0001883685-22-000016 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-41379
Entity Registrant Name	DRAFTKINGS INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	87-2764212
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	0001883685
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		417,916,756
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		393,013,951

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,772,892	$ 2,152,892
Cash reserved for users	464,854	476,950
Receivables reserved for users	55,946	51,949
Accounts receivable	48,211	45,864
Prepaid expenses and other current assets	56,562	25,675
Total current assets	2,398,465	2,753,330
Property and equipment, net	49,734	46,019
Intangible assets, net	523,023	535,017
Goodwill	615,655	615,655
Operating lease right-of-use assets	61,169	63,831
Equity method investment	7,474	9,825
Deposits and other non-current assets	90,795	45,377
Total assets	3,746,315	4,069,054
Current liabilities:
Accounts payable and accrued expenses	379,254	387,737
Liabilities to users	520,775	528,874
Operating lease liabilities, current portion	12,911	12,814
Total current liabilities	912,940	929,425
Convertible notes, net of issuance costs	1,249,106	1,248,452
Non-current operating lease liabilities	54,457	57,341
Warrant liabilities	14,230	26,911
Long-term income tax liability	78,947	79,125
Other long-term liabilities	51,035	49,272
Total liabilities	2,360,715	2,390,526
Commitments and contingent liabilities (Note 13)
Stockholders' equity:
Treasury stock, at cost; 7,923 and 7,130 shares as of March 31, 2022 and December 31, 2021, respectively	(320,697)	(306,614)
Additional paid-in capital	5,891,235	5,702,388
Accumulated deficit	(4,221,507)	(3,753,814)
Accumulated other comprehensive income	36,488	36,488
Total stockholders’ equity	1,385,600	1,678,528
Total liabilities and stockholders’ equity	3,746,315	4,069,054
Class A Common Stock
Stockholders' equity:
Common stock	42	41
Class B Common Stock
Stockholders' equity:
Common stock	$ 39	$ 39

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Treasury stock, shares (in shares)	7,923	7,130
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)	425,151	414,911
Common shares, shares outstanding (in shares)	417,228	407,781
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
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 417,205	$ 312,276
Cost of revenue	313,379	183,225
Sales and marketing	321,452	228,686
Product and technology	81,352	56,159
General and administrative	216,606	168,997
Loss from operations	(515,584)	(324,791)
Other income (expense):
Interest income, net	148	985
Gain (loss) on remeasurement of warrant liabilities	12,681	(26,980)
Other income, net	37,882	0
Loss before income tax provision (benefit) and loss from equity method investment	(464,873)	(350,786)
Income tax provision (benefit)	469	(4,595)
Loss from equity method investment	2,351	153
Net loss attributable to common stockholders	$ (467,693)	$ (346,344)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.14)	$ (0.87)
Diluted (in dollars per share)	$ (1.14)	$ (0.87)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (467,693)	$ (346,344)
Other comprehensive (loss) income:
Foreign currency translation adjustments arising during period, net of nil tax	0	(27,318)
Comprehensive loss	$ (467,693)	$ (373,662)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-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

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock 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, 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, net of nil tax	(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, 2021		407,781	393,014
Balance at the beginning at Dec. 31, 2021	$ 1,678,528	$ 41	$ 39	5,702,388	(3,753,814)	36,488	(306,614)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	10,240	913
Exercise of stock options	$ 1,770			1,770
Stock-based compensation expense	187,077			187,077
Equity consideration issued for acquisition	0
Purchase of treasury stock (in shares)		(793)
Purchase of treasury stock	(14,083)						(14,083)
Restricted stock unit vesting (in shares)		9,327
Restricted stock unit vesting	1	$ 1
Foreign currency translation, net of nil tax	0
Net loss	(467,693)				(467,693)
Balance at the end (in shares) at Mar. 31, 2022		417,228	393,014
Balance at the end at Mar. 31, 2022	$ 1,385,600	$ 42	$ 39	$ 5,891,235	$ (4,221,507)	$ 36,488	$ (320,697)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net loss	$ (467,693)	$ (346,344)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	32,225	28,193
Non-cash interest expense	654	112
Stock-based compensation expense	187,077	151,843
Loss from equity method investment	2,351	153
(Gain) loss on remeasurement of warrant liabilities	(12,681)	26,980
Gain on equity securities and other financial assets	(37,433)	0
Deferred income taxes	256	(8,104)
Other expenses, net	(768)	0
Change in operating assets and liabilities, net of effect of business combination:
Receivables reserved for users	(3,997)	6,213
Accounts receivable	(2,347)	(4,180)
Prepaid expenses and other current assets	(30,887)	(519)
Deposits and other non-current assets	(493)	(1,527)
Operating leases, net	(125)	(239)
Accounts payable and accrued expenses	(16,087)	71,392
Other long-term liabilities	1,507	2,968
Long-term income tax liability	(178)	1,522
Liabilities to users	(8,099)	11,800
Net cash flows used in operating activities	(356,718)	(59,737)
Investing Activities:
Purchases of property and equipment	(8,614)	(2,389)
Cash paid for internally developed software costs	(13,195)	(8,686)
Acquisition of gaming licenses	(267)	(305)
Cash paid for acquisitions, net of cash acquired	0	(40,541)
Other investing activities	(989)	0
Net cash flows used in investing activities	(23,065)	(51,921)
Financing Activities:
Proceeds from issuance of convertible notes, net	0	1,248,025
Purchase of capped call options	0	(123,970)
Proceeds from shares issued for warrants	0	199
Purchase of treasury stock	(14,083)	(3,124)
Proceeds from exercise of stock options	1,770	7,638
Net cash flows (used in) provided by financing activities	(12,313)	1,128,768
Effect of foreign exchange rates on cash and cash equivalents and restricted cash	0	1,774
Net (decrease) increase in cash and cash equivalents and restricted cash	(392,096)	1,018,884
Cash and cash equivalents and restricted cash at the beginning of period	2,629,842	2,104,976
Cash and cash equivalents and restricted cash, end of period	2,237,746	3,123,860
Disclosure of cash, cash equivalents and restricted cash:
Cash and cash equivalents	1,772,892	2,818,128
Cash reserved for users	464,854	305,732
Total cash, cash equivalents and restricted cash, end of period	2,237,746	3,123,860
Supplemental Disclosure of Noncash Investing and Financing Activities:
Equity consideration issued for acquisitions	0	29,399
Acquisition of property and equipment, internally developed software and other investments included in accounts payable and accrued expenses	7,604	680
Convertible notes financing costs included in accounts payable and accrued expenses	0	1,024
Acquisition of gaming licenses included in accounts payable and accrued expenses	0	(100)
Supplemental Disclosure of Cash Activities:
(Decrease) increase in cash reserved for users	(12,096)	18,014
Cash paid for interest	$ 0	$ 0

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business DraftKings Inc. 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 products. 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. As further discussed in Note 3 hereof entitled “Acquisition of Golden Nugget Online Gaming, Inc.,” on August 9, 2021, DK Crown Holdings Inc. (formerly known as DraftKings Inc.), a Nevada corporation (“Old DraftKings”), and Golden Nugget Online Gaming, Inc. (“GNOG”) entered into a definitive agreement and plan of merger (the “Merger Agreement”) for DraftKings to acquire GNOG in an all-stock transaction, which we refer to as the GNOG Transaction. On May 5, 2022 (the “Closing Date”), Old DraftKings consummated the GNOG Transaction and, in connection therewith, undertook a holding company reorganization whereby a new holding company, New Duke Holdco, Inc., a Nevada corporation (“New DraftKings”), became the going-forward public company and the direct parent company of both Old DraftKings and GNOG. New DraftKings was renamed “DraftKings Inc.” on the Closing Date. Unless otherwise indicated, the terms “DraftKings,” or the “Company” refer to (i) Old DraftKings for periods preceding the Closing Date and (ii) New DraftKings for periods on and subsequent to the Closing Date, in each case, together with their respective consolidated subsidiaries. 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 March 31, 2022, 29 U.S. states, the District of Columbia and Puerto Rico have legalized some form of sports betting. Of those 31 legal jurisdictions, 24 have legalized online sports betting. Of those 24 jurisdictions, 20 are live, and DraftKings operates in 17 of them. The jurisdictions with statutes legalizing iGaming are Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia. As of March 31, 2022, the Company operates online Sportsbooks in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Louisiana, Michigan, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia and Wyoming and has retail Sportsbooks in Colorado, Connecticut, Illinois, Iowa, Louisiana, Mississippi, New Hampshire, New Jersey and New York. As of March 31, 2022, the Company offers iGaming products in Connecticut, 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 2022, 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 products. 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 with shortened seasons. 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. In the three months ended March 31, 2022, sports seasons continued and sporting events were held as planned, including the NFL regular season, the NFL Playoffs and Superbowl LVI, the NBA regular season, the NHL regular season, the NASCAR Cup Series, various NCAA football bowl games and the NCAA college basketball regular season and tournament. The continued return of major sports and sporting events has generated significant user interest and activity in the Company's Sportsbook and DFS products. 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 products that do not rely on sports seasons and sporting events, such as iGaming, may partially offset this adverse impact on revenue. 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 products, 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

3 Months Ended

Mar. 31, 2022

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. As such, 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, 2021, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC on February 18, 2022 (“2021 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.

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 three months ended March 31, 2021.













	Three months ended March 31, 2021
		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		$	(18,014)	$	18,014		$	—
Net cash flows used in operating activities		(77,751)		18,014			(59,737)

Net increase in cash, cash equivalents and restricted cash		1,000,870		18,014			1,018,884
Cash and cash equivalents and restricted cash at the beginning of period		1,817,258		287,718		(a)	2,104,976
Cash and cash equivalents and restricted cash, end of period		$	2,818,128	$	305,732		$	3,123,860

(a)Represents the cash reserved for user balance as of December 31, 2020 as previously included in the Company’s 2021 Annual Report.

Foreign Currency

During the three months ended March 31, 2022, the Company’s significant non-U.S. subsidiaries’ functional currency changed from the Euro to the U.S. dollar. Accordingly, the Company did not have to translate the financial statements of its significant non-U.S. subsidiaries as of March 31, 2022.

Recently Issued Accounting Pronouncements Not Yet Adopted

In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its consolidated financial statements.

Business Combination	3 Months Ended
Business Combination	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination Acquisition of Golden Nugget Online Gaming, Inc. On August 9, 2021, Old DraftKings and GNOG entered into the Merger Agreement, pursuant to which Old DraftKings would acquire GNOG in an all-stock transaction (the “GNOG Transaction”). On May 5, 2022 (the “Closing Date”), Old DraftKings consummated the GNOG Transaction and, in connection therewith, undertook a holding company reorganization whereby New DraftKings became the going-forward public company and the direct parent company of both Old DraftKings and GNOG. New DraftKings was renamed “DraftKings Inc.” on the Closing Date. Under the terms of the Merger Agreement and subject to certain exclusions contained therein, GNOG stockholders received a fixed ratio of 0.365 shares of New DraftKings’ Class A common stock for each share of GNOG that they held on the Closing Date. The Company issued approximately 29.3 million shares of its Class A common stock will be issued in connection with the consummation of the GNOG Transaction. The Company is currently in the process of finalizing the preliminary accounting for the GNOG Transaction and expects to complete its preliminary accounting of the assets acquired and liabilities assumed by the end of the second quarter of 2022. New DraftKings is the registrant filing this Report as the successor registrant for Old DraftKings.

Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The Company has the following intangible assets, net as of March 31, 2022:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	6.1 years	$	422,900	$	(99,806)	$	323,094
Internally developed software	2.7 years	126,873		(54,047)		72,826
Gaming licenses	7.2 years	54,709		(15,827)		38,882
Trademarks, tradenames and other	4.3 years	31,863		(7,699)		24,164
Customer relationships	3.0 years	99,728		(38,553)		61,175
		736,073		(215,932)		520,141
Indefinite-lived intangible assets:
Digital assets	Indefinite-lived	2,882		—		2,882
Intangible assets, net		$	738,955	$	(215,932)	$	523,023

The Company had the following intangible assets, net as of December 31, 2021:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	6.4 years	$	422,900	$	(87,089)	$	335,811
Internally developed software	2.6 years	117,953		(52,607)		65,346
Gaming licenses	7.3 years	54,442		(13,466)		40,976
Trademarks and tradenames	4.5 years	30,639		(5,952)		24,687
Customer relationships	3.3 years	99,728		(33,526)		66,202
		725,662		(192,640)		533,022
Indefinite-lived intangible assets:
Digital assets	Indefinite-lived	1,995		—		1,995
Intangible assets, net		$	727,657	$	(192,640)	$	535,017

Amortization expense was $28.1 million and $25.2 million for the three months ended March 31, 2022 and 2021, respectively.

Current and Long-term Liabilities	3 Months Ended
Current and Long-term Liabilities	Mar. 31, 2022
Current and Long-term Liabilities
Current and Long-term Liabilities	Current and Long-term Liabilities Revolving Line of Credit In October 2016, DraftKings Inc., a Delaware corporation (“DK DE”) entered into an amended and restated loan and security agreement with Pacific Western Bank, which was most recently amended in May 2022 (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 August 28, 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 March 31, 2022 and December 31, 2021, the Credit Agreement provided a revolving line of credit of up to $60.0 million. There was no principal outstanding as of March 31, 2022 or December 31, 2021. Net facility available from the Credit Agreement as of March 31, 2022 and December 31, 2021 totaled $56.0 million and $55.8 million, respectively, which, in each case, excludes the letters of credit outlined in Note 13. The Company is also subject to certain affirmative and negative covenants until maturity. In connection with the issuance of the Convertible Notes (as defined below) and the entry into the Capped Call Transactions (as defined below), the Company obtained a waiver from Pacific Western Bank for any breach of the Credit Agreement that would have otherwise 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 otherwise resulted from exceeding a capital expenditure limitation for 2021 and the amendments to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2021 and June 30, 2021, in each case, for the material weakness previously identified in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, as filed with the SEC on November 5, 2021. In connection with the GNOG Transaction, the Company obtained a waiver from Pacific Western Bank for any breach of the Credit Agreement that would have otherwise resulted from entering into the transactions contemplated thereby, as well as to permit certain transfers of cash from the borrowers thereunder to GNOG and its subsidiaries from time to time. Convertible Notes and Capped Call 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”). The Convertible Notes will mature on March 15, 2028 (the “Notes Maturity Date”) , subject to earlier conversion, redemption or repurchase. In connection with the issuance of the Convertible Notes, the Company incurred $17.0 million of lender fees and $1.7 million of debt financing costs. The Convertible Notes represent senior unsecured obligations of the Company, which are being amortized through the Notes Maturity Date. 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 in the indenture governing the Convertible Notes). 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 Notes 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 three months ended March 31, 2022, 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 over-allotment 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. Although recorded at amortized cost on the Company’s consolidated balance sheet, the estimated fair value of the Convertible Notes was $907.6 million and $953.8 million as of March 31, 2022 and December 31, 2021, respectively, which was calculated using the estimated or actual bids and offers of the Convertible Notes in an over-the-counter market on the last business day of the period and is classified as Level 2 in the fair value hieraarchy. 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 March 31, 2022 and December 31, 2021, the Company’s estimated contingent liability for indirect taxes was $49.2 million and $47.5 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 the initial public offering of Diamond Eagle Acquisition Corp, (“DEAC”) on May 14, 2019 (the “IPO”), 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 March 31, 2022, there were no Public Warrants outstanding. As of March 31, 2022, 1.6 million Private Warrants remained outstanding at a fair value of $14.2 million. Due to fair value changes throughout the three months ended March 31, 2022 and March 31, 2021, the Company recorded a gain on remeasurement of warrant liabilities of $12.7 million and a loss on remeasurement of warrant liabilities of $27.0 million, respectively. During the three months ended March 31, 2022, a de minimis number of Private Warrants were exercised. During the three months ended March 31, 2021, 0.1 million Private Warrants were exercised resulting in a reclassification to additional paid-in-capital in the amount of $1.8 million, reflecting the reclassification of the warrant liabilities of $1.6 million and proceeds upon exercise of $0.2 million.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value and nonrecurring fair value measurements are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021 based on the three-tier fair value hierarchy:


	March 31, 2022
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	200,212	(1)	$	—		$	—		$	200,212
Other non-current assets:
Derivative instruments	—			—			43,283		(4)	43,283
Equity securities	27,650		(2)	7,033		(3)	—			34,683

Total	$	227,862		$	7,033		$	43,283		$	278,178

Liabilities
Private Warrants	$	—		$	14,230	(5)	$	—		$	14,230
Total	$	—		$	14,230		$	—		$	14,230


	December 31, 2021
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	550,169	(1)	$	—		$	—		$	550,169
Other non-current assets:
Derivative instruments	—			—			3,850		(4)	3,850
Equity securities	27,200		(2)	—			—			27,200

Total	$	577,369		$	—		$	3,850		$	581,219

Liabilities
Private Warrants	$	—		$	26,911	(5)	$	—		$	26,911
Total	$	—		$	26,911		$	—		$	26,911

(1)Represents the Company’s money market funds, which are classified as Level 1 because the Company fair values these assets using quoted market prices.

(2)Represents the Company’s marketable equity securities, which are classified as Level 1 because the Company fair values these assets using quoted market prices.

(3)Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company fair values these assets using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets.

(4)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments at fair value using option pricing models and, accordingly, classifies these assets as Level 3. During the three months ended March 31, 2022, there were not a significant amount of new derivative instruments purchased by or issued to the Company. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to fair value the Level 3 derivative instruments. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date.


	March 31, 2022	December 31, 2021
Significant Unobservable Input	Range (Weighted Average)
Underlying stock price	$11.06 - $39.22 ($36.69)	$	10.88
Volatility	65.0% - 75.0% (73.4%)	60.0		%
Risk-free rate	1.0% - 1.4% (1.3%)	0.3		%

(5)The Company measures its Private Warrants at fair value using a binomial lattice model with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2.

For the three months ended March 31, 2022 and 2021, the Company recorded $37.4 million and $0.0 million of unrealized gains, respectively, primarily all of which resulted from those financial assets categorized as Level 3. Those unrealized gains are included within other income, net in the condensed consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Deferred Revenue

The Company included deferred revenue within accounts payable and accrued expenses and liabilities to users in the condensed consolidated balance sheets. The deferred revenue balances were as follows:


	Three months ended March 31,
	2022		2021
Deferred revenue, beginning of the period	$	91,554	$	30,627
Deferred revenue, end of the period	95,402		41,849
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	51,680		24,493

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.

Revenue Disaggregation

Disaggregation of revenue for the three months ended March 31, 2022 and 2021 is as follows:


	Three months ended March 31,
	2022		2021
Online gaming	$	386,678	$	272,661
Gaming software	13,495		31,429
Other	17,032		8,186
Total Revenue	$	417,205	$	312,276

Online gaming includes DFS, iGaming and Sportsbook, which have certain similar attributes and patterns of recognition. Sources of other revenue primarily include media, marketplace and other online consumer products.

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


	Three months ended March 31,
	2022		2021
United States	$	402,597	$	280,117
International	14,608		32,159
Total Revenue	$	417,205	$	312,276

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

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 targets and have a range of payouts amongst other conditions.

The following table shows restricted stock unit (“RSU”) and stock option activity for the three months ended March 31, 2022:


	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, 2021	14,695	4,195	2,354	1,488	11,671	19,343	53,746	$	5.46	$	49.94
Granted	200	8,013	—	2	—	173	8,388	31.40		23.30
Exercised options / vested RSUs	(869)	(405)	(44)	(2,671)	—	(6,251)	(10,240)	1.94		46.15
Change in awards due to performance-based multiplier	—	—	—	1,806	—	—	1,806	—		33.69
Forfeited	(21)	(116)	—	(1)	—	(50)	(188)	4.12		41.41
Outstanding at March 31, 2022	14,005	11,687	2,310	624	11,671	13,215	53,512	$	5.76	$	41.68

As of March 31, 2022, total unrecognized stock-based compensation expense of $731.2 million related to granted and unvested share-based compensation arrangements is expected to be recognized over a weighted-average period of 2.0 years. The following table shows stock compensation expense for the three months ended March 31, 2022 and 2021:


	Three months ended March 31, 2022						Three months ended March 31, 2021
	Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	3,864	$	21,786	$	25,650	$	2,433	$	14,268	$	16,701
PSP (2)	—		43,367		43,367		—		16,314		16,314
LTIP (2)	—		118,060		118,060		—		118,828		118,828
Total	$	3,864	$	183,213	$	187,077	$	2,433	$	149,410	$	151,843

(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. During the three months ended March 31, 2022, the Company recorded a cumulative catch-up adjustment of $20.7 million in additional stock-based compensation expense related to its updated expectation on achieving higher revenue targets than originally estimated for certain PSP awards which have a range of payouts.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s provision for income taxes for the three months ended March 31, 2022 and 2021 is as follows:


	Three months ended March 31,
	2022		2021
Income tax provision (benefit)	$	469	$	(4,595)

The effective tax rates for the three months ended March 31, 2022 and 2021 were (0.1)% and 1.3%, respectively. The difference between the Company’s effective tax rates for the three month periods in 2022 and 2021 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 and current foreign tax. 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 the preliminary purchase price accounting of Vegas Sports Information Network, LLC (“VSiN”). 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment InformationThe 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 B2C segment provides users with DFS, Sportsbook and iGaming products, as well as media and other online consumer products. 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, which is primarily comprised of SBTech.

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 March 31,
	2022		2021
Revenue:
B2C	$	403,710	$	280,847
B2B	13,495		31,429
Total revenue	417,205		312,276

Adjusted EBITDA:
B2C	(269,171)		(141,355)
B2B	(20,338)		2,093
Total adjusted EBITDA	(289,509)		(139,262)
Adjusted for:
Depreciation and amortization	32,225		28,193
Interest income, net	(148)		(985)
Income tax provision (benefit)	469		(4,595)
Stock-based compensation	187,077		151,843
Transaction-related costs	3,774		3,023
Litigation, settlement and related costs	1,950		622

(Gain) loss on remeasurement of warrant liabilities	(12,681)		26,980
Other non-recurring costs and non-operating (income) costs	(34,482)		2,001
Net loss attributable to common shareholders	$	(467,693)	$	(346,344)

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Loss Per Share

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Net loss	$	(467,693)	$	(346,344)
Basic and diluted weighted-average common shares outstanding	411,066		397,621
Loss per share attributable to common stockholders:
Basic and diluted	$	(1.14)	$	(0.87)

There were no preferred or other dividends declared for the three months ended March 31, 2022. For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding:


	Three months ended March 31,
	2022	2021
Warrants	1,613	1,812
Stock options and RSUs	53,512	59,187
Convertible notes	13,337	13,337
Total	68,462	74,336

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Financial Advisor The Company entered into an engagement letter with a related party (the “Financial Advisor”) in August 2019, as amended in December 2019. For the three months ended March 31, 2022 and 2021, the Company incurred no fees payable to the Financial Advisor. 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 March 31, 2022 and December 31, 2021, the Company had $0.5 million and $0.6 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 March 31, 2022, the Company had invested a total of $3.5 million of the total commitment. Transactions with a Shareholder and their Immediate Family Members As of March 31, 2022 and December 31, 2021, the Company had $3.8 million of receivables due from former shareholders of SBTech, which includes a current director and shareholder of the Company. For the three months ended March 31, 2022 and March 31, 2021, the Company had $0.6 million and $1.4 million in sales, respectively, to an immediate family member of a current director of the Company. The Company had an associated accounts receivable balance of $0.2 million as of March 31, 2022 and December 31, 2021 included in accounts receivable in its condensed consolidated balance sheets. Aircraft Starting in 2022, from time to time, the Company has chartered, without mark-up, the private plane owned by Jason Robins, the Company’s Chief Executive Officer, utilizing aircraft services from Jet Aviation Flight Services, Inc. for the business and personal travel of Mr. Robins and his family. The Company had no direct or indirect interest in such private plane. During the three months ended March 31, 2022, the Company incurred $0.7 million of expense for use of the aircraft under these chartering services. In March 2022, the Company entered into a one-year lease of an aircraft from an entity controlled by Mr. Robins. Pursuant to such agreement, Mr. Robins’ entity leases the aircraft to the Company for $0.6 million for a one-year period. The Company covers all operating, maintenance and other expenses associated with the aircraft. The audit and compensation committees of the Company’s board of directors approved this arrangement based, among other things, on the requirements of the overall security program that Mr. Robins and his family fly private and their assessment that such an arrangement is more efficient and flexible and better ensures safety, confidentiality and privacy.

Leases, Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Leases, Commitments and Contingencies

Leases

The Company primarily leases corporate office facilities, data centers and motor vehicles under operating lease agreements. Some of the Company’s leases include one or more options to renew. For a majority of our leases, we do not assume renewals in our determination of the lease term as the renewals are not deemed to be reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2022, the Company’s lease agreements typically have terms not exceeding ten years.

Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments primarily represent costs related to common area maintenance and utilities. The components of lease cost are as follows:


	Three months ended March 31,
	2022		2021
Operating lease cost	$	4,230	$	4,133
Short term lease cost	1,755		426
Variable lease cost	806		701
Sublease income	(230)		(111)
Total lease cost	$	6,561	$	5,149

Other information related to leases are as follows:


	Three months ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$	4,283	$	4,378
Right-of-use assets obtained in exchange for new operating lease liabilities	$	619	$	8,790

The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases were 5.7 years and 6.5% as of March 31, 2022. 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 April 1, 2022 to December 31, 2022	$	12,443
2023	15,661
2024	13,167
2025	11,371
2026	9,817
Thereafter	18,294
Total undiscounted future cash flows	80,753
Less: Imputed interest	(13,385)
Present value of undiscounted future cash flows	$	67,368

As of March 31, 2022, the Company has an additional corporate office lease that has not yet commenced with lease obligations of approximately $33.7 million that are not included in the table above. This operating lease is expected to commence in 2022 with a term of approximately 11 years.

As of March 31, 2022, the Company had long-lived assets, which consists of operating lease right-of-use assets and property and equipment, net, of $79.5 million and $31.4 million located in the United States and internationally, respectively. As of December 31, 2021, the company had long-lived assets of $77.2 million and $32.6 million located in the United States and internationally, respectively.

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 April 1, 2022 to December 31, 2022	$	349,135
2023	402,543
2024	344,405
2025	289,543
2026	177,980
Thereafter	349,849
Total	$	1,913,455

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 (the “DFS defendants”). 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. This settlement agreement became effective on November 5, 2021; as a result, the only remaining plaintiffs are the family member plaintiffs and the plaintiff who asserted the concerned citizen claims. On January 21, 2022, DraftKings and the family member plaintiffs filed a joint motion for preliminary approval of a proposed settlement. On February 18, 2022, the court entered an order preliminarily approving the proposed settlement and scheduled a fairness hearing for final approval of the settlement on June 8, 2022. Once the family member settlement agreement becomes effective, the only remaining plaintiff will be the plaintiff who asserted the concerned citizen claims.

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 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.

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 infringes two patents and the Company’s Sportsbook product 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 infringe another patent. On November 15, 2021, Winview Inc. filed a second amended complaint (the “SAC”), adding as defendants DK DE and Crown Gaming Inc., a Delaware corporation, which are wholly-owned subsidiaries of the Company. The SAC largely repeats the allegations of the first amended complaint.

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. On November 12, 2021, the court consolidated the two actions under the caption In re DraftKings Securities Litigation and appointed a lead plaintiff. The lead plaintiff filed a consolidated amended complaint on January 11, 2022.

Beginning on July 9, 2021, the Company received subpoenas from the SEC seeking documents concerning, among other things, certain of the allegations raised in the Hindenburg Report, as well as the Company’s disclosures regarding its compliance policies and procedures, and related matters. 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, the first of five substantially similar putative shareholder derivative actions was filed in Nevada by alleged shareholders of the Company. The actions purport 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 two actions filed in the U.S. District Court for the District of Nevada have since been consolidated, and two of the actions filed in Nevada state District Court in Clark County likewise have been consolidated. A substantially identical fifth action was filed in Nevada state District Court in Clark County and has been dismissed voluntarily by the plaintiff. The same plaintiff filed a substantially identical action in Massachusetts Superior Court, which has also been dismissed voluntarily by the plaintiff. The Nevada actions purport to assert claims on behalf of the Company for, among other things, breach of fiduciary duty and corporate waste based primarily upon the allegations concerning SBTech that were contained in the Hindenburg Report. The federal court action in Nevada also 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 Nevada actions seek 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 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. Because the Nevada actions allege claims on behalf of the Company and purport to seek judgments in favor of the Company, the Company does not believe, based on currently available information, that the outcome of these proceedings 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. On December 20, 2021, Arrow Gaming filed a second amended complaint adding new allegations with respect to alleged willful infringement.

Beteiro, LLC

On November 22, 2021, Beteiro, LLC filed a complaint against the Company in the United States District Court for the District of New Jersey alleging that the Company’s Sportsbook and Casino products infringe four patents.

Diogenes Ltd. & Colossus(IOM) Ltd.

On December 1, 2021, Diogenes Ltd. & Colossus (IOM) Ltd. (“Colossus”), filed a complaint against the Company in the United States District Court for the District of Delaware alleging that the Company’s Sportsbook product infringes seven patents. Colossus amended its complaint on February 7, 2022 to, among other things, 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 $4.0 million and $4.2 million as of March 31, 2022 and December 31, 2021, respectively, for the Company’s leases of office space.

Summary of Significant Accounting Policies and Practices (Policies)	3 Months Ended
	Mar. 31, 2022
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. As such, 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, 2021, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC on February 18, 2022 (“2021 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. 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.
Foreign Currency	Foreign Currency During the three months ended March 31, 2022, the Company’s significant non-U.S. subsidiaries’ functional currency changed from the Euro to the U.S. dollar. Accordingly, the Company did not have to translate the financial statements of its significant non-U.S. subsidiaries as of March 31, 2022.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its consolidated financial statements.

Summary of Significant Accounting Policies and Practices (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments













	Three months ended March 31, 2021
		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		$	(18,014)	$	18,014		$	—
Net cash flows used in operating activities		(77,751)		18,014			(59,737)

Net increase in cash, cash equivalents and restricted cash		1,000,870		18,014			1,018,884
Cash and cash equivalents and restricted cash at the beginning of period		1,817,258		287,718		(a)	2,104,976
Cash and cash equivalents and restricted cash, end of period		$	2,818,128	$	305,732		$	3,123,860

(a)Represents the cash reserved for user balance as of December 31, 2020 as previously included in the Company’s 2021 Annual Report.

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets, finite-lived

The Company has the following intangible assets, net as of March 31, 2022:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	6.1 years	$	422,900	$	(99,806)	$	323,094
Internally developed software	2.7 years	126,873		(54,047)		72,826
Gaming licenses	7.2 years	54,709		(15,827)		38,882
Trademarks, tradenames and other	4.3 years	31,863		(7,699)		24,164
Customer relationships	3.0 years	99,728		(38,553)		61,175
		736,073		(215,932)		520,141
Indefinite-lived intangible assets:
Digital assets	Indefinite-lived	2,882		—		2,882
Intangible assets, net		$	738,955	$	(215,932)	$	523,023

The Company had the following intangible assets, net as of December 31, 2021:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	6.4 years	$	422,900	$	(87,089)	$	335,811
Internally developed software	2.6 years	117,953		(52,607)		65,346
Gaming licenses	7.3 years	54,442		(13,466)		40,976
Trademarks and tradenames	4.5 years	30,639		(5,952)		24,687
Customer relationships	3.3 years	99,728		(33,526)		66,202
		725,662		(192,640)		533,022
Indefinite-lived intangible assets:
Digital assets	Indefinite-lived	1,995		—		1,995
Intangible assets, net		$	727,657	$	(192,640)	$	535,017

Schedule of intangible assets, indefinite-lived

The Company has the following intangible assets, net as of March 31, 2022:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	6.1 years	$	422,900	$	(99,806)	$	323,094
Internally developed software	2.7 years	126,873		(54,047)		72,826
Gaming licenses	7.2 years	54,709		(15,827)		38,882
Trademarks, tradenames and other	4.3 years	31,863		(7,699)		24,164
Customer relationships	3.0 years	99,728		(38,553)		61,175
		736,073		(215,932)		520,141
Indefinite-lived intangible assets:
Digital assets	Indefinite-lived	2,882		—		2,882
Intangible assets, net		$	738,955	$	(215,932)	$	523,023

The Company had the following intangible assets, net as of December 31, 2021:


	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	6.4 years	$	422,900	$	(87,089)	$	335,811
Internally developed software	2.6 years	117,953		(52,607)		65,346
Gaming licenses	7.3 years	54,442		(13,466)		40,976
Trademarks and tradenames	4.5 years	30,639		(5,952)		24,687
Customer relationships	3.3 years	99,728		(33,526)		66,202
		725,662		(192,640)		533,022
Indefinite-lived intangible assets:
Digital assets	Indefinite-lived	1,995		—		1,995
Intangible assets, net		$	727,657	$	(192,640)	$	535,017

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value


	March 31, 2022
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	200,212	(1)	$	—		$	—		$	200,212
Other non-current assets:
Derivative instruments	—			—			43,283		(4)	43,283
Equity securities	27,650		(2)	7,033		(3)	—			34,683

Total	$	227,862		$	7,033		$	43,283		$	278,178

Liabilities
Private Warrants	$	—		$	14,230	(5)	$	—		$	14,230
Total	$	—		$	14,230		$	—		$	14,230


	December 31, 2021
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	550,169	(1)	$	—		$	—		$	550,169
Other non-current assets:
Derivative instruments	—			—			3,850		(4)	3,850
Equity securities	27,200		(2)	—			—			27,200

Total	$	577,369		$	—		$	3,850		$	581,219

Liabilities
Private Warrants	$	—		$	26,911	(5)	$	—		$	26,911
Total	$	—		$	26,911		$	—		$	26,911

(1)Represents the Company’s money market funds, which are classified as Level 1 because the Company fair values these assets using quoted market prices.

(2)Represents the Company’s marketable equity securities, which are classified as Level 1 because the Company fair values these assets using quoted market prices.


	March 31, 2022	December 31, 2021
Significant Unobservable Input	Range (Weighted Average)
Underlying stock price	$11.06 - $39.22 ($36.69)	$	10.88
Volatility	65.0% - 75.0% (73.4%)	60.0		%
Risk-free rate	1.0% - 1.4% (1.3%)	0.3		%

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of deferred revenue balances

The deferred revenue balances were as follows:


	Three months ended March 31,
	2022		2021
Deferred revenue, beginning of the period	$	91,554	$	30,627
Deferred revenue, end of the period	95,402		41,849
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	51,680		24,493

Summary of disaggregation of revenue

Disaggregation of revenue for the three months ended March 31, 2022 and 2021 is as follows:


	Three months ended March 31,
	2022		2021
Online gaming	$	386,678	$	272,661
Gaming software	13,495		31,429
Other	17,032		8,186
Total Revenue	$	417,205	$	312,276

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 March 31,
	2022		2021
United States	$	402,597	$	280,117
International	14,608		32,159
Total Revenue	$	417,205	$	312,276

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The following table shows restricted stock unit (“RSU”) and stock option activity for the three months ended March 31, 2022:


	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, 2021	14,695	4,195	2,354	1,488	11,671	19,343	53,746	$	5.46	$	49.94
Granted	200	8,013	—	2	—	173	8,388	31.40		23.30
Exercised options / vested RSUs	(869)	(405)	(44)	(2,671)	—	(6,251)	(10,240)	1.94		46.15
Change in awards due to performance-based multiplier	—	—	—	1,806	—	—	1,806	—		33.69
Forfeited	(21)	(116)	—	(1)	—	(50)	(188)	4.12		41.41
Outstanding at March 31, 2022	14,005	11,687	2,310	624	11,671	13,215	53,512	$	5.76	$	41.68

Summary of stock compensation expense

The following table shows stock compensation expense for the three months ended March 31, 2022 and 2021:


	Three months ended March 31, 2022						Three months ended March 31, 2021
	Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	3,864	$	21,786	$	25,650	$	2,433	$	14,268	$	16,701
PSP (2)	—		43,367		43,367		—		16,314		16,314
LTIP (2)	—		118,060		118,060		—		118,828		118,828
Total	$	3,864	$	183,213	$	187,077	$	2,433	$	149,410	$	151,843

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

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

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

The Company’s provision for income taxes for the three months ended March 31, 2022 and 2021 is as follows:


	Three months ended March 31,
	2022		2021
Income tax provision (benefit)	$	469	$	(4,595)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Revenue:
B2C	$	403,710	$	280,847
B2B	13,495		31,429
Total revenue	417,205		312,276

Adjusted EBITDA:
B2C	(269,171)		(141,355)
B2B	(20,338)		2,093
Total adjusted EBITDA	(289,509)		(139,262)
Adjusted for:
Depreciation and amortization	32,225		28,193
Interest income, net	(148)		(985)
Income tax provision (benefit)	469		(4,595)
Stock-based compensation	187,077		151,843
Transaction-related costs	3,774		3,023
Litigation, settlement and related costs	1,950		622

(Gain) loss on remeasurement of warrant liabilities	(12,681)		26,980
Other non-recurring costs and non-operating (income) costs	(34,482)		2,001
Net loss attributable to common shareholders	$	(467,693)	$	(346,344)

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Net loss	$	(467,693)	$	(346,344)
Basic and diluted weighted-average common shares outstanding	411,066		397,621
Loss per share attributable to common stockholders:
Basic and diluted	$	(1.14)	$	(0.87)

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:


	Three months ended March 31,
	2022	2021
Warrants	1,613	1,812
Stock options and RSUs	53,512	59,187
Convertible notes	13,337	13,337
Total	68,462	74,336

Leases, Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Operating lease cost	$	4,230	$	4,133
Short term lease cost	1,755		426
Variable lease cost	806		701
Sublease income	(230)		(111)
Total lease cost	$	6,561	$	5,149

Other information related to leases are as follows:


	Three months ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$	4,283	$	4,378
Right-of-use assets obtained in exchange for new operating lease liabilities	$	619	$	8,790

Schedule of maturity of lease liabilities

Maturity of lease liabilities are as follows:


	Years Ending December 31,
From April 1, 2022 to December 31, 2022	$	12,443
2023	15,661
2024	13,167
2025	11,371
2026	9,817
Thereafter	18,294
Total undiscounted future cash flows	80,753
Less: Imputed interest	(13,385)
Present value of undiscounted future cash flows	$	67,368

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 April 1, 2022 to December 31, 2022	$	349,135
2023	402,543
2024	344,405
2025	289,543
2026	177,980
Thereafter	349,849
Total	$	1,913,455

Description of Business (Details)	Mar. 31, 2022 jurisdiction
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of jurisdictions with legalized sports betting in which company operates	17

Summary of Significant Accounting Policies and Practices (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in operating assets and liabilities, net of effect of business combinations:
Cash reserved for users		$ 0
Net cash flows used in operating activities	$ (356,718)	(59,737)
Net increase in cash, cash equivalents and restricted cash	(392,096)	1,018,884
Cash and cash equivalents and restricted cash at the beginning of period	2,629,842	2,104,976
Cash and cash equivalents and restricted cash, end of period	$ 2,237,746	3,123,860
Reported
Change in operating assets and liabilities, net of effect of business combinations:
Cash reserved for users		(18,014)
Net cash flows used in operating activities		(77,751)
Net increase in cash, cash equivalents and restricted cash		1,000,870
Cash and cash equivalents and restricted cash at the beginning of period		1,817,258
Cash and cash equivalents and restricted cash, end of period		2,818,128
Adjustments
Change in operating assets and liabilities, net of effect of business combinations:
Cash reserved for users		18,014
Net cash flows used in operating activities		18,014
Net increase in cash, cash equivalents and restricted cash		18,014
Cash and cash equivalents and restricted cash at the beginning of period		287,718
Cash and cash equivalents and restricted cash, end of period		$ 305,732

Business Combination - Narrative (Details) - GNOG - Subsequent Event	May 05, 2022 shares
Business Acquisition [Line Items]
Issuance of New DraftKings' Class A Common Stock for each Common Share of Golden Nugget Online Gaming	0.365
Shares issued for acquisition (in shares)	29,300,000

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 736,073	$ 725,662
Accumulated Amortization	(215,932)	(192,640)
Net	520,141	533,022
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, gross	738,955	727,657
Intangible assets, net	523,023	535,017
Digital assets
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 2,882	$ 1,995
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	6 years 1 month 6 days	6 years 4 months 24 days
Gross Carrying Amount	$ 422,900	$ 422,900
Accumulated Amortization	(99,806)	(87,089)
Net	$ 323,094	$ 335,811
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	2 years 8 months 12 days	2 years 7 months 6 days
Gross Carrying Amount	$ 126,873	$ 117,953
Accumulated Amortization	(54,047)	(52,607)
Net	$ 72,826	$ 65,346
Gaming licenses
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	7 years 2 months 12 days	7 years 3 months 18 days
Gross Carrying Amount	$ 54,709	$ 54,442
Accumulated Amortization	(15,827)	(13,466)
Net	$ 38,882	$ 40,976
Trademarks, tradenames and other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	4 years 3 months 18 days	4 years 6 months
Gross Carrying Amount	$ 31,863	$ 30,639
Accumulated Amortization	(7,699)	(5,952)
Net	$ 24,164	$ 24,687
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	3 years	3 years 3 months 18 days
Gross Carrying Amount	$ 99,728	$ 99,728
Accumulated Amortization	(38,553)	(33,526)
Net	$ 61,175	$ 66,202

Intangible Assets - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Amortization expense	$ 28.1	$ 25.2

Current and Long-term Liabilities - Revolving Line of Credit (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	$ 56.0	$ 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 - Convertible Notes and Indirect Taxes (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Estimated liability for indirect taxes			$ 49.2	$ 47.5
Convertible Noteholders
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 1,265.0	$ 1,265.0
Lender fees	17.0	17.0
Debt financing costs	$ 1.7	$ 1.7
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
Fair value of convertible notes			$ 907.6	$ 953.8

Current and Long-term Liabilities - Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	May 14, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Warrant liabilities		$ 14,230		$ 26,911
(Gain) loss on remeasurement of warrant liabilities		$ (12,681)	$ 26,980
Shares issued for exercise of warrants			$ 1,761
Public Warrants
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
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
Private Placement Warrants
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Number of warrants issued (in shares)	6,300,000
Number of warrants outstanding (in shares)		1,600,000
Shares issued for exercise of warrants (in shares)			100,000
Shares issued for exercise of warrants			$ 1,800
Reclassification of warrant liabilities			1,600
Public and Private Warrants
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
(Gain) loss on remeasurement of warrant liabilities		$ (12,700)	$ 27,000

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Derivative instruments	$ 43,283	$ 3,850
Equity securities	34,683	27,200
Assets	278,178	581,219
Liabilities
Private warrants	14,230	26,911
Liabilities	14,230	26,911
Level 1
Assets
Derivative instruments	0	0
Equity securities	27,650	27,200
Assets	227,862	577,369
Liabilities
Private warrants	0	0
Liabilities	0	0
Level 2
Assets
Derivative instruments	0	0
Equity securities	7,033	0
Assets	7,033	0
Liabilities
Private warrants	14,230	26,911
Liabilities	14,230	26,911
Level 3
Assets
Derivative instruments	43,283	3,850
Equity securities	0	0
Assets	43,283	3,850
Liabilities
Private warrants	0	0
Liabilities	0	0
Money Market Funds
Assets
Cash equivalents	200,212	550,169
Money Market Funds \| Level 1
Assets
Cash equivalents	200,212	550,169
Money Market Funds \| Level 2
Assets
Cash equivalents	0	0
Money Market Funds \| Level 3
Assets
Cash equivalents	$ 0	$ 0

Fair Value Measurements - Fair Value Assumptions (Details) - Level 3	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Underlying stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		10.88
Underlying stock price \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	11.06
Underlying stock price \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	39.22
Underlying stock price \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	36.69
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.600
Volatility \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.650
Volatility \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.750
Volatility \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.734
Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.003
Risk-free rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.010
Risk-free rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.014
Risk-free rate \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.013

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains	$ 37.4	$ 0.0

Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 91,554	$ 30,627
Deferred revenue, end of the period	95,402	41,849
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 51,680	$ 24,493

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 417,205	$ 312,276
Online gaming
Disaggregation of Revenue [Line Items]
Revenue	386,678	272,661
Gaming software
Disaggregation of Revenue [Line Items]
Revenue	13,495	31,429
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 17,032	$ 8,186

- 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
-Topic 280
-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
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 417,205	$ 312,276
United States
Disaggregation of Revenue [Line Items]
Revenue	402,597	280,117
International
Disaggregation of Revenue [Line Items]
Revenue	$ 14,608	$ 32,159

- Definition

+ References

+ Details

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) segment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense \| $	$ 731.2
Total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period	2 years
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	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Options Activity
Number of shares outstanding, beginning of period (in shares)	53,746
Number of shares granted (in shares)	8,388
Number of shares exercised (in shares)	(10,240)
Number of shares changed in awards due to performance-based multiplier (in shares)	1,806
Number of shares forfeited (in shares)	(188)
Number of shares outstanding, end of period (in shares)	53,512
Stock options
Weighted-Average Exercise Price
Weighted average exercise price outstanding, beginning of period (in dollars per share) \| $ / shares	$ 5.46
Weighted average exercise price granted (in dollars per share) \| $ / shares	31.40
Weighted average exercise price exercised (in dollars per share) \| $ / shares	1.94
Weighted average exercise price change in awards due to performance-based multiplier (in dollars per share) \| $ / shares	0
Weighted average exercise price forfeited (in dollars per share) \| $ / shares	4.12
Weighted average exercise price outstanding, end of period (in dollars per share) \| $ / shares	$ 5.76
Time Based Options
Options Activity
Number of shares outstanding, beginning of period (in shares)	14,695
Number of shares granted (in shares)	200
Number of shares exercised (in shares)	(869)
Number of shares changed in awards due to performance-based multiplier (in shares)	0
Number of shares forfeited (in shares)	(21)
Number of shares outstanding, end of period (in shares)	14,005
Time Based RSUs
Options Activity
Number of shares outstanding, beginning of period (in shares)	4,195
Number of shares granted (in shares)	8,013
Number of shares exercised (in shares)	(405)
Number of shares changed in awards due to performance-based multiplier (in shares)	0
Number of shares forfeited (in shares)	(116)
Number of shares outstanding, end of period (in shares)	11,687
PSP Options
Options Activity
Number of shares outstanding, beginning of period (in shares)	2,354
Number of shares granted (in shares)	0
Number of shares exercised (in shares)	(44)
Number of shares changed in awards due to performance-based multiplier (in shares)	0
Number of shares forfeited (in shares)	0
Number of shares outstanding, end of period (in shares)	2,310
PSP RSUs
Options Activity
Number of shares outstanding, beginning of period (in shares)	1,488
Number of shares granted (in shares)	2
Number of shares exercised (in shares)	(2,671)
Number of shares changed in awards due to performance-based multiplier (in shares)	1,806
Number of shares forfeited (in shares)	(1)
Number of shares outstanding, end of period (in shares)	624
LTIP Options
Options Activity
Number of shares outstanding, beginning of period (in shares)	11,671
Number of shares granted (in shares)	0
Number of shares exercised (in shares)	0
Number of shares changed in awards due to performance-based multiplier (in shares)	0
Number of shares forfeited (in shares)	0
Number of shares outstanding, end of period (in shares)	11,671
LTIP RSUs
Options Activity
Number of shares outstanding, beginning of period (in shares)	19,343
Number of shares granted (in shares)	173
Number of shares exercised (in shares)	(6,251)
Number of shares changed in awards due to performance-based multiplier (in shares)	0
Number of shares forfeited (in shares)	(50)
Number of shares outstanding, end of period (in shares)	13,215
RSUs
Weighted-Average Exercise Price
Weighted average exercise price outstanding, beginning of period (in dollars per share) \| $ / shares	$ 49.94
Weighted average exercise price granted (in dollars per share) \| $ / shares	23.30
Weighted average exercise price exercised (in dollars per share) \| $ / shares	46.15
Weighted average exercise price change in awards due to performance-based multiplier (in dollars per share) \| $ / shares	33.69
Weighted average exercise price forfeited (in dollars per share) \| $ / shares	41.41
Weighted average exercise price outstanding, end of period (in dollars per share) \| $ / shares	$ 41.68

Stock-Based Compensation - Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	$ 3,864	$ 2,433
Stock compensation expense, RSU	183,213	149,410
Stock compensation expense	187,077	151,843
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	3,864	2,433
Stock compensation expense, RSU	21,786	14,268
Stock compensation expense	25,650	16,701
PSP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0
Stock compensation expense, RSU	43,367	16,314
Stock compensation expense	43,367	16,314
Cumulative catch up expense	20,700
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0
Stock compensation expense, RSU	118,060	118,828
Stock compensation expense	$ 118,060	$ 118,828

Income Taxes - Reconciliation of the federal income tax rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of the federal income tax rate to the Company's effective tax rate
Income tax provision (benefit)	$ 469	$ (4,595)
Effective tax rate	(0.10%)	1.30%
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
Segment Information (Details) $ in Thousands	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
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	$ 417,205	$ 312,276
Total adjusted EBITDA	(289,509)	(139,262)
Depreciation and amortization	32,225	28,193
Interest income, net	(148)	(985)
Income tax provision (benefit)	469	(4,595)
Stock-based compensation	187,077	151,843
Transaction-related costs	3,774	3,023
Litigation, settlement and related costs	1,950	622
(Gain) loss on remeasurement of warrant liabilities	(12,681)	26,980
Other non-recurring costs and non-operating (income) costs	(34,482)	2,001
Net loss attributable to common shareholders	(467,693)	(346,344)
B2c Units [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	403,710	280,847
Total adjusted EBITDA	(269,171)	(141,355)
B2b Units [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	13,495	31,429
Total adjusted EBITDA	$ (20,338)	$ 2,093

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (467,693)	$ (346,344)
Weighted-average common shares outstanding, Basic (in shares)	411,066	397,621
Weighted-average common shares outstanding, Diluted (in shares)	411,066	397,621
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.14)	$ (0.87)
Diluted (in dollars per share)	$ (1.14)	$ (0.87)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

- 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
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	68,462	74,336
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,613	1,812
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	53,512	59,187
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	13,337	13,337

Related-Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.6	$ 1.4
Financial Advisor
Related Party Transaction [Line Items]
Total administrative services expenses	0.0	$ 0.0
Shareholders and Directors
Related Party Transaction [Line Items]
Receivables from shareholders and directors	3.8		$ 3.8
SB Tech
Related Party Transaction [Line Items]
Accounts receivable	0.2		0.2
Equity Method Investee
Related Party Transaction [Line Items]
Receivables	0.5		$ 0.6
Equity Method Investee \| DBDK Venture Fund
Related Party Transaction [Line Items]
Investment commitment	17.5
Investment amount	3.5
Aircraft Lease \| Chief Executive Officer
Related Party Transaction [Line Items]
Total administrative services expenses	$ 0.7
Aircraft Lease \| Entity controlled by CEO
Related Party Transaction [Line Items]
Term of aircraft lease	1 year
Related party aircraft lease amount	$ 0.6

Leases, Commitments and Contingencies - Narrative (Details) $ in Millions	Feb. 07, 2022 patent	Dec. 01, 2021 patent	Nov. 22, 2021 patent	Oct. 21, 2021 claim	Oct. 12, 2021 patent	Aug. 19, 2021 patent	Jul. 28, 2021 patent	Jul. 02, 2021 claim	Jun. 14, 2019 patent	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Weighted-average remaining lease term, operating leases										5 years 8 months 12 days
Weighted-average discount rate, operating leases										6.50%
Not yet commenced lease obligations \| $										$ 33.7
Operating lease term not yet commenced yet										11 years
Securities Matters
Property, Plant and Equipment [Line Items]
Number of cases \| claim								2
Shareholder Derivative Litigation
Property, Plant and Equipment [Line Items]
Number of cases \| claim				5
Shareholder Derivative Litigation, US District Court of Nevada
Property, Plant and Equipment [Line Items]
Number of cases \| claim				2
Arrow Gaming Matter
Property, Plant and Equipment [Line Items]
Number of patents					1	4
Beteiro, LLC Matter
Property, Plant and Equipment [Line Items]
Number of patents			4
Diogenes Ltd. & Colossus (IOM) Ltd. Matter
Property, Plant and Equipment [Line Items]
Number of patents	1	7
United States
Property, Plant and Equipment [Line Items]
Long-lived assets \| $										$ 79.5	$ 77.2
International
Property, Plant and Equipment [Line Items]
Long-lived assets \| $										$ 31.4	32.6
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 \| $										$ 4.0	$ 4.2
Daily Fantasy Sports \| Interactive Games LLC
Property, Plant and Equipment [Line Items]
Number of patents									2
Daily Fantasy Sports \| Winview Inc.
Property, Plant and Equipment [Line Items]
Number of patents							1
Sportsbook product \| Interactive Games LLC
Property, Plant and Equipment [Line Items]
Number of patents									2
Sportsbook product \| Winview Inc.
Property, Plant and Equipment [Line Items]
Number of patents							2

Leases, Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 4,230	$ 4,133
Short term lease cost	1,755	426
Variable lease cost	806	701
Sublease income	(230)	(111)
Total lease cost	$ 6,561	$ 5,149

Leases, Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$ 4,283	$ 4,378
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 619	$ 8,790

Leases, Commitments and Contingencies - Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
From April 1, 2022 to December 31, 2022	$ 12,443
2023	15,661
2024	13,167
2025	11,371
2026	9,817
Thereafter	18,294
Total undiscounted future cash flows	80,753
Less: Imputed interest	(13,385)
Present value of undiscounted future cash flows	$ 67,368

Leases, Commitments and Contingencies - Other Contractual Obligations and Contingencies (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
From April 1, 2022 to December 31, 2022	$ 349,135
2023	402,543
2024	344,405
2025	289,543
2026	177,980
Thereafter	349,849
Total	$ 1,913,455