1,902,632	$ 35	$ 39	3,836,358	(1,987,923)	54,123
Balance at the beginning (in shares) at Dec. 31, 2020		396,303	393,014
Balance at the beginning at Dec. 31, 2020	2,631,345	$ 40	$ 39	5,067,135	(2,230,619)	83,534	$ (288,784)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		2,857
Exercise of stock options	7,638			7,638
Stock-based compensation expense	151,843			151,843
Purchase of capped call options	(123,970)			(123,970)
Equity consideration issued for acquisition (in shares)		464
Equity consideration issued for acquisition	29,399			29,399
Shares issued for exercise of warrants (in shares)		138
Shares issued for exercise of warrants	1,761			1,761
Purchase of treasury stock (in shares)		(48)
Purchase of treasury stock	(3,124)						(3,124)
Restricted stock unit vesting (in shares)		178
Foreign currency translation	(27,318)					(27,318)
Net loss	(346,344)				(346,344)
Balance at the end (in shares) at Mar. 31, 2021		399,892	393,014
Balance at the end at Mar. 31, 2021	2,321,230	$ 40	$ 39	5,133,806	(2,576,963)	56,216	(291,908)
Balance at the beginning (in shares) at Dec. 31, 2020		396,303	393,014
Balance at the beginning at Dec. 31, 2020	$ 2,631,345	$ 40	$ 39	5,067,135	(2,230,619)	83,534	(288,784)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	8,556
Equity consideration issued for acquisition	$ 33,149
Foreign currency translation	(32,719)
Net loss	(1,196,898)
Balance at the end (in shares) at Sep. 30, 2021		405,345	393,014
Balance at the end at Sep. 30, 2021	1,826,167	$ 40	$ 39	5,505,908	(3,427,517)	50,815	(303,118)
Balance at the beginning (in shares) at Mar. 31, 2021		399,892	393,014
Balance at the beginning at Mar. 31, 2021	2,321,230	$ 40	$ 39	5,133,806	(2,576,963)	56,216	(291,908)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		1,878
Exercise of stock options	10,816			10,816
Stock-based compensation expense	171,739			171,739
Equity consideration issued for acquisition (in shares)		56
Equity consideration issued for acquisition	3,750			3,750
Shares issued for exercise of warrants (in shares)		43
Shares issued for exercise of warrants	2,419			2,419
Purchase of treasury stock (in shares)		(115)
Purchase of treasury stock	(6,773)						(6,773)
Restricted stock unit vesting (in shares)		739
Foreign currency translation	7,697					7,697
Net loss	(305,526)				(305,526)
Balance at the end (in shares) at Jun. 30, 2021		402,493	393,014
Balance at the end at Jun. 30, 2021	2,205,352	$ 40	$ 39	5,322,530	(2,882,489)	63,913	(298,681)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		2,607
Exercise of stock options	6,664			6,664
Stock-based compensation expense	175,664			175,664
Shares issued for exercise of warrants (in shares)		28
Shares issued for exercise of warrants	1,050			1,050
Purchase of treasury stock (in shares)		(80)
Purchase of treasury stock	(4,437)						(4,437)
Restricted stock unit vesting (in shares)		297
Foreign currency translation	(13,098)					(13,098)
Net loss	(545,028)				(545,028)
Balance at the end (in shares) at Sep. 30, 2021		405,345	393,014
Balance at the end at Sep. 30, 2021	$ 1,826,167	$ 40	$ 39	$ 5,505,908	$ (3,427,517)	$ 50,815	$ (303,118)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Merger recapitalization repurchase costs	$ 7,192
Merger recapitalization issuance costs	11,564
DEAC shares recapitalized redemptions and equity issuance costs	10,631
Shares issued in offering issuance costs	$ 19,200

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net loss	$ (1,196,898)	$ (989,139)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	88,600	49,967
Non-cash interest expense	1,442	3,114
Stock-based compensation expense	499,246	176,362
Loss from equity method investment	549	380
Loss on remeasurement of warrant liabilities	2,905	411,269
Deferred income taxes	(11,737)	(544)
Change in operating assets and liabilities, net of effect of business combinations:
Receivables reserved for users	131	(9,271)
Accounts receivable	(421)	(15,427)
Prepaid expenses and other current assets	(19,093)	534
Deposits and other non-current assets	(4,760)	(64)
Operating leases, net	(1,212)	1,481
Accounts payable and accrued expenses	194,735	112,057
Other long-term liabilities	(856)	7,951
Long-term income tax liability	7,789	0
Liabilities to users	192,319	123,471
Net cash flows used in operating activities	(247,261)	(127,859)
Cash Flows from Investing Activities:
Purchases of property and equipment	(11,171)	(8,233)
Cash paid for internally developed software costs	(31,242)	(18,821)
Acquisition of gaming licenses	(7,563)	(7,760)
Cash paid for acquisitions, net of cash acquired	(64,969)	(176,819)
Other investing activities	(3,750)	0
Net cash flows used in investing activities	(118,695)	(211,633)
Financing Activities:
Proceeds from issuance of convertible notes, net	1,247,116	41,077
Purchase of capped call options	(123,970)	0
Proceeds from shares issued for warrants	199	201,508
Purchase of treasury stock	(14,334)	0
Proceeds from exercise of stock options	25,118	10,062
Cash buyout of unaccredited investors	0	(7,192)
Issuance costs related to merger recapitalization	0	(11,564)
Proceeds from recapitalization of DEAC shares, net of issuance costs	0	667,999
Proceeds from issuance of Class A common stock, net of issuance costs	0	620,800
Net payment of revolving credit line	0	(6,750)
Net cash flows provided by financing activities	1,134,129	1,515,940
Effect of foreign exchange rates on cash and cash equivalents and restricted cash	1,884	1,358
Net increase in cash and cash equivalents and restricted cash	770,057	1,177,806
Cash and cash equivalents and restricted cash at the beginning of period	2,104,976	220,533
Cash and cash equivalents and restricted cash, end of period	2,875,033	1,398,339
Disclosure of cash, cash equivalents and restricted cash:
Cash and cash equivalents	2,394,865	1,140,907
Cash reserved for users	480,168	257,432
Total cash, cash equivalents and restricted cash, end of period	2,875,033	1,398,339
Supplemental Disclosure of Noncash Investing and Financing Activities:
Equity consideration issued for acquisitions	33,149	789,064
Increase in accounts payable and accrued expenses from property and equipment and internally developed software costs	2,338	0
Increase in accounts payable and accrued expenses from convertible notes financing costs	773	0
Decrease of accounts payable and accrued expenses from gaming licenses	(4,976)	(1,000)
Conversion of convertible notes and accrued interest to common shares	0	112,545
Increase in net liabilities acquired from DEAC	0	2,514
Increase of other current assets from transfer agent related to warrants	525	0
Supplemental Disclosure of Cash Activities:
Increase in cash reserved for users	192,450	113,432
Cash paid for interest	$ 0	$ 417

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business DraftKings Inc., a Nevada corporation (the “Company” or “DraftKings”), was incorporated in Nevada as DEAC NV Merger Corp., a wholly owned subsidiary of our legal predecessor, Diamond Eagle Acquisition Corp. (“DEAC”), a special purpose acquisition company. On April 23, 2020, DEAC consummated the transactions contemplated by the Business Combination Agreement (the “Business Combination”) dated December 22, 2019, as amended on April 7, 2020 and, in connection therewith, (i) DEAC merged with and into the Company, whereby the Company survived the merger and became the successor issuer to DEAC by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) the Company changed its name to “DraftKings Inc.,” (iii) the Company acquired DraftKings Inc., a Delaware corporation (“Old DK”), by way of a merger and (iv) the Company acquired all of the issued and outstanding share capital of SBTech (Global) Limited (“SBTech”). Upon consummation of the preceding transactions, Old DK and SBTech became wholly owned subsidiaries of the Company. DraftKings is a digital sports entertainment and gaming company. The Company’s business-to-consumer (“B2C”) segment provides users with daily fantasy sports (“DFS”), sports betting (“Sportsbook”) and online casino (“iGaming”) products, as well as media and other online consumer product offerings. The Company’s business-to-business (“B2B”) segment is involved in the design, development and licensing of sports betting and casino gaming software for its Sportsbook and casino gaming products. In May 2018, the Supreme Court (the “Court”) struck down on constitutional grounds the Professional and Amateur Sports Protection Act of 1992 (“PASPA”), a law that prohibited most states from authorizing and regulating sports betting. Since the Court’s decision, many states have legalized sports betting. As of September 30, 2021, the U.S. jurisdictions with statutes legalizing online sports betting are Arizona, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Virginia, Washington, D.C, West Virginia and Wyoming. The jurisdictions with statutes legalizing sports betting at certain land-based retail locations are Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Virginia, Washington, Washington, D.C. and West Virginia. A few jurisdictions have enacted laws authorizing sports betting in retail locations but have yet to begin operations in those jurisdictions. The jurisdictions with statutes legalizing iGaming are Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia. As of September 30, 2021, the Company operates online Sportsbooks in Arizona, Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, New Jersey, Oregon (B2B), Pennsylvania, Tennessee, Virginia, West Virginia and Wyoming and has retail Sportsbooks in Colorado, Connecticut, Illinois, Iowa, Mississippi, New Hampshire, New Jersey and New York. As of September 30, 2021, the Company offers iGaming products in Michigan, New Jersey, Pennsylvania and West Virginia. The Company also has arrangements in place with land-based casinos to expand operations into additional states upon the passing of relevant legislation, the issuance of related regulations and the receipt of required licenses. The novel coronavirus (“COVID-19”) has adversely impacted global commercial activity, disrupted supply chains and contributed to significant volatility in financial markets. Beginning in 2020 and continuing into 2021, the COVID-19 pandemic adversely impacted many different industries. The ongoing COVID-19 pandemic could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the extent and the duration of the impact of COVID-19. The COVID-19 pandemic therefore presents material uncertainty and risk with respect to us and our performance and could affect our financial results in a materially adverse way. Since the start of the COVID-19 pandemic, the primary impacts to the Company have been the suspension, cancellation and rescheduling of sports seasons and sporting events. Beginning in March 2020 and continuing into the first month of the third quarter of 2020, many sports seasons and sporting events, including the MLB regular season, domestic soccer leagues and European Cup competitions, the NBA regular season and playoffs, the NCAA college basketball tournament, the Masters golf tournament, and the NHL regular season and playoffs, were suspended or cancelled. The suspension of sports seasons and sporting events reduced customers’ use of, and spending on, the Company’s Sportsbook and DFS product offerings. Starting in the third quarter of 2020 and continuing into the fourth quarter of 2020, major professional sports leagues resumed their activities, many of which were held at limited or reduced capacity. MLB began its season after a three-month delay and also completed the World Series, the NHL resumed its season and completed the Stanley Cup Playoffs, the Masters golf tournament was held, most domestic soccer leagues resumed and several European cup competitions were held, and the NFL season began on its regular schedule. During this period, the NBA also resumed its season, completed the NBA Finals and commenced its 2020-2021 season. The suspension and alteration of sports seasons and sporting events in 2020 reduced customers’ use of, and spending on, the Company’s Sportsbook and DFS product offerings and caused the Company to issue refunds for canceled events. In the nine months ended September 30, 2021, many sports seasons continued and most sporting events were held as planned, including the NFL regular season, the NFL Playoffs and Superbowl LV, the NBA regular season and NBA playoffs, the NHL regular season and the NHL Stanley Cup, the NASCAR Cup Series, various NCAA football bowl games, the NCAA college basketball season and tournament, and the UEFA European Football Championship. The continued return of major sports and sporting events generated significant user interest and activity in our Sportsbook and DFS product offerings. However, the possibility remains that sports seasons and sporting events may be suspended, cancelled or rescheduled due to COVID-19 outbreaks. The Company’s revenue varies based on sports seasons and sporting events amongst other factors, and cancellations, suspensions or alterations resulting from COVID-19 have the potential to adversely affect its revenue, possibly materially. However, the Company’s product offerings that do not rely on sports seasons and sporting events, such as iGaming, may partially offset this adverse impact on revenue. DraftKings is also developing more innovative products that do not rely on traditional sports seasons and sporting events, for example, products that permit wagering and contests on events such as eSports and simulated NASCAR. A significant or prolonged decrease in consumer spending on entertainment or leisure activities would also likely have an adverse effect on demand for the Company’s product offerings, reducing cash flows and revenues, and thereby materially harming the Company’s business, financial condition and results of operations. In addition, a materially disruptive resurgence of COVID-19 cases or the emergence of additional variants or strains of COVID-19 could cause other widespread or more severe impacts depending on where infection rates are highest. As steps taken to mitigate the spread of COVID-19 necessitated a shift away from a traditional office environment for many employees, the Company implemented business continuity programs to ensure that employees were safe and that the business continued to function with minimal disruptions to normal work operations while employees worked remotely. The Company will continue to monitor developments relating to disruptions and uncertainties caused by COVID-19.

Summary of Significant Accounting Policies and Practices

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Practices

Basis of Presentation and Principles of Consolidation

These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) for interim reporting. Accordingly, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Company’s audited financial statements and related notes as of and for the fiscal year ended December 31, 2020, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as filed with the SEC on February 26, 2021 (“Original Annual Report”) and as amended by the Form 10-K/A filed with the SEC on May 3, 2021 (“2020 Annual Report”). The accompanying condensed consolidated financial statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Company’s revenue as a result of timing of the various sports seasons, sporting events and other factors.

As the Company completed its acquisition of SBTech on April 23, 2020, the presented financial information for the nine months ended September 30, 2021 includes the financial information and activities for SBTech; whereas, the financial information for the nine months ended September 30, 2020 includes the financial information and activities for SBTech for the period from April 24, 2020 to (and including) September 30, 2020.

The accompanying unaudited condensed consolidated financial statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated. Certain amounts from a prior period, which are not material, have been reclassified to conform with the current period presentation.

Prior to the second quarter of 2021, the Company (a) included changes in “cash reserved for users” as a component within the change in operating assets and liabilities on its condensed consolidated statement of cash flows as the Company historically viewed the change in cash reserved for users as offsetting the change in player liabilities and (b) presented “cash reserved for users” separate from cash and cash equivalents on the condensed consolidated balance sheet.

Beginning with the second quarter of 2021, to reflect the Company's total cash position (“cash and cash equivalents” and “cash reserved for users”) and to conform to Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230) — Restricted Cash, the Company revised its presentation to exclude changes in “cash reserved for users” from the “change in operating assets and liabilities” and instead present the total balance as a component of cash and cash equivalents and restricted cash on its condensed consolidated statement of cash flows.

This revision does not have a material impact on the Company's presentation of cash flows as the change in cash reserved for users will continue to be presented as a supplemental disclosure in the condensed consolidated statement of cash flows. In addition, the Company will continue to present cash reserved for users as a separate line item on the Company’s condensed consolidated balance sheet.

These revisions have no impact on the Company’s previously reported consolidated statements of operations or consolidated balance sheets, including the Company’s cash and cash equivalents and cash reserved for user balances. Prior period amounts have been revised to conform to the current period presentation.

The following table presents the condensed consolidated statement of cash flows line items after giving effect to the revision of presentation as discussed above for the nine months ended September 30, 2020. For the effect to the revision of presentation for the six months ended June 30, 2020, year ended December 31, 2020 and three months ended March 31, 2021, refer to the Company’s Form 10-Q for the quarter ended June 30, 2021 filed with the SEC on August 6, 2021.


	Nine months ended September 30, 2020
		Reported		Adjustments			Revised
Adjustments to reconcile net loss to net cash flows used in operating activities:
Change in operating assets and liabilities, net of effect of business combinations:
Cash reserved for users		$	(113,432)	$	113,432		$	—
Net cash flows used in operating activities		(241,291)		113,432			(127,859)

Net increase in cash, cash equivalents and restricted cash		1,064,374		113,432			1,177,806
Cash and cash equivalents and restricted cash at the beginning of period		76,533		144,000		(a)	220,533
Cash and cash equivalents and restricted cash, end of period		$	1,140,907	$	257,432		$	1,398,339

(a)Represents the cash reserved for user balance as of December 31, 2019 as previously included in the Company's 2020 Annual Report filed with the SEC.

Cash and cash equivalents

Cash and cash equivalents consist of highly liquid, unrestricted savings, checking and other bank accounts. The Company also utilizes money market funds and short-term deposits with original maturities of three months or less.

Recently Adopted Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company elected to early adopt the new standard as of January 1, 2021 using the modified retrospective approach. In the first quarter of 2021, the Company issued convertible senior notes, whereby the entire proceeds from issuance were recognized as a liability, net of any lender fees

and debt financing costs, on our condensed consolidated balance sheet. Please refer to Note 5 included herein for additional information.

In December 2019, the FASB issued ASU 2019-12, Income Taxes—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard as of January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Vegas Sports Information Network, Inc. (“VSiN”) Acquisition

On March 24, 2021, the Company acquired 100% of the equity of Vegas Sports Information Network, Inc. (“VSiN”). The following summarizes the consideration transferred at closing for the VSiN acquisition:


Cash consideration	$	40,599
Share consideration (1)	29,399
Total consideration	$	69,998

(1)Represents the issuance of 0.5 million shares of the Company’s Class A common stock at a fair value of $63.32 per share to the former stockholders of VSiN.

The acquired assets and assumed liabilities of VSiN were recorded at their estimated fair values. The purchase price allocation is preliminary, and as additional information becomes available, the Company may further revise the preliminary purchase price allocation, including the fair value of identified intangible assets, during the remainder of the measurement period, which will not exceed 12 months from the closing of the acquisition. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined. Any such adjustments may be material.

The purchase price of the VSiN acquisition was allocated on a preliminary basis as follows:


Operating lease right-of-use assets	$	6,120
Intangible assets	14,628
Other assets	4,516
Liabilities	(7,910)
Goodwill	52,644
Total	$	69,998

Goodwill represents the excess of the gross considerations transferred over the fair value of the underlying net assets acquired and liabilities assumed. Goodwill associated with the VSiN acquisition is assigned as of the acquisition date to the Company’s Media reporting unit. Goodwill recognized is not deductible for local tax purposes.

The intangible assets acquired as part of the VSiN acquisition were as follows:


	Fair Value		Weighted-Average Useful Life (in years)

Developed technology - software	$	558	3.0
Customer relationships	11,170		6.0
Trademarks and trade names	2,900		4.0
Total	$	14,628

As VSiN’s financial results are not material to the Company’s condensed consolidated financial statements, the Company has elected to not include pro forma results.

Blue Ribbon Software Ltd. (“Blue Ribbon”) Acquisition

On April 1, 2021, the Company acquired 100% of the equity of Blue Ribbon for $17.8 million of cash and approximately $3.8 million of the Company’s Class A common stock (the "Blue Ribbon Acquisition"). The purchase price allocation is preliminary, and as additional information becomes available, the Company may further revise the preliminary purchase price allocation during the remainder of the measurement period, which will not exceed 12 months from the closing of the Blue Ribbon Acquisition. Blue Ribbon’s financial results are included in the Company’s condensed consolidated financial statements, but are not considered material.

Pending Acquisition of Golden Nugget Online Gaming, Inc. (“GNOG”)

On August 9, 2021, the Company and GNOG entered into a definitive agreement for the Company to acquire GNOG in an all-stock transaction with an implied equity value of approximately $1.56 billion (the “GNOG Transaction”). As part of the GNOG Transaction, the Company will undergo a holding company reorganization whereby a new holding company (“New DraftKings”) will become the going-forward public company for both DraftKings and GNOG. It is expected that New DraftKings will be renamed DraftKings Inc. at the closing of the GNOG Transaction. Under the terms of the agreement and subject to certain exclusions contained therein, GNOG stockholders would receive a fixed ratio of 0.365 shares of New DraftKings’ Class A common stock for each share of GNOG that they hold on the record date. As part of the GNOG Transaction, New DraftKings will also acquire that portion of LHGN Holdco, LLC, the operating subsidiary of GNOG, that is not currently owned by GNOG from Landry’s Fertitta, LLC in exchange for shares of New DraftKings’ Class A common stock. The GNOG Transaction was subject to (i) approval by GNOG stockholders, which was obtained through the delivery of a written consent on September 8, 2021 and (ii) approval by DraftKings stockholders, which was obtained through the delivery of a written consent on August 10, 2021, and is subject to the receipt of required regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2022.

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

The Company has the following intangible assets, net as of September 30, 2021:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	6.6 years	$	432,468	$	(75,652)	$	356,816
Internally developed software	2.7 years	103,750		(46,153)		57,597
Gaming licenses	2.7 years	26,217		(11,658)		14,559
Trademarks and tradenames	2.7 years	9,164		(2,888)		6,276
Customer relationships	3.8 years	112,073		(30,378)		81,695
Intangible assets, net		$	683,672	$	(166,729)	$	516,943

The Company had the following intangible assets, net as of December 31, 2020:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	7.3 years	$	439,624	$	(37,704)	$	401,920
Internally developed software	2.3 years	72,268		(33,179)		39,089
Gaming licenses	3.5 years	23,685		(6,354)		17,331
Trademarks and tradenames	2.8 years	6,537		(1,123)		5,414
Customer relationships	4.3 years	106,836		(14,660)		92,176
Intangible assets, net		$	648,950	$	(93,020)	$	555,930

Amortization expense was $26.7 million and $23.8 million for the three months ended September 30, 2021 and 2020 and $78.6 million and $43.5 million for the nine months ended September 30, 2021 and 2020, respectively.

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 by reporting unit are:


	B2C		B2B		Media		Total
Balance as of December 31, 2020	$	353,083	$	216,520	$	—	$	569,603
Goodwill resulting from acquisitions*	7,673		8,300		52,644		68,617
Cumulative translation adjustment	—		(12,130)		—		(12,130)
Balance as of September 30, 2021	$	360,756	$	212,690	$	52,644	$	626,090

* = Preliminary allocation

Current and Long-term Liabilities	9 Months Ended
Current and Long-term Liabilities	Sep. 30, 2021
Current and Long-term Liabilities
Current and Long-term Liabilities	Current and Long-term Liabilities Convertible Notes In March 2021, the Company issued zero-coupon convertible senior notes in an aggregate principal amount of $1,265.0 million, which includes proceeds from the full exercise of the over-allotment option (collectively, the “Convertible Notes”). In connection with the issuance of the Convertible Notes, the Company incurred $17.0 million of lender fees and $1.0 million of debt financing costs. The Convertible Notes represent senior unsecured obligations of the Company. The Convertible Notes will mature on March 15, 2028, subject to earlier conversion, redemption or repurchase. The Convertible Notes are convertible at an initial conversion rate of 10.543 shares of the Company’s Class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $94.85 per share of Class A common stock. The conversion rate is subject to adjustment upon the occurrence of certain specified events and includes a make-whole adjustment upon early conversion in connection with a make-whole fundamental change (as defined within the indenture agreement). Prior to September 15, 2027, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Company will satisfy any conversion election by paying or delivering, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock. During the nine months ended September 30, 2021, the conditions allowing holders of the Convertible Notes to convert their Convertible Notes were not met. In connection with the pricing of the Convertible Notes and the exercise of the option to purchase additional notes, the Company entered into a privately negotiated capped call transaction (“Capped Call Transactions”). The Capped Call Transactions have a strike price of $94.85 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Convertible Notes. The Capped Call Transactions have an initial cap price of $135.50 per share, subject to certain adjustments. The Capped Call Transactions are expected generally to reduce potential dilution to the Company's Class A common stock upon any conversion of Convertible Notes. As the transaction qualifies for equity classification, the net cost of $124.0 million incurred in connection with the Capped Call Transactions was recorded as a reduction to additional paid-in capital on the Company's consolidated balance sheet. Revolving Line of Credit In October 2016, Old DK entered into an amended and restated loan and security agreement with Pacific Western Bank, which was most recently amended in September 2020 (as amended, the “Credit Agreement”). The Credit Agreement provides a revolving line of credit of up to $60.0 million. The Credit Agreement has a maturity date of March 1, 2022. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to the greater of (i) 1.00% above the prime rate then in effect and (ii) 6.50%, and the Credit Agreement requires monthly, interest-only payments. In addition, the Company is required to pay quarterly in arrears a fee equal to 0.25% per annum of the unused portion of the revolving line of credit. As of September 30, 2021 and December 31, 2020, the Credit Agreement provided a revolving line of credit of up to $60.0 million. There was no principal outstanding as of September 30, 2021 or December 31, 2020. Net facility available from the Credit Agreement as of September 30, 2021 and December 31, 2020 totaled $55.8 million, which, in each case, excludes the letters of credit outlined in Note 12. The Company is also subject to certain affirmative and negative covenants until maturity. In connection with the issuance of the Convertible Notes and the entry into the Capped Call Transactions, the Company obtained a waiver from Pacific Western Bank for any breach of the credit agreement that would have resulted from entering into these financing transactions. The Company also obtained a waiver from Pacific Western Bank for any breach of the credit agreement that would have resulted from exceeding a capital expenditure limitation for 2021 and the amendments to its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for the material weakness identified in Item 4. Controls and Procedures. Indirect Taxes Taxation of e-commerce is becoming more prevalent and could negatively affect the Company’s business as it pertains to DFS and its users. The ultimate impact of indirect taxes on the Company’s business is uncertain, as is the period required to resolve this uncertainty. The Company’s estimated contingent liability for indirect taxes represents the Company’s best estimate of tax liability in jurisdictions in which the Company believes taxation is probable. The Company frequently reevaluates its tax positions for appropriateness. Indirect tax statutes and regulations are complex and subject to differences in application and interpretation. Tax authorities may impose indirect taxes on Internet-delivered activities based on statutes and regulations which, in some cases, were established prior to the advent of the Internet and do not apply with certainty to the Company’s business. The Company’s estimated contingent liability for indirect taxes may be materially impacted by future audit results, litigation and settlements, should they occur. The Company’s activities by jurisdiction may vary from period to period, which could result in differences in the applicability of indirect taxes from period to period. As of September 30, 2021 and December 31, 2020, the Company’s estimated contingent liability for indirect taxes was $43.4 million and $45.9 million, respectively. The estimated contingent liability for indirect taxes is recorded within other long-term liabilities on the consolidated balance sheets and general and administrative expenses on the condensed consolidated statements of operations. Warrant Liabilities As part of DEAC’s initial public offering on May 14, 2019, DEAC issued 13.3 million warrants each of which entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, DEAC completed the private sale of 6.3 million warrants to DEAC’s sponsor (the “Private Warrants”). As of September 30, 2021, there were no Public Warrants outstanding. As of September 30, 2021, 1.7 million Private Warrants remained outstanding at a fair value of $63.8 million. Due to fair value changes throughout the three and nine months ended September 30, 2021, the Company recorded a gain on remeasurement of warrant liabilities of $7.1 million and a loss on the remeasurement of warrant liabilities of $2.9 million, respectively, and a loss on remeasurement of warrant liabilities of $47.9 million and $411.3 million for the three and nine months ended September 30, 2020, respectively. In addition, 0.2 million Private Warrants were exercised during the nine months ended September 30, 2021, resulting in a reclassification to additional paid-in-capital in the amount of $5.2 million, reflecting the reclassification of the warrant liabilities of $4.5 million and proceeds upon exercise of $0.7 million.

Revenue Recognition

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Deferred Revenue

The deferred revenue balances were as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Deferred revenue, beginning of the period	$	51,791	$	24,759	$	30,627	$	20,760
Deferred revenue, end of the period	84,951		33,464		84,951		33,464
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	23,946		6,632		27,569		10,505

Deferred revenue primarily represents contract liabilities related to the Company’s obligation to transfer future value in relation to in period transactions in which the Company has received consideration. Such obligations are recognized as liabilities when awarded to users and are recognized as revenue when those liabilities are later resolved. The Company included deferred revenue within accounts payable and accrued expenses and liabilities to users on its consolidated balance sheets.

Revenue Disaggregation

Disaggregation of revenue for the three and nine months ended September 30, 2021 and 2020 is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Online gaming	$	176,257	$	99,477	$	707,146	$	238,591
Gaming software	23,725		29,185		82,587		44,139
Other	12,837		4,174		32,967		9,579
Total Revenue	$	212,819	$	132,836	$	822,700	$	292,309

The following table presents the Company’s revenue by geographic region for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
United States	$	188,166	$	106,938	$	737,814	$	254,325
International	24,653		25,898		84,886		37,984
Total Revenue	$	212,819	$	132,836	$	822,700	$	292,309

SBTech has offered its services through a reseller model in Asia. The agreement with the reseller was terminated as of April 1, 2021, with a transition period that has already ended.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based CompensationThe Company, historically, has issued three types of stock-based compensation: Time-Based awards, Long Term Incentive Plan (“LTIP”) awards and Performance-Based Stock Compensation Plan (“PSP”) awards. Time-Based awards are equity awards which generally vest over a 4-year period. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are short-term performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue, adjusted EBITDA or share price targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue or adjusted EBITDA targets amongst other conditions.

The following table shows restricted stock unit (“RSU”) and stock option activity for the nine months ended September 30, 2021:


	Time-based		PSP		LTIP		Total	Weighted Average Exercise Price of Options		Weighted Average FMV of RSUs
	Options	RSUs	Options	RSUs	Options	RSUs
Outstanding at December 31, 2020	20,519	3,548	3,023	907	13,854	12,800	54,651	$	3.57	$	47.01
Granted	900	2,192	—	597	—	6,646	10,335	48.71		53.48
Exercised options / vested RSUs	(4,986)	(1,214)	(451)	—	(1,905)	—	(8,556)	3.41		36.74
Forfeited	(535)	(178)	(1)	(14)	—	(82)	(810)	2.89		42.71
Outstanding at September 30, 2021	15,898	4,348	2,571	1,490	11,949	19,364	55,620	$	4.82	$	49.95

As of September 30, 2021, total unrecognized stock-based compensation expense of $847.2 million related to granted and unvested share-based compensation arrangements is expected to be recognized over a weighted-average period of 1.9 years. The following table shows stock compensation expense for the three and nine months ended September 30, 2021 and 2020:


	Three months ended September 30, 2021						Three months ended September 30, 2020
	Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	3,787	$	15,512	$	19,299	$	2,054	$	8,867	$	10,921
PSP (2)	—		18,537		18,537		—		3,479		3,479
LTIP (2)	—		137,828		137,828		—		102,634		102,634
B Shares (3)	—		—		—		—		—		—
Total	$	3,787	$	171,877	$	175,664	$	2,054	$	114,980	$	117,034


	Nine months ended September 30, 2021						Nine months ended September 30, 2020
	Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	10,254	$	45,003	$	55,257	$	5,223	$	9,047	$	14,270
PSP (2)	—		53,941		53,941		1,633		3,479		5,112
LTIP (2)	—		390,048		390,048		9,552		139,428		148,980
B Shares (3)	—		—		—		8,000		—		8,000
Total	$	10,254	$	488,992	$	499,246	$	24,408	$	151,954	$	176,362

(1) Time-based awards vest and are expensed over a defined service period.

(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria.

(3) Related to the Business Combination; Class B shares have no economic rights.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The Company's provision for income taxes for the three and nine months ended September 30, 2021 and 2020 is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Income tax provision (benefit)	$	3,845	$	(13)	$	1,654	$	319

The effective tax rates for the three months ended September 30, 2021 and 2020 were (0.71)% and 0.00%, respectively and the effective tax rates for the nine months ended September 30, 2021 and 2020 were (0.14)% and (.03)%, respectively. The difference between the Company’s effective tax rates for the three and nine month periods in 2021 and 2020 and the U.S. statutory tax rate of 21% was primarily due to a full valuation allowance related to the Company’s net U.S. deferred tax assets, offset partially by current state tax, current foreign tax, and current tax expense related to unrecognized tax benefits.

Additionally, the Company recorded a discrete income tax benefit of $6.8 million during the first quarter of 2021, which is attributable to a non-recurring partial release of the Company's U.S. valuation allowance as a result of VSiN's preliminary purchase price accounting. The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

The Company operates its business and reports its results through two operating and reportable segments: B2C and B2B, in accordance with ASC Topic 280, Segment Reporting. The Company’s B2C segment is primarily comprised of the Old DK business and the Company’s B2B segment, which is primarily comprised of SBTech. The B2C segment provides users with DFS, Sportsbook and iGaming products, as well as media and other online consumer product offerings. The B2B segment is involved in the design, development and licensing of sports betting and casino gaming software for its Sportsbook and casino gaming products.

Operating segments are components of the Company for which separate discrete financial information is available to and evaluated regularly by the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM assesses a combination of metrics such as revenue and Adjusted EBITDA to evaluate the performance of each operating and reportable segment.

Any intercompany revenues or expenses are eliminated in consolidation. All of the Company’s operating revenues and expenses, other than those excluded from Adjusted EBITDA as detailed below, are allocated to the Company’s reportable segments. We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction-related costs, litigation, settlement and related costs and certain other non-recurring, non-cash and non-core items, as described in the reconciliation below.

A measure of segment assets and liabilities has not been currently provided to the Company’s CODM and therefore is not shown below. Summarized financial information for the Company’s segments is shown in the following table:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Revenue:
B2C	$	189,094	$	103,651	$	740,113	$	248,170
B2B	23,725		29,185		82,587		44,139
Total revenue	212,819		132,836		822,700		292,309

Adjusted EBITDA:
B2C	(307,700)		(201,455)		(541,313)		(304,889)
B2B	(5,903)		4,376		(6,854)		854
Total adjusted EBITDA	(313,603)		(197,079)		(548,167)		(304,035)
Adjusted for:
Depreciation and amortization	30,356		26,595		88,600		49,967
Interest (income) expense, net	1,556		(686)		(1,071)		2,253
Income tax provision (benefit)	3,845		(13)		1,654		319
Stock-based compensation	175,664		117,034		499,246		176,362
Transaction-related costs	4,348		3,585		15,261		34,492
Litigation, settlement and related costs	4,712		2,419		8,933		5,771
Advocacy and other related legal expenses	16,667		—		27,702		—
(Gain) loss on remeasurement of warrant liabilities	(7,091)		47,908		2,905		411,269
Other non-recurring costs, special project costs and non-operating costs	1,368		1,740		5,501		4,671
Net loss attributable to common shareholders	$	(545,028)	$	(395,661)	$	(1,196,898)	$	(989,139)

Due to the timing of the Business Combination, the three and nine month period ended September 30, 2020 reflects B2B/SBTech activity beginning April 24, 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Loss Per Share

The computation of loss per share and weighted-average shares of the Company’s Class A common stock outstanding for the periods presented are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net loss	$	(545,028)	$	(395,661)	$	(1,196,898)	$	(989,139)
Basic and diluted weighted-average common shares outstanding	403,844		355,900		400,994		277,932
Loss per share attributable to common stockholders:
Basic and diluted	$	(1.35)	$	(1.11)	$	(2.98)	$	(3.56)

For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding (calculated on a gross settlement or a full conversion basis):


	Three and nine months ended September 30,
	2021	2020
Warrants	1,741	2,151
Stock options and RSUs	55,620	66,248
Convertible notes	13,337	—
Total	70,698	68,399

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Media Purchase Agreement (“MPA”) In July 2015, Old DK entered into an MPA with a related party for various media placements from 2015 through 2018. The MPA was amended to extend through 2021. The annual commitment for calendar years 2017 through 2021 was $15 million per year, plus an additional contingent commitment of $5 million per year. The contingent commitment relates to the Company’s allocation of its non-integration advertising with other advertisers. Effective January 2019, the future minimum commitments related to the MPA were reduced to $15 million in the aggregate through December 31, 2021 (equivalent to $5 million per year) and the contingent commitment was removed. As the Company has satisfied its $15.0 million commitment, the MPA has expired. The Company recorded expense of $0.0 million related to the MPA for the three and nine months ended September 30, 2021 and recorded expense of $7.7 million and $11.1 million related to the MPA for the three and nine months ended September 30, 2020, respectively in sales and marketing expenses in the consolidated statements of operations. Private Placement Agent Old DK entered into an engagement letter with a related party (the “Private Placement Agent”) in August 2019, as amended in December 2019. Pursuant to the engagement letter, the Private Placement Agent acted as the exclusive financial advisor to Old DK, and Old DK agreed to pay certain acquisition and financing fees in connection with the Business Combination with SBTech and DEAC. For the three and nine months ended September 30, 2021, the Company incurred $0.0 million of fees with the Private Placement Agent and for the three and nine months ended September 30, 2020, the Company incurred $0.0 million and $12.3 million, respectively, of fees with the Private Placement Agent. Receivables from Equity Method Investment The Company provides office space and general operational support to DKFS, LLC, an equity-method affiliate. The operational support is primarily in the form of general and administrative services. As of September 30, 2021 and December 31, 2020, the Company had $0.7 million and $1.1 million, respectively, of receivables from DKFS, LLC related to those services and expenses to be reimbursed to the Company, which are included within non-current assets in the consolidated balance sheets. The Company has committed to invest up to $17.5 million into DBDK Venture Fund I, LP, a Delaware limited partnership and a subsidiary of DKFS LLC. As of September 30, 2021, the Company had invested a total of $1.8 million of the total commitment. Transactions with a Shareholder and their Immediate Family Members As of September 30, 2021 and December 31, 2020, the Company had $3.9 million and $1.9 million, respectively, of receivables due from former shareholders of SBTech, which includes a current director and shareholder of the Company. For the three and nine months ended September 30, 2021, the Company had $0.9 million and $4.0 million in sales to entities related to an immediate family member of the director. The Company recorded $1.1 million and $1.7 million of such sales in the three and nine months ended September 30, 2020, respectively. The Company had an associated accounts receivable balance of $0.2 million and $0.5 million as of September 30, 2021 and December 31, 2020, respectively, included in accounts receivable in its condensed consolidated balance sheets. Other Related Party Transactions During July 2021, the Company signed a strategic agreement (the "Strategic Agreement") with a privately-held content development company (the “Entity”). Certain officers of the Company are members of the Entity's board of advisors and certain officers and directors of the Company are shareholders of the Entity. In connection with the Strategic Agreement, the Company has exclusive distribution rights for the Entity’s sports-related non-fungible token (“NFT”) content. Pursuant to the Strategic Agreement, the Company received warrants to purchase the Entity’s common stock, which are included within other non-current assets in the condensed consolidated financial statements.

Leases, Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Leases, Commitments and Contingencies

Leases

The Company leases corporate office facilities, data centers, and motor vehicles under operating lease agreements. The Company’s lease agreements have terms not exceeding ten years.

The components of lease cost are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	4,207	$	4,460	$	12,569	$	10,398
Short term lease cost	1,051		692		1,918		1,843
Variable lease cost	1,008		684		2,691		2,782
Sublease income	(340)		(421)		(544)		(1,242)
Total lease cost	$	5,926	$	5,415	$	16,634	$	13,781

Other information related to leases are as follows:


	Nine months ended September 30,
	2021		2020

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$	13,393	$	8,058
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,055	$	36,777

The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases were 6.0 years and 6.5% as of September 30, 2021. The Company calculated the weighted-average discount rates using incremental borrowing rates, which equal the rates of interest that it would pay to borrow funds on a fully collateralized basis over a similar term.

Maturity of lease liabilities are as follows:


	Years Ending December 31,
From October 1, 2021 to December 31, 2021	$	4,460
2022	16,734
2023	15,636
2024	13,122
2025	11,378
Thereafter	28,417
Total undiscounted future cash flows	89,747
Less: Imputed interest	(15,733)
Present value of undiscounted future cash flows	$	74,014

Other Contractual Obligations and Contingencies

The Company is a party to several non-cancelable contracts with vendors where the Company is obligated to make future minimum payments under the terms of these contracts as follows:


	Years Ending December 31,
From October 1, 2021 to December 31, 2021	$	163,430
2022	266,644
2023	240,805
2024	177,012
2025	147,066
Thereafter	377,881
Total	$	1,372,838

Contingencies

From time to time, and in the ordinary course of business, the Company may be subject to certain claims, charges and litigation concerning matters arising in connection with the conduct of the Company’s business activities.

In Re: Daily Fantasy Sports Litigation (Multi-District Litigation)

Between late 2015 and early 2016, certain individuals who allegedly registered and competed in daily sports fantasy contests on our and FanDuel’s websites, and their family members, filed numerous actions (primarily purported class actions) against us, FanDuel, and other related parties in courts across the United States. In February 2016, these actions were consolidated in a multi-district litigation in the U.S. District Court for the District of Massachusetts. The plaintiffs asserted 27 claims arising under both state and federal law against the DFS defendants. The plaintiffs’ claims against us generally fall into four categories: (1) the Company’s online daily fantasy sports contests constitute illegal gambling; (2) the Company promulgated false or misleading advertisements that emphasized the ease of play and likelihood of winning; (3) the Company induced consumers to lose money through a deceptive bonus program; and (4) the Company allowed our employees to participate in competitors’ fantasy sports contests using non-public information, which gave such employees an unfair advantage over other contestants. The plaintiffs seek money damages, equitable relief, and disgorgement of gains against the Company.

On October 6, 2021, the court entered judgment and an order approving a settlement and dismissing the claims with prejudice brought by all plaintiffs except the family members plaintiffs and one plaintiff asserting claims against the DFS defendants as a concerned citizen of the State of Florida. Once the settlement agreement becomes effective, the only remaining plaintiffs will be the family member plaintiffs and the plaintiff who asserted the concerned citizen claim (referenced directly above).

The Company intends to vigorously defend this case. If the plaintiffs obtain a judgment in their favor in this matter, the Company could be subject to substantial damages and it could be restricted from offering DFS contests in certain states. The Company has established an accrual for this matter, but it cannot provide any assurance as to the outcome of this lawsuit.

Despite the potential for significant damages, the Company does not believe, based on currently available information, that the outcome of this proceeding will have a material adverse effect on DraftKings’ financial condition, although the outcome could be material to DraftKings’ operating results for any particular period, depending, in part, upon the operating results for such period.

1,000 Mass Arbitration Demands Filed by One Law Firm

On October 21, 2019, a law firm filed 1000 “mass arbitrations” against the Company with the American Arbitration Association (“AAA”) on behalf of purported DraftKings users that assert claims similar to those in the multi-district litigation described above. After the law firm filed the 1000 “mass arbitrations,” the AAA informed DraftKings in writing that it would close their files on, and decline to administer, the 1000 “mass arbitrations” unless the Company waived two provisions in its terms of use and that the parties would then be free to bring their claims in court. The Company elected not to waive the subject terms of use provisions. On November 6, 2020 the law firm filed a complaint against DraftKings in Massachusetts Superior Court (Suffolk County), entitled Aaron Abramson, et al. v. DraftKings. In Abramson, the law firm is seeking, among other things, to compel arbitration against DraftKings on behalf of nine hundred ninety-nine (999) individuals. The Company has established an accrual for this matter.

On August 7, 2021, DraftKings entered into a confidential settlement agreement which, among other things, resolved the Abramson lawsuit. On or about September 8, 2021, the plaintiffs and DraftKings filed a joint dismissal (without prejudice) of the Abramson lawsuit.

Interactive Games LLC

On June 14, 2019, Interactive Games LLC filed suit against the Company in the U.S. District Court for the District of Delaware, alleging that our Daily Fantasy Sports product offering infringes two patents and the Company’s Sportsbook product offering infringes two different patents. DraftKings intends to vigorously defend this case. In the event that a court ultimately determines that the Company is infringing the asserted patents, it may be subject to substantial damages, which may include treble damages and/or an injunction that could require the Company to modify certain features that we currently offer.

The Company cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in these matters could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows.

Winview Inc.

On July 7, 2021, Winview Inc., a Delaware Corporation filed suit against the Company in the U.S. District Court for the District of New Jersey, which was subsequently amended on July 28, 2021, alleging that our Sportsbook product infringes two patents, our Daily Fantasy Sports product infringes one patent, and that our Sportsbook product and Daily Fantasy Sports product offering infringes another patent. DraftKings intends to vigorously defend this case. In the event that a court ultimately determines that the Company is infringing the asserted patents, it may be subject to substantial damages, which may include treble damages and/or an injunction that could require the Company to modify certain features that we currently offer.

Securities Matters

On July 2, 2021, the first of two substantially similar federal securities law putative class actions was filed in the U.S. District Court for the Southern District of New York against the Company and certain of its officers. The actions allege violations of Sections 10(b) and 20(a) of the Exchange Act on a behalf of a putative class of persons who purchased or otherwise acquired DraftKings stock between December 23, 2019 and June 15, 2021. The allegations relate to, among other things, allegedly false and misleading statements and/or failures to disclose information about the Company’s business and prospects, based primarily upon the allegations concerning SBTech that were contained in a report published about the Company on June 15, 2021 by Hindenburg Research (the “Hindenburg Report”). The Company intends to vigorously defend against these claims. The Court is currently deliberating who will be appointed lead plaintiff and lead counsel.

On July 9, 2021, the Company received a subpoena from the SEC seeking documents concerning certain of the allegations raised in the Hindenburg Report. The Company intends to comply with the related requests and is cooperating with the SEC’s ongoing inquiry.

The Company cannot predict with any degree of certainty the outcome of these matters or determine the extent of any potential liabilities. The Company also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in these matters could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows.

Shareholder Derivative Litigation

On October 21, 2021, a putative shareholder derivative action was filed in the U.S. District Court for the District of Nevada by an alleged shareholder of the Company. The complaint purports to assert claims on behalf of the Company against certain current and former officers and/or members of the Board of Directors of the Company and DEAC. The complaint contends that certain individuals are liable to the Company for any adverse judgment in the federal securities class actions described above under Sections 10(b) and 21D of the Exchange Act. The complaint also purports to assert claims on behalf of the Company for breach of fiduciary duty and corporate waste against all individual defendants arising out of the same the allegations concerning SBTech that were contained in the Hindenburg Report. The complaint seeks unspecified compensatory damages, changes to corporate governance and internal procedures, equitable and injunctive relief, restitution, costs and attorney's fees.

The Company cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. The Company also cannot provide an estimate of the possible loss or range of loss. Because this action alleges claims on behalf of the Company and purports to seeks a judgment in favor of the Company, the Company does not believe, based on currently available information, that the outcome of this proceeding will have a material adverse effect on DraftKings’ financial condition, although the outcome could be material to DraftKings’ operating results for any particular period, depending, in part, upon the operating results for such period.

AG 18, LLC d/b/a/ Arrow Gaming

On August 19, 2021, AG 18, LLC d/b/a/ Arrow Gaming (“Arrow Gaming”) filed a complaint against DraftKings in the United States District Court for the District of New Jersey alleging that DraftKings’ DFS and Casino products infringe four patents. On October 12, 2021, Arrow Gaming filed an amended complaint to add one additional patent.

Internal Revenue Service

The Company is currently under Internal Revenue Service audit for prior tax years, with the primary unresolved issues relating to excise taxation of fantasy sports contests and informational reporting and withholding. The final resolution of that audit, and other audits or litigation, may differ from the amounts recorded in these consolidated financial statements and may materially affect the Company’s consolidated financial statements in the period or periods in which that determination is made.

Letters of Credit

In connection with the Credit Agreement with Pacific Western Bank, the Company has entered into several letters of credit totaling $4.2 million as of September 30, 2021 and December 31, 2020 for the Company’s leases of office space.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn October 18, 2021, the Company made a $25.0 million private placement investment in connection with the closing of the previously announced merger transaction between Horizon Acquisition Corp. and Vivid Seats Inc. (the "Vivid Seats Business Combination"). After the closing of the merger transaction, the Company owns approximately 2.5 million shares of the combined entity's class A common stock. Pursuant to an agreement with Eldridge Industries, LLC, the Company has the option to sell its shares, which were acquired for $10.00 per share, on the business day following the first anniversary of the closing of the Vivid Seats Business Combination, at a price of $9.77 per share.

Summary of Significant Accounting Policies and Practices (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“U.S. GAAP”) for interim reporting. Accordingly, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Company’s audited financial statements and related notes as of and for the fiscal year ended December 31, 2020, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as filed with the SEC on February 26, 2021 (“Original Annual Report”) and as amended by the Form 10-K/A filed with the SEC on May 3, 2021 (“2020 Annual Report”). The accompanying condensed consolidated financial statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Company’s revenue as a result of timing of the various sports seasons, sporting events and other factors. As the Company completed its acquisition of SBTech on April 23, 2020, the presented financial information for the nine months ended September 30, 2021 includes the financial information and activities for SBTech; whereas, the financial information for the nine months ended September 30, 2020 includes the financial information and activities for SBTech for the period from April 24, 2020 to (and including) September 30, 2020. The accompanying unaudited condensed consolidated financial statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated.
Reclassification	Certain amounts from a prior period, which are not material, have been reclassified to conform with the current period presentation. Prior to the second quarter of 2021, the Company (a) included changes in “cash reserved for users” as a component within the change in operating assets and liabilities on its condensed consolidated statement of cash flows as the Company historically viewed the change in cash reserved for users as offsetting the change in player liabilities and (b) presented “cash reserved for users” separate from cash and cash equivalents on the condensed consolidated balance sheet. Beginning with the second quarter of 2021, to reflect the Company's total cash position (“cash and cash equivalents” and “cash reserved for users”) and to conform to Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230) — Restricted Cash, the Company revised its presentation to exclude changes in “cash reserved for users” from the “change in operating assets and liabilities” and instead present the total balance as a component of cash and cash equivalents and restricted cash on its condensed consolidated statement of cash flows. This revision does not have a material impact on the Company's presentation of cash flows as the change in cash reserved for users will continue to be presented as a supplemental disclosure in the condensed consolidated statement of cash flows. In addition, the Company will continue to present cash reserved for users as a separate line item on the Company’s condensed consolidated balance sheet. These revisions have no impact on the Company’s previously reported consolidated statements of operations or consolidated balance sheets, including the Company’s cash and cash equivalents and cash reserved for user balances. Prior period amounts have been revised to conform to the current period presentation.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of highly liquid, unrestricted savings, checking and other bank accounts. The Company also utilizes money market funds and short-term deposits with original maturities of three months or less.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company elected to early adopt the new standard as of January 1, 2021 using the modified retrospective approach. In the first quarter of 2021, the Company issued convertible senior notes, whereby the entire proceeds from issuance were recognized as a liability, net of any lender fees and debt financing costs, on our condensed consolidated balance sheet. Please refer to Note 5 included herein for additional information. In December 2019, the FASB issued ASU 2019-12, Income Taxes—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard as of January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies and Practices (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


	Nine months ended September 30, 2020
		Reported		Adjustments			Revised
Adjustments to reconcile net loss to net cash flows used in operating activities:
Change in operating assets and liabilities, net of effect of business combinations:
Cash reserved for users		$	(113,432)	$	113,432		$	—
Net cash flows used in operating activities		(241,291)		113,432			(127,859)

Net increase in cash, cash equivalents and restricted cash		1,064,374		113,432			1,177,806
Cash and cash equivalents and restricted cash at the beginning of period		76,533		144,000		(a)	220,533
Cash and cash equivalents and restricted cash, end of period		$	1,140,907	$	257,432		$	1,398,339

(a)Represents the cash reserved for user balance as of December 31, 2019 as previously included in the Company's 2020 Annual Report filed with the SEC.

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration Transferred at Closing

The following summarizes the consideration transferred at closing for the VSiN acquisition:


Cash consideration	$	40,599
Share consideration (1)	29,399
Total consideration	$	69,998

(1)Represents the issuance of 0.5 million shares of the Company’s Class A common stock at a fair value of $63.32 per share to the former stockholders of VSiN.

Summary of Acquisition Purchase Price

The purchase price of the VSiN acquisition was allocated on a preliminary basis as follows:


Operating lease right-of-use assets	$	6,120
Intangible assets	14,628
Other assets	4,516
Liabilities	(7,910)
Goodwill	52,644
Total	$	69,998

Summary of Intangible Assets Acquired

The intangible assets acquired as part of the VSiN acquisition were as follows:


	Fair Value		Weighted-Average Useful Life (in years)

Developed technology - software	$	558	3.0
Customer relationships	11,170		6.0
Trademarks and trade names	2,900		4.0
Total	$	14,628

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets other than goodwill

The Company has the following intangible assets, net as of September 30, 2021:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	6.6 years	$	432,468	$	(75,652)	$	356,816
Internally developed software	2.7 years	103,750		(46,153)		57,597
Gaming licenses	2.7 years	26,217		(11,658)		14,559
Trademarks and tradenames	2.7 years	9,164		(2,888)		6,276
Customer relationships	3.8 years	112,073		(30,378)		81,695
Intangible assets, net		$	683,672	$	(166,729)	$	516,943

The Company had the following intangible assets, net as of December 31, 2020:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	7.3 years	$	439,624	$	(37,704)	$	401,920
Internally developed software	2.3 years	72,268		(33,179)		39,089
Gaming licenses	3.5 years	23,685		(6,354)		17,331
Trademarks and tradenames	2.8 years	6,537		(1,123)		5,414
Customer relationships	4.3 years	106,836		(14,660)		92,176
Intangible assets, net		$	648,950	$	(93,020)	$	555,930

Summary of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 by reporting unit are:


	B2C		B2B		Media		Total
Balance as of December 31, 2020	$	353,083	$	216,520	$	—	$	569,603
Goodwill resulting from acquisitions*	7,673		8,300		52,644		68,617
Cumulative translation adjustment	—		(12,130)		—		(12,130)
Balance as of September 30, 2021	$	360,756	$	212,690	$	52,644	$	626,090

* = Preliminary allocation

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Summary of deferred revenue balances

The deferred revenue balances were as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Deferred revenue, beginning of the period	$	51,791	$	24,759	$	30,627	$	20,760
Deferred revenue, end of the period	84,951		33,464		84,951		33,464
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	23,946		6,632		27,569		10,505

Summary of disaggregation of revenue

Disaggregation of revenue for the three and nine months ended September 30, 2021 and 2020 is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Online gaming	$	176,257	$	99,477	$	707,146	$	238,591
Gaming software	23,725		29,185		82,587		44,139
Other	12,837		4,174		32,967		9,579
Total Revenue	$	212,819	$	132,836	$	822,700	$	292,309

Summary of Company's revenue by geographic region

The following table presents the Company’s revenue by geographic region for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
United States	$	188,166	$	106,938	$	737,814	$	254,325
International	24,653		25,898		84,886		37,984
Total Revenue	$	212,819	$	132,836	$	822,700	$	292,309

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The following table shows restricted stock unit (“RSU”) and stock option activity for the nine months ended September 30, 2021:


	Time-based		PSP		LTIP		Total	Weighted Average Exercise Price of Options		Weighted Average FMV of RSUs
	Options	RSUs	Options	RSUs	Options	RSUs
Outstanding at December 31, 2020	20,519	3,548	3,023	907	13,854	12,800	54,651	$	3.57	$	47.01
Granted	900	2,192	—	597	—	6,646	10,335	48.71		53.48
Exercised options / vested RSUs	(4,986)	(1,214)	(451)	—	(1,905)	—	(8,556)	3.41		36.74
Forfeited	(535)	(178)	(1)	(14)	—	(82)	(810)	2.89		42.71
Outstanding at September 30, 2021	15,898	4,348	2,571	1,490	11,949	19,364	55,620	$	4.82	$	49.95

Summary of stock compensation expense

The following table shows stock compensation expense for the three and nine months ended September 30, 2021 and 2020:


	Three months ended September 30, 2021						Three months ended September 30, 2020
	Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	3,787	$	15,512	$	19,299	$	2,054	$	8,867	$	10,921
PSP (2)	—		18,537		18,537		—		3,479		3,479
LTIP (2)	—		137,828		137,828		—		102,634		102,634
B Shares (3)	—		—		—		—		—		—
Total	$	3,787	$	171,877	$	175,664	$	2,054	$	114,980	$	117,034


	Nine months ended September 30, 2021						Nine months ended September 30, 2020
	Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	10,254	$	45,003	$	55,257	$	5,223	$	9,047	$	14,270
PSP (2)	—		53,941		53,941		1,633		3,479		5,112
LTIP (2)	—		390,048		390,048		9,552		139,428		148,980
B Shares (3)	—		—		—		8,000		—		8,000
Total	$	10,254	$	488,992	$	499,246	$	24,408	$	151,954	$	176,362

(1) Time-based awards vest and are expensed over a defined service period.

(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria.

(3) Related to the Business Combination; Class B shares have no economic rights.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Company's (Benefit) provision for income taxes

The Company's provision for income taxes for the three and nine months ended September 30, 2021 and 2020 is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Income tax provision (benefit)	$	3,845	$	(13)	$	1,654	$	319

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summary of financial information for the Company's segments

Summarized financial information for the Company’s segments is shown in the following table:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Revenue:
B2C	$	189,094	$	103,651	$	740,113	$	248,170
B2B	23,725		29,185		82,587		44,139
Total revenue	212,819		132,836		822,700		292,309

Adjusted EBITDA:
B2C	(307,700)		(201,455)		(541,313)		(304,889)
B2B	(5,903)		4,376		(6,854)		854
Total adjusted EBITDA	(313,603)		(197,079)		(548,167)		(304,035)
Adjusted for:
Depreciation and amortization	30,356		26,595		88,600		49,967
Interest (income) expense, net	1,556		(686)		(1,071)		2,253
Income tax provision (benefit)	3,845		(13)		1,654		319
Stock-based compensation	175,664		117,034		499,246		176,362
Transaction-related costs	4,348		3,585		15,261		34,492
Litigation, settlement and related costs	4,712		2,419		8,933		5,771
Advocacy and other related legal expenses	16,667		—		27,702		—
(Gain) loss on remeasurement of warrant liabilities	(7,091)		47,908		2,905		411,269
Other non-recurring costs, special project costs and non-operating costs	1,368		1,740		5,501		4,671
Net loss attributable to common shareholders	$	(545,028)	$	(395,661)	$	(1,196,898)	$	(989,139)

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of loss per share and weighted-average shares

The computation of loss per share and weighted-average shares of the Company’s Class A common stock outstanding for the periods presented are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net loss	$	(545,028)	$	(395,661)	$	(1,196,898)	$	(989,139)
Basic and diluted weighted-average common shares outstanding	403,844		355,900		400,994		277,932
Loss per share attributable to common stockholders:
Basic and diluted	$	(1.35)	$	(1.11)	$	(2.98)	$	(3.56)

Schedule of computation of diluted shares outstanding

For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding (calculated on a gross settlement or a full conversion basis):


	Three and nine months ended September 30,
	2021	2020
Warrants	1,741	2,151
Stock options and RSUs	55,620	66,248
Convertible notes	13,337	—
Total	70,698	68,399

Leases, Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of components of lease cost and other information

The components of lease cost are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	4,207	$	4,460	$	12,569	$	10,398
Short term lease cost	1,051		692		1,918		1,843
Variable lease cost	1,008		684		2,691		2,782
Sublease income	(340)		(421)		(544)		(1,242)
Total lease cost	$	5,926	$	5,415	$	16,634	$	13,781

Other information related to leases are as follows:


	Nine months ended September 30,
	2021		2020

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$	13,393	$	8,058
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,055	$	36,777

Schedule of maturity of lease liabilities

Maturity of lease liabilities are as follows:


	Years Ending December 31,
From October 1, 2021 to December 31, 2021	$	4,460
2022	16,734
2023	15,636
2024	13,122
2025	11,378
Thereafter	28,417
Total undiscounted future cash flows	89,747
Less: Imputed interest	(15,733)
Present value of undiscounted future cash flows	$	74,014

Summary of other contractual obligations and contingencies

The Company is a party to several non-cancelable contracts with vendors where the Company is obligated to make future minimum payments under the terms of these contracts as follows:


	Years Ending December 31,
From October 1, 2021 to December 31, 2021	$	163,430
2022	266,644
2023	240,805
2024	177,012
2025	147,066
Thereafter	377,881
Total	$	1,372,838

Summary of Significant Accounting Policies and Practices (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash reserved for users		$ 0
Net cash flows used in operating activities	$ (247,261)	(127,859)
Net increase in cash, cash equivalents and restricted cash	770,057	1,177,806
Cash and cash equivalents and restricted cash at the beginning of period	2,104,976	220,533
Cash and cash equivalents and restricted cash, end of period	$ 2,875,033	1,398,339
Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash reserved for users		(113,432)
Net cash flows used in operating activities		(241,291)
Net increase in cash, cash equivalents and restricted cash		1,064,374
Cash and cash equivalents and restricted cash at the beginning of period		76,533
Cash and cash equivalents and restricted cash, end of period		1,140,907
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash reserved for users		113,432
Net cash flows used in operating activities		113,432
Net increase in cash, cash equivalents and restricted cash		113,432
Cash and cash equivalents and restricted cash at the beginning of period		144,000
Cash and cash equivalents and restricted cash, end of period		$ 257,432

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Aug. 09, 2021	Apr. 01, 2021	Mar. 24, 2021
VSiN
Business Acquisition [Line Items]
Equity interest acquired			100.00%
Cash consideration			$ 40,599
Aggregate consideration in the form of shares of Class A common stock			29,399
Aggregate consideration in the form of shares of Class A common stock			$ 69,998
Blue Ribbon
Business Acquisition [Line Items]
Equity interest acquired		100.00%
Cash consideration		$ 17,800
Aggregate consideration in the form of shares of Class A common stock		$ 3,800
GNOG
Business Acquisition [Line Items]
Aggregate consideration in the form of shares of Class A common stock	$ 1,560,000
Issuance of New DraftKings' Class A Common Stock for each Common Share of Golden Nugget Online Gaming	0.365

Business Combinations - Summary of Consideration Transferred at Closing (Details) - VSiN $ / shares in Units, $ in Thousands, shares in Millions	Mar. 24, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash consideration	$ 40,599
Share consideration	29,399
Total consideration	$ 69,998
Shares, options, and earnout shares issued for acquisition (in shares) \| shares	0.5
Weighted average fair value (in dollars per share) \| $ / shares	$ 63.32

Business Combinations - Summary of Acquisition Purchase Price (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 24, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 626,090		$ 569,603
VSiN
Business Acquisition [Line Items]
Operating lease right-of-use assets		$ 6,120
Intangible assets		14,628
Other assets		4,516
Liabilities		(7,910)
Goodwill		52,644
Total		$ 69,998

Business Combinations - Summary of Intangible Assets Acquired (Details) - VSiN $ in Thousands	Mar. 24, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 14,628
Developed technology - software
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 558
Weighted-Average Useful Life (in years)	3 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,170
Weighted-Average Useful Life (in years)	6 years
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 2,900
Weighted-Average Useful Life (in years)	4 years

Intangible Assets and Goodwill - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 683,672	$ 648,950
Accumulated Amortization	(166,729)	(93,020)
Net	$ 516,943	$ 555,930
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Weighted-Average Remaining Amortization Period	6 years 7 months 6 days	7 years 3 months 18 days
Gross Carrying Amount	$ 432,468	$ 439,624
Accumulated Amortization	(75,652)	(37,704)
Net	$ 356,816	$ 401,920
Internally developed software
Finite-Lived Intangible Assets, Net [Abstract]
Weighted-Average Remaining Amortization Period	2 years 8 months 12 days	2 years 3 months 18 days
Gross Carrying Amount	$ 103,750	$ 72,268
Accumulated Amortization	(46,153)	(33,179)
Net	$ 57,597	$ 39,089
Gaming licenses
Finite-Lived Intangible Assets, Net [Abstract]
Weighted-Average Remaining Amortization Period	2 years 8 months 12 days	3 years 6 months
Gross Carrying Amount	$ 26,217	$ 23,685
Accumulated Amortization	(11,658)	(6,354)
Net	$ 14,559	$ 17,331
Trademarks and trade names
Finite-Lived Intangible Assets, Net [Abstract]
Weighted-Average Remaining Amortization Period	2 years 8 months 12 days	2 years 9 months 18 days
Gross Carrying Amount	$ 9,164	$ 6,537
Accumulated Amortization	(2,888)	(1,123)
Net	$ 6,276	$ 5,414
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Weighted-Average Remaining Amortization Period	3 years 9 months 18 days	4 years 3 months 18 days
Gross Carrying Amount	$ 112,073	$ 106,836
Accumulated Amortization	(30,378)	(14,660)
Net	$ 81,695	$ 92,176

Intangible Assets and Goodwill - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Amortization expense	$ 26.7	$ 23.8	$ 78.6	$ 43.5

Intangible Assets and Goodwill - Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 569,603
Goodwill resulting from acquisitions	68,617
Cumulative translation adjustment	(12,130)
Ending balance	626,090
B2C
Goodwill [Roll Forward]
Beginning balance	353,083
Goodwill resulting from acquisitions	7,673
Cumulative translation adjustment	0
Ending balance	360,756
B2B
Goodwill [Roll Forward]
Beginning balance	216,520
Goodwill resulting from acquisitions	8,300
Cumulative translation adjustment	(12,130)
Ending balance	212,690
Media
Goodwill [Roll Forward]
Beginning balance	0
Goodwill resulting from acquisitions	52,644
Cumulative translation adjustment	0
Ending balance	$ 52,644

Current and Long-term Liabilities - Convertible Notes (Details) - Convertible Noteholders $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($) $ / shares
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 1,265.0	$ 1,265.0
Lender fees	17.0	17.0
Debt financing costs	$ 1.0	$ 1.0
Conversion ratio	0.010543
Conversion price (in dollars per share) \| $ / shares	$ 94.85	$ 94.85
Strike price (in dollars per share) \| $ / shares	94.85	94.85
Cap price (in dollars per share) \| $ / shares	$ 135.50	$ 135.50
Net cost incurred		$ 124.0

Current and Long-term Liabilities - Revolving Line of Credit (Details) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Revolving Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 60.0	$ 60.0
Principal outstanding		0.0	0.0
Net facility available		$ 55.8	$ 55.8
Revolving Line of Credit \| Prime Rate
Line of Credit Facility [Line Items]
Variable interest rate spread	1.00%
Variable annual interest rate floor	6.50%
Quarterly in arrears fee per annum	0.25%
Revolving Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 60.0

Current and Long-term Liabilities - Indirect Taxes and Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended					9 Months Ended
	May 14, 2019	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Estimated contingent liability for indirect taxes		$ 43,400					$ 43,400		$ 45,900
Gain (loss) on remeasurement of warrant liabilities		7,091			$ (47,908)		(2,905)	$ (411,269)
Value of shares issued for exercise of warrants		1,050	$ 2,419	$ 1,761	4,893	$ 515,773
Public and Private Warrants
Line of Credit Facility [Line Items]
Gain (loss) on remeasurement of warrant liabilities		$ 7,100			$ (47,900)		$ (2,900)	$ (411,300)
Public Warrants
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)	13,300,000
Number of shares issuable per warrant (in shares)	1
Exercise price of warrants (in dollars per share)	$ 11.50
Number of warrants outstanding (in shares)		0					0
Private Placement Warrants
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)	6,300,000
Number of warrants outstanding (in shares)		1,700,000					1,700,000
Warrants outstanding at a fair value		$ 63,800					$ 63,800
Shares issued for exercise of warrants (in shares)							200,000
Value of shares issued for exercise of warrants							$ 5,200
Reclassification of warrant liabilities							4,500
Proceeds upon exercise							$ 700

Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 51,791	$ 24,759	$ 30,627	$ 20,760
Deferred revenue, end of the period	84,951	33,464	84,951	33,464
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 23,946	$ 6,632	$ 27,569	$ 10,505

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 212,819	$ 132,836	$ 822,700	$ 292,309
Online gaming
Disaggregation of Revenue [Line Items]
Revenue	176,257	99,477	707,146	238,591
Gaming software
Disaggregation of Revenue [Line Items]
Revenue	23,725	29,185	82,587	44,139
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 12,837	$ 4,174	$ 32,967	$ 9,579

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 212,819	$ 132,836	$ 822,700	$ 292,309
United States
Disaggregation of Revenue [Line Items]
Revenue	188,166	106,938	737,814	254,325
International
Disaggregation of Revenue [Line Items]
Revenue	$ 24,653	$ 25,898	$ 84,886	$ 37,984

- Definition

+ References

+ Details

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($) segment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense \| $	$ 847.2
Total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period	1 year 10 months 24 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of stock-based compensation \| segment	3
Vesting period	4 years
PSP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance objectives in years	1 year
PSP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance objectives in years	2 years

Stock-Based Compensation - Stock option activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Options Activity
Number of shares outstanding, beginning of period (in shares)	54,651
Number of shares granted (in shares)	10,335
Number of shares exercised (in shares)	(8,556)
Number of shares forfeited (in shares)	(810)
Number of shares outstanding, end of period (in shares)	55,620
Time Based Options
Options Activity
Number of shares outstanding, beginning of period (in shares)	20,519
Number of shares granted (in shares)	900
Number of shares exercised (in shares)	(4,986)
Number of shares forfeited (in shares)	(535)
Number of shares outstanding, end of period (in shares)	15,898
Time Based RSUs
Options Activity
Number of shares outstanding, beginning of period (in shares)	3,548
Number of shares granted (in shares)	2,192
Number of shares exercised (in shares)	(1,214)
Number of shares forfeited (in shares)	(178)
Number of shares outstanding, end of period (in shares)	4,348
PSP Options
Options Activity
Number of shares outstanding, beginning of period (in shares)	3,023
Number of shares granted (in shares)	0
Number of shares exercised (in shares)	(451)
Number of shares forfeited (in shares)	(1)
Number of shares outstanding, end of period (in shares)	2,571
PSP RSUs
Options Activity
Number of shares outstanding, beginning of period (in shares)	907
Number of shares granted (in shares)	597
Number of shares exercised (in shares)	0
Number of shares forfeited (in shares)	(14)
Number of shares outstanding, end of period (in shares)	1,490
LTIP Options
Options Activity
Number of shares outstanding, beginning of period (in shares)	13,854
Number of shares granted (in shares)	0
Number of shares exercised (in shares)	(1,905)
Number of shares forfeited (in shares)	0
Number of shares outstanding, end of period (in shares)	11,949
LTIP RSUs
Options Activity
Number of shares outstanding, beginning of period (in shares)	12,800
Number of shares granted (in shares)	6,646
Number of shares exercised (in shares)	0
Number of shares forfeited (in shares)	(82)
Number of shares outstanding, end of period (in shares)	19,364
Stock options
Weighted-Average Exercise Price
Weighted average exercise price outstanding, beginning of period (in dollars per share) \| $ / shares	$ 3.57
Weighted average exercise price granted (in dollars per share) \| $ / shares	48.71
Weighted average exercise price exercised (in dollars per share) \| $ / shares	3.41
Weighted average exercise price forfeited (in dollars per share) \| $ / shares	2.89
Weighted average exercise price outstanding, end of period (in dollars per share) \| $ / shares	4.82
RSUs
Weighted-Average Exercise Price
Weighted average exercise price outstanding, beginning of period (in dollars per share) \| $ / shares	47.01
Weighted average exercise price granted (in dollars per share) \| $ / shares	53.48
Weighted average exercise price exercised (in dollars per share) \| $ / shares	36.74
Weighted average exercise price forfeited (in dollars per share) \| $ / shares	42.71
Weighted average exercise price outstanding, end of period (in dollars per share) \| $ / shares	$ 49.95

Stock-Based Compensation - Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	$ 3,787	$ 2,054	$ 10,254	$ 24,408
Stock compensation expense, RSU	171,877	114,980	488,992	151,954
Stock compensation expense	175,664	117,034	499,246	176,362
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	3,787	2,054	10,254	5,223
Stock compensation expense, RSU	15,512	8,867	45,003	9,047
Stock compensation expense	19,299	10,921	55,257	14,270
PSP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0	1,633
Stock compensation expense, RSU	18,537	3,479	53,941	3,479
Stock compensation expense	18,537	3,479	53,941	5,112
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0	9,552
Stock compensation expense, RSU	137,828	102,634	390,048	139,428
Stock compensation expense	137,828	102,634	390,048	148,980
B Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0	8,000
Stock compensation expense, RSU	0	0	0	0
Stock compensation expense	$ 0	$ 0	$ 0	$ 8,000

Income Taxes - Reconciliation of the federal income tax rate (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of the federal income tax rate to the Company's effective tax rate
Income tax provision (benefit)	$ 3,845		$ (13)	$ 1,654	$ 319
Effective tax rate	(0.71%)		0.00%	(0.14%)	(0.03%)
Statutory tax rate	21.00%		21.00%	21.00%	21.00%
Discrete income tax benefit		$ 6,800

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment							2
Number of reportable segments \| segment							2
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 212,819			$ 132,836			$ 822,700	$ 292,309
Total adjusted EBITDA	(313,603)			(197,079)			(548,167)	(304,035)
Depreciation and amortization	30,356			26,595			88,600	49,967
Interest (income) expense, net	1,556			(686)			(1,071)	2,253
Income tax provision (benefit)	3,845			(13)			1,654	319
Stock-based compensation	175,664			117,034			499,246	176,362
Transaction-related costs	4,348			3,585			15,261	34,492
Litigation, settlement and related costs	4,712			2,419			8,933	5,771
Advocacy and other related legal expenses	16,667			0			27,702	0
Loss on remeasurement of warrant liabilities	(7,091)			47,908			2,905	411,269
Other non-recurring costs, special project costs and non-operating costs	1,368			1,740			5,501	4,671
Net loss attributable to common shareholders	(545,028)	$ (305,526)	$ (346,344)	(395,661)	$ (524,798)	$ (68,680)	(1,196,898)	(989,139)
B2C
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	189,094			103,651			740,113	248,170
Total adjusted EBITDA	(307,700)			(201,455)			(541,313)	(304,889)
B2B
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	23,725			29,185			82,587	44,139
Total adjusted EBITDA	$ (5,903)			$ 4,376			$ (6,854)	$ 854

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (545,028)	$ (305,526)	$ (346,344)	$ (395,661)	$ (524,798)	$ (68,680)	$ (1,196,898)	$ (989,139)
Weighted-average common shares outstanding, Basic (in shares)	403,844			355,900			400,994	277,932
Weighted-average common shares outstanding, Diluted (in shares)	403,844			355,900			400,994	277,932
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.35)			$ (1.11)			$ (2.98)	$ (3.56)
Diluted (in dollars per share)	$ (1.35)			$ (1.11)			$ (2.98)	$ (3.56)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Loss Per Share - Diluted shares outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	70,698	68,399	70,698	68,399
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,741	2,151	1,741	2,151
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	55,620	66,248	55,620	66,248
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	13,337	0	13,337	0

Related-Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 31, 2019	Jul. 31, 2015
Related Party Transaction [Line Items]
Total administrative services expenses	$ 0.0	$ 0.0	$ 0.0	$ 12.3
Revenue from related parties	0.9	1.1	4.0	1.7
Shareholders and Directors
Related Party Transaction [Line Items]
Receivables from shareholders and directors	3.9		3.9		$ 1.9
SB Tech
Related Party Transaction [Line Items]
Accounts receivable	0.2		0.2		0.5
Media Purchase Agreement
Related Party Transaction [Line Items]
Annual commitment						$ 5.0	$ 15.0
Additional contingent commitment							$ 5.0
Total commitment						$ 15.0
Sales and marketing expenses from related party transaction	0.0	$ 7.7	0.0	$ 11.1
Equity Method Investee
Related Party Transaction [Line Items]
Receivables from Equity Method Investment	0.7		0.7		$ 1.1
Equity Method Investee \| DBDK Venture Fund
Related Party Transaction [Line Items]
Investment commitment	$ 17.5		17.5
Investment amount			$ 1.8

Leases, Commitments and Contingencies - Narrative (Details) $ in Millions	Oct. 12, 2021 patent	Aug. 19, 2021 patent	Jul. 07, 2021 patent	Nov. 06, 2020 claim	Oct. 21, 2019 claim	Jun. 14, 2019 patent	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Weighted-average remaining lease term (in years): Operating leases							6 years
Weighted-average discount rate: Operating leases							6.50%
Maximum
Property, Plant and Equipment [Line Items]
Lease agreement term							10 years
Letter of Credit \| Pacific Western Bank
Property, Plant and Equipment [Line Items]
Letters of credit \| $							$ 4.2	$ 4.2
Mass Arbitration Demands Filed by One Law Firm
Property, Plant and Equipment [Line Items]
Number of mass arbitrations filed against the company \| claim					1,000
Number of individuals filed against the company \| claim				999
Interactive Games LLC \| Daily Fantasy Sports
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed						2
Interactive Games LLC \| Sportsbook product
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed						2
Winview Inc. \| Daily Fantasy Sports
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed			1
Winview Inc. \| Sportsbook product
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed			2
Winview Inc. \| Sportsbook Product And Daily Fantasy Sports Product
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed			1
AG 18, LLC d/b/a Arrow Gaming \| Subsequent Event
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed	1
AG 18, LLC d/b/a Arrow Gaming \| Daily Fantasy Sports And Casino Products
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed		4

Leases, Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 4,207	$ 4,460	$ 12,569	$ 10,398
Short term lease cost	1,051	692	1,918	1,843
Variable lease cost	1,008	684	2,691	2,782
Sublease income	(340)	(421)	(544)	(1,242)
Total lease cost	$ 5,926	$ 5,415	$ 16,634	$ 13,781

Leases, Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$ 13,393	$ 8,058
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,055	$ 36,777

Leases, Commitments and Contingencies - Maturity of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
From October 1, 2021 to December 31, 2021	$ 4,460
2022	16,734
2023	15,636
2024	13,122
2025	11,378
Thereafter	28,417
Total undiscounted future cash flows	89,747
Less: Imputed interest	(15,733)
Present value of undiscounted future cash flows	$ 74,014

Leases, Commitments and Contingencies - Other Contractual Obligations and Contingencies (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
From October 1, 2021 to December 31, 2021	$ 163,430
2022	266,644
2023	240,805
2024	177,012
2025	147,066
Thereafter	377,881
Total	$ 1,372,838

Subsequent Event (Details) - Subsequent Event $ / shares in Units, shares in Millions, $ in Millions	Oct. 18, 2021 USD ($) $ / shares shares
Subsequent Event [Line Items]
Private placement investment \| $	$ 25.0
Shares owned of combined entity's (in shares) \| shares	2.5
Price of shares acquired (in dollars per share)	$ 10.00
Option price (in dollars per share)	$ 9.77