0001883685-24-000010 | 10-K | XBRL Viewer

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Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the year	$ 58,011	$ 72,407	$ 70,341
Additions for tax positions of prior years	1,026	1,807	0
Reduction for tax positions of prior years	(269)	0	0
Additions for tax positions of current year	449	0	0
Settlements	0	(7,412)	0
Foreign currency adjustments	(1,793)	(8,791)
Foreign currency adjustments			2,066
Unrecognized tax benefits at the end of the year	$ 57,424	$ 58,011	$ 72,407

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period	$ 886,373	$ 615,655
Changes in Goodwill	0	270,718
Balance at end of period	886,373	886,373	$ 615,655
Impairment of goodwill	$ 0	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Summary of Significant Accounting Policies and Practices

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Practices

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated upon consolidation. Certain amounts, which are not material, in the prior years’ consolidated financial statements have been reclassified to conform to the current year presentation.

The Company consummated the GNOG Transaction on the GNOG Closing Date. In the GNOG Transaction, the Company was determined to be the accounting acquirer and, as such, the acquisition is considered a business combination under Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, and was accounted for using the acquisition method of accounting. These consolidated financial statements include the accounts and operations of the Company, except that, due to the timing of the consummation of the GNOG Transaction, these consolidated financial statements exclude the operations of GNOG prior to the GNOG Closing Date.

Segments

The Company regularly reviews its operating segments and the approach used by the chief operating decision maker (“CODM”) to evaluate performance and allocate resources. Prior to the fourth quarter of 2022, the Company had two distinct operating segments: a business-to-consumer (“B2C”) segment, which included its Sportsbook, iGaming and DFS product offerings, as well as media and other consumer product offerings, and a business-to-business (“B2B”) segment, which had principal activities involving the design and development of gaming software.

However, beginning in the fourth quarter of 2022, as a result of the Company’s integration of the technology and expertise of SBTech, the Company began to view the B2B segment primarily as a cost center of the B2C segment and, therefore, began to operate its business and report its results as a single operating segment. The Company’s determination that it operates as a single segment is consistent with the CODM's regular review of consolidated financial information for the purposes of evaluating performance, allocating resources and planning and forecasting for future periods. Prior periods have been reclassified to conform to the new segment presentation.

Foreign Currency and Comprehensive Loss

Prior to January 1, 2022, the Company's reporting currency was the U.S. dollar while the functional currency of the Company’s significant non-U.S. subsidiaries was the Euro. The financial statements of the Company’s significant non-U.S. subsidiaries were translated into United States dollars in accordance with ASC 830, Foreign Currency Matters, using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs and expenses and historical rates for equity. For the period ending December 31, 2021, the translation gain is included in the consolidated statements of comprehensive loss. Effective as of January 1, 2022, the Company’s reporting currency remained the U.S. dollar and the functional currency of the Company's significant non-U.S. subsidiaries’ functional currency was 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 for the years ended December 31, 2023 and 2022.

During 2023, 2022 and 2021, foreign currency transactions did not have a material impact on net loss.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, the valuation and expensing of equity awards, accounting for contingencies and uncertainties, purchase price allocations, including fair value estimates of intangible assets, the estimated useful lives of fixed assets and intangible assets, internally developed software costs and accrued expenses.

Going Concern

The Company currently expects that its cash will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months after February 16, 2024. The Company has experienced operating losses and negative operating cash flows for the years ended December 31, 2023, 2022 and 2021. While certain jurisdictions will experience improved operating cash flow, the Company expects to continue to incur annual operating losses for the next twelve months.

Concentration Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and cash reserved for users. The Company maintains separate accounts for cash and cash reserved for users primarily across several financial institutions. Some of the amounts held exceed federally insured limits. Management believes all financial institutions holding its cash are of high credit quality and does not believe the Company is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company relies on a limited number of vendors to support operations. In particular, a single vendor is currently the primary provider of web services that allow the Company to host its Sportsbook, iGaming and DFS product offerings. Any

interruption in the services provided by this supplier could have a material adverse effect on its business, financial condition and results of operations.

The Company’s growth prospects and market potential will depend on its ability to obtain and maintain licenses to operate in a number of jurisdictions, and if the Company fails to obtain and maintain such licenses, its business, financial condition, results of operations and prospects could be impaired.

We conduct business in numerous countries that carry high levels of currency, political, compliance and economic risk. For example, we have offices in Ukraine and Israel, and the military conflict between Russia and Ukraine and the evolving conflict in Israel and Gaza and any business interruptions or other spillover effects from such conflicts could adversely affect our operations.

Business Combinations

The Company accounts for business combinations under the acquisition method of accounting, in accordance with ASC 805, which requires assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. The fair values of the assets acquired and liabilities assumed are determined based upon the valuation of the acquired business and involve management making significant estimates and assumptions.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid, unrestricted savings, checking, money market funds with original maturities of less than three months and other bank accounts.

Restricted Cash

Restricted cash refers to cash that is held by the company but cannot be used for continuing operations. Restricted cash as of December 31, 2023, primarily relates to collateral for a letter of credit in connection with a cyber-security insurance policy entered into in 2023.

Cash Reserved for Users

The Company maintains separate bank accounts to segregate users’ funds from operational funds. In certain regulated jurisdictions, user funds are held by DK Player Reserve LLC, a Delaware limited liability company and wholly owned subsidiary of DraftKings Inc., which was organized for the purpose of protecting users’ funds in the event of creditor claims and complying with certain regulatory requirements of gaming authorities in certain jurisdictions.

Receivables Reserved for Users

Receivables for user deposits not yet received are stated at the amount the Company expects to collect from a payment processor, which includes an allowance for credit losses if appropriate. These receivables arise, primarily, due to process timing between when a user deposits and when the Company receives that deposit from the payment processor. The allowance for credit losses is determined based on the Company’s assessment of the probability of the non-payment of the receivable. This provision is netted against the receivable balance with the loss being recognized within general and administrative expenses in the consolidated statements of operations. As of and for the years ending December 31, 2023 and December 31, 2022, the provision did not have a material impact on the Company’s consolidated financial statements.

Accounts Receivables

Accounts receivables are recorded at amortized cost, less any allowance for credit losses. The allowance for credit losses is determined based on the Company’s assessment of the probability of non-payment of the receivable after all means of collection have been exhausted and the potential for recovery is considered remote. This provision is netted against the receivable balance with the loss being recognized within general and administrative expenses in the consolidated statements of operations. As of and for the years ending December 31, 2023 and December 31, 2022, the provision did not have a material impact on the Company’s consolidated financial statements.

Digital Assets and Liabilities

On March 31, 2022, the SEC issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguard digital assets that an entity holds for its users, which was effective from the first interim period commencing after June 15, 2022, with retroactive application as of the beginning of the fiscal year to which the interim or annual period relates. In accordance with SAB 121, the Company recognized a liability for the obligation to safeguard its users’ assets and recognized an associated asset for non-fungible tokens (“NFTs”) held for its users. Both the liability and the associated asset are measured at the fair value of the NFTs being safeguarded. Refer to Note 8 hereof for disclosures required in accordance with ASC 820, Fair Value Measurement.

Property and Equipment, Net

Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed utilizing the straight-line method over the estimated useful life of the asset. Leasehold improvements depreciation is computed over the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are generally as follows:


Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold improvements			Lesser of the lease terms or the estimated useful lives of the improvements, generally 1–10 years

Intangible Assets, Net

The Company’s intangible assets consist of developed technology, customer relationships, internally-developed software, gaming licenses, trademarks and tradenames and digital assets. The related amortization expense is classified as cost of revenue in the consolidated statements of operations. Estimates and assumptions that we must make in estimating the fair value of future acquired technology, user lists and other identifiable intangible assets include future cash flows that we expect to generate from the acquired assets.

Developed Technology

Developed technology primarily relates to the design and development of sports betting and casino gaming software for online and retail sportsbook and casino gaming products acquired from SBTech and other acquisitions and recorded at fair value at the date of acquisition.

Internally Developed Software

Software that is developed for internal use is accounted for pursuant to ASC 350-40, Intangibles, Goodwill and Other—Internal-Use Software. Qualifying costs incurred to develop internal-use software are capitalized when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and perform as intended. These capitalized costs include compensation for employees who develop internal-use software and external costs related to development of internal use software. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Internally developed software is amortized using the straight-line method over an estimated useful life. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, are expensed as incurred. When intangible assets are retired or disposed of, the cost and accumulated amortization thereon are removed, and any resulting gain or losses are included in the consolidated statements of operations.

Gaming Licenses

The Company incurs fees in connection with applying for and maintaining good standing in jurisdictions via business licenses. Fees incurred in connection with the application and subsequent renewals are capitalized and amortized using the straight-line method over an estimated useful life. In certain arrangements, the Company enters into agreements to operate on a business partner’s license in exchange for upfront fees. These fees are capitalized and amortized over the shorter of their expected benefit under the partnership agreement or estimated useful life.

Customer Relationships

Customer (or “user”) relationships are finite-lived intangible assets, which are amortized over their estimated economic lives. Customer relationships are generally recognized as the result of business combinations.

Trademarks and Tradenames

The Company incurs fees in connection with applying for and maintaining trademarks and tradenames as well as trademarks and tradenames resulting from acquisitions. Fees incurred in connection with the application and subsequent renewals are capitalized and amortized using the straight-line method over an estimated useful life.

Digital Assets

The Company has purchased certain digital assets, including crypto currencies, with cash that is not required to currently support its operations. The Company accounts for digital assets in accordance with ASC 350, Intangibles—Goodwill and Other (Topic 350). Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value an impairment loss equal to the difference will be recognized in the consolidated statement of operations. We have not recorded any significant impairments.

Impairment of Long-Lived Assets

Long-lived assets, except for goodwill and indefinite-lived intangible assets, consist of property and equipment and finite-lived acquired intangible assets, such as internal-use software, developed software, gaming licenses, trademarks, tradenames, and customer relationships. Long-lived assets, except for goodwill and indefinite-lived assets, are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. Impairment expense is recognized to the extent an asset’s expected undiscounted future cash flows are less than the asset’s carrying amount. The Company determined that there was no impairment of long-lived assets during 2023, 2022, or 2021.

Goodwill

The Company regularly reviews its reporting units and the approach used by the CODM and segment management to evaluate performance and allocate resources. Prior to 2023, the Company’s business was classified into three reporting units: B2C, Media and B2B. However, as a result of the Company’s integration of its B2B business and change in reporting structure to the CODM, the Company determined that it only had one reporting unit as of October 1, 2023, the Company’s annual goodwill impairment assessment date. In testing goodwill for impairment, the Company has the option to begin with a qualitative assessment, commonly referred to as “Step 0,” to determine whether it is more likely than not that the fair value of a reporting unit containing goodwill is less than its carrying value. This qualitative assessment may include, but is not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, entity-specific financial performance and other events, such as changes in the Company’s management, strategy and primary user base. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative goodwill impairment analysis by comparing the carrying amount to the fair value of the reporting unit. If the carrying amount exceeds the fair value, goodwill will be written down to the fair value and recorded as impairment expense in the consolidated statements of operations. The Company performs its impairment testing annually and when circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company performed its annual impairment assessment of goodwill as of October 1, 2023 and, with consideration regarding the change in reporting units, concluded that goodwill was not impaired.

Equity Method Investments

The Company has a 49.9% membership interest in DKFS, LLC, also known as DRIVE by DraftKings as of December 31, 2023. In addition, 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 December 31, 2023, the Company had invested a total of $7.6 million of the total commitment, which represents ownership of approximately 28.6% in the fund.

The Company uses the equity method to account for investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, but it does not exercise control and is not the primary beneficiary. The Company’s judgment regarding its level of influence over the equity method investee includes considering key factors, such as ownership interest, representation on the board of directors, and participation in policy-making decisions. The Company’s carrying value in the equity method investee is reflected in the caption “Equity method investments”

on the consolidated balance sheets. Changes in value of DKFS, LLC and DBDK Venture Fund I, LP are recorded in “Loss (income) from equity method investment” on the consolidated statements of operations.

Under the equity method, the Company’s investment is initially measured at cost and subsequently increased or decreased to recognize the Company’s share of income and losses of the investee, capital contributions and distributions and impairment losses. The Company performs a qualitative assessment annually and recognizes an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. There was no such impairment recorded during 2023, 2022, or 2021.

Leases

The Company determines if an arrangement is a lease at inception and categorizes it as either operating or finance based on the criteria of ASC 842. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating leases are recorded in the Consolidated Balance Sheets. The Company currently does not have any finance leases. The Company elects certain practical expedients that include not separating lease and non-lease components and it does not apply the right-of-use (“ROU”) assets and lease liability recognition requirements to short-term leases.

Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. These leases typically do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. ROUs are recognized at the lease commencement date at the value of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the expected lease term.

Liabilities to Users

The Company records liabilities for user account balances and pending wagers. User account balances consist of user deposits, most promotional awards and user winnings less user withdrawals, tax withholdings and user losses. Liabilities for user account balances may be covered through a combination of cash reserved for users, receivables reserved for users and surety bonds for the benefit of users.

Loss Contingencies

The Company’s loss contingencies, which are included within accounts payable and accrued expenses or other long-term liabilities in our consolidated balance sheets, are uncertain by nature and their estimation requires significant management judgment as to the probability of loss and estimation of the amount of such loss. These contingencies include, but may not be limited to, litigation, indirect taxes, regulatory investigations and proceedings and management’s evaluation of complex laws and regulations, and the extent to which they may apply to our business and industry.

The Company regularly reviews its contingencies to determine whether the likelihood of loss is probable or reasonably possible and to assess whether a reasonable estimate of the loss can be made. Determination of whether a loss estimate can be made is a complex undertaking that considers the judgement of management, third-party research, the prospect of negotiation and interpretations by regulators and courts, among other information. When a loss is determined to be probable, and the amount of the loss can be reasonably estimated, an estimated contingent liability is recorded and the related legal costs are expensed as incurred.

Revenue Recognition

The Company records revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard requires more detailed disclosures to enable readers of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. See Note 9 (Revenue Recognition) for further information.

The Company determines revenue recognition through the following steps:

•Identify the contract, or contracts, with the customer;

•Identify the performance obligations in the contract;

•Determine the transaction price;

•Allocate the transaction price to performance obligations in the contract; and

•Recognize revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services.

The Company is currently engaged in the business of digital sports entertainment and gaming and provides its users with online gaming opportunities. The Company also provides online sportsbook and casino operators with technical infrastructure as well as related services with respect to its direct customers and distributors. The following is a description of the Company’s revenue streams:

Online gaming

Sportsbook or sports betting involves a user wagering money on an outcome or series of outcomes occurring. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Sportsbook revenue is generated by setting odds such that there is a built-in theoretical margin in each sports wagering opportunity offered to users. Sportsbook revenue is generated from users’ wagers net of payouts made on users’ winning wagers and incentives awarded to users.

iGaming, or online casino, typically includes digital versions of wagering games available in land-based casinos, such as blackjack, roulette and slot machines. For these product offerings, the Company functions similarly to land-based casinos, generating revenue through hold, as users play against the house. iGaming revenue is generated from user wagers net of payouts made on users’ winning wagers and incentives awarded to users.

DFS is a peer-to-peer product offering in which contestants compete against one another for prizes. Contestants pay an entry fee to join a DFS contest and compete for prizes, which are distributed to the highest performing contestants in each contest as defined by each contest’s prize table. DFS revenue is generated from contest entry fees from contestants, net of prizes and customer incentives awarded to contestants.

Sportsbook, iGaming, and DFS, each as described above, create a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results. Revenue is recognized at the conclusion of each wager, wagering game hand or contest. Incentives can be used across online gaming product offerings. Additionally, certain incentives given to customers create material rights and represent separate performance obligations. User incentives in certain cases create liabilities when awarded to players and in those cases are generally recognized as revenue upon redemption.

Gaming software

The Company contracts with business customers to provide sports and casino betting software solutions. Gaming software revenue is recognized when control of the solutions is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for providing control of the sports betting and casino software.

The Company’s direct customer contract revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using our software and is recognized in the periods in which those wagering and related activities conclude. Our direct customer arrangements do not provide the customers with the right to take possession of our software, but only the right to purchase access to the Company’s sports and casino wagering software for a defined contractual period.

Media and advertising revenue

The Company enters contracts with businesses where it receives consideration in exchange for advertisement activities over the related campaign periods. These services are grouped into advertising promises and sponsored game promises. The advertising packages range from standard ad placements and background ad placements to more high-touch integrations, such as sponsored DFS contest series or custom site takeovers. Media and advertising revenue is generated from business users and recognized ratably over the respective ad periods.

Non-fungible token (“NFT”) content

The Company launched DraftKings Marketplace during the third quarter of 2021. Marketplace is a digital collectibles (non-fungible token or “NFT”) ecosystem designed for mainstream accessibility that offers curated initial NFT drops (“Primary Sales”). In addition to Primary Sales, owners of NFTs on Marketplace can list their NFTs for sale to other Marketplace customers (“Secondary Sales”). The revenue that the Company earns from Marketplace is primarily based on a specific percentage of the gross value of each Primary Sale or Secondary Sale. The revenue is recognized for each sale when the NFT transfers to the end user.

Transaction Price Considerations

Variability in the transaction price arises primarily due to market-based pricing, cash discounts, revenue sharing and usage-based fees. DraftKings offers loyalty programs, free plays, deposit bonuses, discounts, rebates and other rewards and incentives to its customers. Revenue for Sportsbook, iGaming and DFS is collected prior to the contest or event and is fixed once the outcome is known. Prizes paid and payouts made to users are recognized when awarded to the player.

Contracts with customers may include multiple performance obligations. For such arrangements, the transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. For Online Gaming, which includes Sportsbook, iGaming and DFS, the Company allocates a portion of the transaction price to certain customer incentives that create material future customer rights. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.

Certain costs to obtain or fulfill contracts

Under ASC 606, certain costs to obtain or fulfill a contract with a customer must be capitalized, to the extent recoverable from the associated contract margin, and subsequently amortized as the products or services are delivered to the customer. These costs are capitalized as contract acquisition costs and are amortized over the period of benefit to the customer. For the Company, the period of benefit is typically less than or equal to one year. As such, the Company applied the practical expedient and contract acquisition costs are expensed immediately. Customer contract costs which do not qualify for capitalization as contract fulfillment costs are expensed as incurred.

Contract balances

Contract assets and liabilities represent the differences in the timing of revenue recognition from the receipt of cash from the Company’s customers and billings to those customers. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing.

Deferred revenue primarily represents contract liabilities related to the Company’s obligation to transfer future value in relation to in-period transactions in which the Company has received consideration. Such obligations are recognized as liabilities when awarded to users and are recognized as revenue when those liabilities are later resolved. The Company maintains various programs to incentivize user behavior, which allow users to earn awards. Incentive awards generally represent a material right to the user, and awards may be redeemed for future services. Incentive awards earned by users, but not yet redeemed, are generally recognized as a reduction to revenue and included within liabilities to users on our consolidated balance sheets. When a user redeems most types of awards, the Company recognizes revenue on its consolidated statements of operations. Certain player awards are not subject to expiration or have not been expired historically; on such awards the Company recognizes breakage (for amounts not expected to be redeemed) to the extent there is no requirement for remitting such balances to regulatory agencies. In addition to these incentive programs, the Company’s deferred revenue balance also consists of wagered amounts that relate to unsettled or pending outcomes.

Cost of Revenue

Cost of revenue consists primarily of variable costs. These include mainly (i) product taxes, (ii) payment processing fees and chargebacks, (iii) platform costs directly associated with revenue-generating activities, including those costs that were originally capitalized for internally developed software, (iv) revenue share / market access arrangements, and (v) feed / provider services. The Company incurs payment processing fees on user deposits, withdrawals and deposit reversals from payment processors. Cost of revenue also includes expenses related to the distribution of our services, amortization of intangible assets and compensation of revenue associated personnel.

Sales and Marketing

Sales and marketing expenses consist primarily of expenses associated with advertising, conferences, costs related to free to play contests, rent and facilities maintenance, and the compensation of sales and marketing personnel, including stock-based compensation expenses. Advertising costs are expensed as incurred and are included in sales and marketing expense in our consolidated statements of operations. Advertising costs include those costs associated with communicating with potential customers and generally use some form of media, such as internet, radio, print, television, or billboards. Advertising costs also include costs associated with strategic league and team partnerships. During the years ended December 31, 2023, 2022 and 2021, advertising costs calculated in accordance with U.S. GAAP were $984.4 million, $964.9 million and $831.1 million, respectively.

Product and Technology

Product and technology expenses consist primarily of research and development costs that are not capitalized and other costs not associated directly with revenue generating activities. Research and development costs primarily represent employee expenses (including stock-based compensation) for engineering product, design, analytical research and project management incurred for non-revenue generating activities. Other costs include related overhead for rent, facilities maintenance, third party software licenses and consulting services.

General and Administrative

General and administrative expenses consist of costs not related to sales and marketing, product and technology or revenue. General and administrative costs include professional services (including legal, regulatory, audit, accounting, lobbying and services related to acquisitions), rent and facilities maintenance, contingencies, insurance, allowance for credit losses, depreciation of leasehold improvements and furniture and fixtures and costs related to the compensation of executive and non-executive personnel, including stock-based compensation.

Benefit Plans

The Company maintains a defined contribution plan, which covers a majority of employees. The plan allows for employee salary deferrals, which are matched at our discretion. The Company contributions to these plans were $11.6 million, $9.3 million and $6.7 million in 2023, 2022 and 2021, respectively.

Stock-based Compensation

The Company measures compensation cost for stock options and other stock awards in accordance with ASC 718, Compensation—Stock Compensation. Stock-based compensation is measured at fair value on grant date and recognized as compensation cost over the requisite service period. Generally, the Company issues stock options and other stock awards to employees with service-based or performance-based vesting conditions. For awards with only service-based vesting conditions, the Company records compensation cost for these awards using the straight-line method less an assumed forfeiture rate. For awards with performance-based vesting conditions, the Company recognizes compensation cost on a tranche-by-tranche basis (the accelerated attribution method), based on the probability of achieving the performance criteria.

Under the provisions of ASC 505-50, Equity-Based Payments to Non-Employees, the Company measures stock-based awards granted to non-employees at the earlier of: (i) the performance commitment date, or (ii) the date the services required under the arrangement have been completed. Compensation cost is recognized over the period during which services are rendered by non-employees until service is completed.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between U.S. GAAP treatment and tax treatment of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax liabilities are included in other long-term liabilities in the consolidated balance sheets. Changes in deferred tax assets and liabilities are included in the income tax (benefit) provision in the consolidated statement of operations. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by considering taxable income of the appropriate source and character in carryback years, existing taxable temporary differences, prudent and feasible tax planning strategies and estimated future taxable profits.

The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then measured to determine the amount of benefit to recognize in our consolidated financial statements. Liabilities for uncertain tax positions are included in long-term income tax liabilities in the consolidated balance sheets. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The income tax (benefit) provision includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate, as well as the related net interest and penalties.

Loss per share

Basic loss per share is calculated using the two-class method. Under the two-class method, basic loss is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period excluding the effects of any potentially dilutive instruments. The weighted-average number of common shares outstanding during the period includes Class A common stock but is exclusive of Class B common stock as these shares have no economic or participating rights. Diluted loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if potential common shares had been issued if such additional common shares were dilutive. Since the Company had net losses for all the periods presented, basic and diluted loss per share are the same, and additional potential common shares have been excluded, as their effect would be anti-dilutive.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement (“Topic 820”), when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. While the Company is continuing to assess the potential impacts of ASU 2022-03, it does not expect ASU 2022-03 to have a material effect on the Company’s consolidated financial condition, results of operations or cash flows.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosures. The guidance expands the disclosures required for reportable segments in our annual and interim consolidated financial statements, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for us beginning with our annual reporting for fiscal year 2024 and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of this standard on our segment disclosures.

In December 2023, the FASB issued ASU 2023-08, Accounting for and Disclosure of Crypto Assets (Topic 820), a new standard designed to enhance decision-useful information about such assets and to better reflect the underlying economics of cryptocurrency transactions. The standard will be effective for us beginning with our annual reporting for fiscal year 2025 and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of this standard on our digital assets’ accounting and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 modifies the rules on income tax disclosures to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The amendments are intended to address investors’ requests for income tax disclosures that provide more information to help them better understand an entity’s exposure to potential changes in tax laws and the ensuing risks and opportunities and to assess income tax information that affects cash flow forecasts and capital allocation decisions. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. All entities are required to apply the guidance prospectively but have the option to apply it retrospectively. Early adoption is permitted. The Company is continuing to assess the timing of adoption and the potential impacts of ASC 2023-09.

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 136,146	$ 115,705
Accumulated depreciation	(75,451)	(55,603)
Property and Equipment, net	60,695	60,102
Depreciation expense	20,400	18,700	$ 13,800
Foreign countries
Property, Plant and Equipment [Line Items]
Property and Equipment, net	4,000
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and Equipment	70,243	64,133
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment	8,594	8,526
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 57,309	$ 43,046

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 180,900	$ 150,600	$ 107,300
Impairment of goodwill	$ 0	$ 0	$ 0

Income Taxes - Summary of Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Benefit for income taxes at 21% rate	$ (166,217)	$ (303,028)	$ (318,705)
Prior year provision true-ups	1,321	938	(16,878)
State taxes, net of federal benefit	(40,385)	(17,265)	(142,119)
Internal restructurings	0	0	(167,692)
Stock-based compensation (benefit) expense	26,155	28,015	(70,150)
Non-deductible lobbying expenses	1,009	4,788	9,938
Change in valuation allowance	130,817	166,978	575,225
Non-deductible executive compensation	30,106	54,925	117,849
(Gain) loss on remeasurement of warrant liabilities	12,084	(6,173)	(6,301)
Foreign rate differential	3,348	1,802	16,588
Income tax reserves	4,119	(553)	5,098
Other	7,813	1,707	5,416
Total income tax provision (benefit)	$ 10,170	$ (67,866)	$ 8,269

Leases, Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Leases, Commitments and Contingencies

Leases

The Company leases corporate office facilities, data centers, and motor vehicles under operating lease agreements. Some of the Company’s leases include one or more options to renew. For a majority of the Company’s leases, it does not assume renewals in its determination of the lease term as the renewals are not deemed to be reasonably assured. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2023, 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 expense are as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost	$	19,175	$	20,003	$	16,551
Short term lease cost	2,616		6,004		3,273
Variable lease cost	4,644		4,462		4,261
Sublease income	(704)		(849)		(774)
Total lease cost	$	25,731	$	29,620	$	23,311

Supplemental cash flow and other information for 2023 and 2022 related to operating leases was as follows:


	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,561	$	16,390
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21,917	$	18,134

The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases were 7.3 years and 6.5% as of December 31, 2023. 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:


	December 31,
2024	$	16,519
2025	15,127
2026	14,693
2027	15,542
2028	16,228
Thereafter	39,644
Total undiscounted future cash flows	117,753
Less: Imputed interest	(25,427)
Present value of undiscounted future cash flows	$	92,326

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:


	Year ending December 31,
2024	$	467,609
2025	357,058
2026	199,339
2027	112,588
2028	86,802
Thereafter	181,228
Total	$	1,404,624

Surety Bonds

As of December 31, 2023, the Company has been issued $215.0 million in surety bonds at a combined annual premium cost of 0.4% which are held for certain regulators’ use and benefit in order for the Company to satisfy state license requirements. There have been no claims against such bonds and the likelihood of future claims is remote.

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.

Interactive Games LLC

On June 14, 2019, Interactive Games LLC filed suit against the Company in the U.S. District Court for the District of Delaware, alleging that our Daily Fantasy Sports product offering infringes two patents and the Company’s Sportsbook product offering infringes two different patents. The Company 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.

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 the Company's financial condition, although the outcome could be material to the Company's operating results for any particular period, depending, in part, upon our operating results for such period.

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 offering infringes two patents, our Daily Fantasy Sports product offering infringes one patent, and that our Sportsbook product offering and Daily Fantasy Sports product offering infringe another patent. On November 15, 2021, Winview Inc. filed a second amended complaint (the “SAC”), adding as defendants DK Crown Holdings Inc. (“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.

The Company 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 Arising From the Hindenburg Report and Related Matters

Beginning on July 9, 2021, the Company received subpoenas from the SEC seeking documents concerning, among other things, certain of the allegations concerning SBTech that were contained in a report published about the Company on June 15, 2021 by Hindenburg Research, as well as the Company’s adherence to and 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 the SEC matter 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 the SEC matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows.

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

Matters Related to the GNOG Transaction

On August 12, 2022, a putative class action was filed in Nevada state District Court in Clark County against Golden Nugget Online Gaming, Inc. (“GNOG Inc.”), the Company and one of its officers and two affiliates, as well as former officers or directors and the former controlling stockholder of GNOG Inc. and Jefferies LLC. The lawsuit asserts claims on behalf of a putative class of former minority stockholders of GNOG Inc. alleging that certain former officers and directors of GNOG Inc. and its former controlling stockholder (Tilman Fertitta and/or Fertitta Entertainment, Inc.) breached their fiduciary duties to minority stockholders of GNOG Inc. in connection with the GNOG Transaction, and the other defendants aided and abetted the alleged breaches of fiduciary duty.

On September 9, 2022, two similar putative class actions were filed in the Delaware Court of Chancery against former directors of GNOG Inc. and its former controlling stockholder, one of which also names the Company and Jefferies Financial Group, Inc. as defendants. These pending actions in Delaware assert substantially similar claims on behalf of a putative class of former minority stockholders of GNOG Inc. alleging that certain former officers and directors of GNOG Inc. and its former controlling stockholder (Tilman Fertitta) breached their fiduciary duties to minority stockholders of GNOG Inc. in connection with the GNOG Transaction, and one of the actions also alleges that the Company aided and abetted the alleged breaches of fiduciary duty. On October 12, 2022, the Delaware Court of Chancery consolidated these two actions under the caption In re Golden Nugget Online Gaming, Inc. Stockholders Litigation. At a mediation held on January 24, 2024, the parties reached an agreement in principle to settle the Delaware action, subject to negotiation and execution of mutually agreeable definitive documentation and the performance and satisfaction of terms and conditions set forth thereof. The estimated loss was accrued as of December 31, 2023 in the accounts payable and accrued expenses line-item on the consolidated balance sheet.

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

Despite the potential for significant damages, the Company does not believe, based on currently available information, that the outcome of the Nevada action will have a material adverse effect on the Company's financial condition, although the outcome could be material to the Company's 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 the Company in the United States District Court for the District of New Jersey alleging that the Company's DFS and Casino product offerings 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 product offerings 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 offering infringes seven patents. Colossus amended its complaint on February 7, 2022 to, among other things, add one additional patent.

Steiner

Nelson Steiner filed suit against the Company and FanDuel Inc. in Florida state court on November 9, 2015. The action was subsequently transferred to In Re: Daily Fantasy Sports Litigation (Multi-District Litigation) (the “MDL”), and Mr. Steiner’s action was consolidated into the MDL’s amended complaint, which, in February 2016, consolidated numerous actions (primarily purported class actions) filed against the Company, FanDuel, and other related parties in courts across the United States. By June 23, 2022, the MDL was resolved, except for Mr. Steiner’s action, and the court officially closed the MDL docket on July 8, 2022.

Mr. Steiner brings this action as a concerned citizen of the state of Florida alleging that, among other things, defendants’ daily fantasy sports contests are illegal gambling under the state laws of Florida and seeks disgorgement of “gambling losses” purportedly suffered by Florida citizens on behalf of the state. On June 23, 2022, the MDL court remanded Mr. Steiner’s action to the Circuit Court for Pinellas County, Florida. Plaintiff has not yet filed an amended pleading.

The Company intends to vigorously defend this suit. Any adverse outcome in this matter could be subject the Company to substantial damages and it could be restricted from offering DFS contests in Florida. The Company cannot provide any assurance as to the outcome of this matter.

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

Turley

On January 9, 2023, Simpson G. Turley, individually and on behalf of all others similarly situated, filed a purported class action against the Company in the United States District Court for the District of Massachusetts. Plaintiff alleges, among other things, that he was a contestant in the Company’s daily fantasy showdown contest for the January 2, 2023, NFL game between the Cincinnati Bengals and the Buffalo Bills (the “Bengals-Bills Game”). The Bengals-Bills Game was postponed and

eventually cancelled due to Damar Hamlin collapsing during the game. Plaintiff alleges that he was winning prizes in multiple showdown contests at the point in time that the Bengals-Bills Game was cancelled (with 5:58 remaining in the first quarter). Plaintiff alleges that, instead of paying out the prize money, the Company refunded entry fees to contestants that entered showdown or flash draft fantasy contests. On May 8, 2023, plaintiff Turley and a new plaintiff (Erik Ramos) filed a First Amended Class Action Complaint. The plaintiffs assert claims for breach of contract, unfair and deceptive acts and practices, false advertising, and unjust enrichment. Among other things, plaintiffs seek statutory damages, monetary damages, punitive damages, attorney fees and interest.

The Company intends to vigorously defend this case. Any adverse outcome in this matter could subject the Company to substantial damages and/or require alterations to the Company’s business. The Company cannot provide any assurance as to the outcome of this matter.

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 this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows.

Securities Matters Related to DraftKings Marketplace

On March 9, 2023, a putative class action was filed in Massachusetts federal court by alleged purchasers of non-fungible tokens (“NFTs”) on the DraftKings Marketplace (“DK Marketplace”). The complaint asserts claims for violations of federal and state securities laws against the Company and three of its officers on the grounds that, among other things, the NFTs that are sold and traded on the DK Marketplace allegedly constitute securities that were not registered with the SEC in accordance with federal and Massachusetts law, and that the DK Marketplace is a securities exchange that is not registered in accordance with federal and Massachusetts law. Based on these allegations, plaintiff brings claims seeking rescissory damages and other relief on behalf of himself and a putative class of persons who purchased NFTs on the DK Marketplace between August 11, 2021 and the present. The Company intends to vigorously defend this matter.

On July 17, 2023, the Company received a subpoena from the Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts seeking documents and requesting answers to interrogatories concerning, among other things, DK Marketplace and NFTs that are sold on DK Marketplace, and related matters. We intend to comply with these requests.

The Company cannot predict with any degree of certainty the outcome of these matters 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, penalties and/or require alterations to the Company’s business that may have a material adverse impact on the Company’s operations and cash flows.

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

Shareholder Derivative Litigation Related to DraftKings Marketplace

On May 31, 2023, a putative shareholder derivative action was filed in Nevada state court by an alleged shareholder of the Company. The action asserts claims on behalf of the Company against certain senior officers and members of the Board of Directors of the Company for breach of fiduciary duty and unjust enrichment based primarily on allegations that the defendants caused or allowed the Company to disseminate misleading and inaccurate information to its shareholders in connection with NFTs that are sold and traded on the DK Marketplace. The action also alleges that certain individuals are liable for trading in Company stock at artificially inflated prices. The action seeks unspecified compensatory damages, changes to corporate governance and internal procedures, restitution, disgorgement, costs and attorney’s fees, and other unspecified relief.

The Company cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. The Company also cannot provide an estimate of the possible loss or range of loss. Because this action

alleges claims on behalf of the Company and purports to seek a judgment in favor of the Company, the Company does not believe, based on currently available information, that the outcome of the proceedings will have a material adverse effect on the Company’s financial condition, although the outcome could be material to the Company’s operating results for any particular period, depending, in part, upon the operating results for such period.

Scanlon

On December 8, 2023, plaintiffs Melissa Scanlon and Shane Harris, individually and on behalf of others similarly situated, filed a purported Massachusetts class action lawsuit against DraftKings in Middlesex County Superior Court of Massachusetts. Among other things, Plaintiffs allege that the Company’s promotion that offered new customers an opportunity to earn up to 1,000 in site credits, and related advertisements, were: (1) unfair or deceptive practices in violation of Massachusetts General Laws (“M.G.L.”) c. 93A, §§ 2, 9; and (2) untrue and misleading advertising in violation of M.G.L. c. 266, § 91. The Plaintiffs are seeking, among other things, injunctive relief, actual damages, double or treble damages, and attorneys’ fees.

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 this matter could expose the Company to substantial damages or penalties that may have a material adverse impact on the Company’s operations and cash flows.

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.

Revenue Recognition - Summary of Deferred Revenue Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 133,851	$ 91,554	$ 30,627
Deferred revenue, end of the period	174,212	133,851	91,554
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 129,246	$ 74,837	$ 28,319

Income Taxes - Summary of Loss and Components Before Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss before provision for (benefit from) income taxes:
United States	$ (753,105)	$ (1,329,931)	$ (1,391,154)
Foreign	(38,148)	(113,027)	(126,490)
Loss before income tax (benefit) provision	(791,253)	(1,442,958)	(1,517,644)
Current:
Federal	0	0	90
State	433	456	514
Foreign	3,888	5,085	23,174
Total current provision	4,321	5,541	23,778
Deferred:
Federal	205	(52,411)	(5,523)
State	2,643	(17,624)	(2,075)
Foreign	3,001	(3,372)	(7,911)
Total deferred provision	5,849	(73,407)	(15,509)
Total income tax provision (benefit)	$ 10,170	$ (67,866)	$ 8,269

Current and Long-term Liabilities - Revolving Line of Credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 20, 2022	Oct. 31, 2016
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125.0
Principal amount outstanding	0.0
Net facility available	$ 122.7
Revolving Credit Facility \| Prime rate
Line of Credit Facility [Line Items]
Variable interest rate spread	1.00%
Variable annual interest rate floor	5.00%
Quarterly in arrears fee per annum	0.25%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 125.0	$ 60.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Boston, Massachusetts
Auditor Firm ID	243

Revenue Recognition - Summary of Company's Revenue by Geographical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenue	$ 3,665,393	$ 2,240,461	$ 1,296,025
United States
Disaggregation of Revenue [Line Items]
Total Revenue	3,595,622	2,196,803	1,198,748
International
Disaggregation of Revenue [Line Items]
Total Revenue	$ 69,771	$ 43,658	$ 97,277

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Description of Business (Details)	Dec. 31, 2023	May 05, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Conversion basis		1
Number of jurisdictions with legalized sports betting in which company operates	23

Subsequent Events (Details) - Jackpocket $ / shares in Units, shares in Millions, $ in Millions	Feb. 11, 2024 USD ($) $ / shares shares
Subsequent Event
Subsequent Event [Line Items]
Consideration \| $	$ 750.0
Cash consideration payable	55.00%
Common stock consideration payable	45.00%
Trading day period	30 days
Minimum \| Forecast
Subsequent Event [Line Items]
Share price (in dollars per share) \| $ / shares	$ 31.68
Share consideration (in shares) \| shares	7,874,806
Maximum \| Forecast
Subsequent Event [Line Items]
Share price (in dollars per share) \| $ / shares	$ 42.86
Share consideration (in shares) \| shares	10,654,149
Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Stock consideration value payable \| $	$ 337.5

Current and Long-term Liabilities - Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 05, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 14, 2019
Line of Credit Facility [Line Items]
Warrant liabilities		$ 63,568	$ 10,680
Loss (gain) on remeasurement of warrant liabilities		57,543	$ (29,396)	$ (30,065)
Exercise of warrants		$ 4,942		$ 9,205
Golden Nugget Online Gaming, Inc
Line of Credit Facility [Line Items]
Share ratio (in shares)	0.365
Issuance of New DraftKings' class A common stock for each common share of Golden Nugget Online Gaming (in shares)	2,100,000
Public Warrants
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)					13,300,000
Number of shares issuable per warrant (in shares)					1
Exercise price per warrant (in dollars per share)					$ 11.50
Number of warrants outstanding (in shares)		0	0
Private Warrants
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)					6,300,000
Number of shares issuable per warrant (in shares)					1
Exercise price per warrant (in dollars per share)					$ 11.50
Number of warrants outstanding (in shares)		1,400,000	1,400,000
Shares issued for exercise of warrants (in shares)		200,000		300,000
Exercise of warrants		$ 4,600		$ 9,200
Private Warrants \| Golden Nugget Online Gaming, Inc
Line of Credit Facility [Line Items]
Number of warrants issued (in shares)	5,900,000	5,900,000	5,900,000
Number of shares issuable per warrant (in shares)	1
Exercise price per warrant (in dollars per share)	$ 11.50
Outstanding exercisable warrants (in dollars per share)	$ 31.50
Shares issued for exercise of warrants (in shares)		0
Level 1 and Level 2 warrants
Line of Credit Facility [Line Items]
Loss (gain) on remeasurement of warrant liabilities		$ (57,500)	$ 29,400	$ 30,100

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Measure Fair Value

The fair value of the stock options issued was measured using the following assumptions:


	Year ended December 31,
	2023		2022		2021
Risk free interest rate	4.1	%	3.1	%	1.1	%
Expected term (in years)	5.9		5.6		5.8
Expected volatility	55.7	%	53.0	%	43.0	%
Expected dividend yield	0.0	%	0.0	%	0.0	%

Schedule of Stock Option Activity

The following table shows stock award activity for the years ended December 31, 2023 and 2022:


	Time-based		PSP		LTIP		Total	Weighted Average Exercise Price of Options		Weighted Average FMV of RSUs		Weighted Average Remaining Term of Options (Years)	Aggregate Intrinsic Value of Options
	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	6.34	$	622,108
Granted	400	15,254	—	12,523	—	1,390	29,567	28.24		17.79		—	—
Exercised options / vested RSUs	(2,672)	(2,913)	(76)	(2,671)	(519)	(6,251)	(15,102)	2.68		43.19		—	—
Change in awards due to performance-based multiplier	—	—	—	1,806	—	—	1,806	—		33.69		—	—
Forfeited	(164)	(1,263)	(5)	(27)	—	(618)	(2,077)	4.73		34.94		—	—
Outstanding at December 31, 2022	12,259	15,273	2,273	13,119	11,152	13,864	67,940	$	6.17	$	29.64	5.49	$	192,062
Granted	800	11,629	—	2,240	—	209	14,878	29.02		19.55		—	—
Exercised options / vested RSUs	(2,414)	(7,211)	(884)	(1,715)	(646)	(12,310)	(25,180)	4.16		42.29		—	—
Change in awards due to performance-based multiplier	—	—	—	1,141	—	—	1,141	—		60.25		—	—
Forfeited	(285)	(1,810)	—	(976)	—	(508)	(3,579)	4.39		21.18		—	—
Outstanding at December 31, 2023	10,360	17,881	1,389	13,809	10,506	1,255	55,200	$	7.10	$	21.01	4.59	$	645,885

The following table provides additional information for stock option awards outstanding as of December 31, 2023:


	Awards Outstanding	Weighted Average Remaining Term of Options (Years)	Aggregate Intrinsic Value		Weighted Average Exercise Price of Options
Stock options exercisable	21,708	4.5	$	643,350	$	6.44
Stock options remaining to vest	547	8.9	$	2,535	$	33.10

Summary of Stock Compensation Expense

The following table shows stock-based compensation cost for the years ended December 31, 2023, 2022 and 2021:


	Year ended						Year ended						Year ended
	December 31, 2023						December 31, 2022						December 31, 2021
	Options		RSUs		Total(3)		Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	10,178	$	183,937	$	194,115	$	15,222	$	103,478	$	118,700	$	14,654	$	61,085	$	75,739
PSP (2)	—		126,071		126,071		—		90,180		90,180		—		82,089		82,089
LTIP (2)	—		78,277		78,277		—		369,919		369,919		—		525,465		525,465
Total	$	10,178	$	388,285	$	398,463	$	15,222	$	563,577	$	578,799	$	14,654	$	668,639	$	683,293

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

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

(3) Total expenses includes $20.2 million of liability-classified awards recorded within accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023.

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,185,706	$ 1,103,753
Accumulated Amortization	(497,970)	(329,516)
Net	687,736	774,237
Indefinite-lived intangible assets:
Intangible assets, gross	1,188,590	1,106,450
Intangible assets, net	690,620	776,934
Digital assets, net of impairment
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	$ 2,884	$ 2,697
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	4 years 4 months 24 days	5 years 4 months 24 days
Gross Carrying Amount	$ 422,900	$ 422,900
Accumulated Amortization	(193,247)	(140,200)
Net	$ 229,653	$ 282,700
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	2 years 3 months 18 days	2 years 4 months 24 days
Gross Carrying Amount	$ 236,644	$ 168,277
Accumulated Amortization	(108,169)	(70,575)
Net	$ 128,475	$ 97,702
Gaming licenses
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	10 years 7 months 6 days	11 years
Gross Carrying Amount	$ 218,760	$ 206,655
Accumulated Amortization	(47,941)	(29,487)
Net	$ 170,819	$ 177,168
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	4 years 1 month 6 days	4 years 7 months 6 days
Gross Carrying Amount	$ 269,728	$ 269,728
Accumulated Amortization	(127,862)	(75,791)
Net	$ 141,866	$ 193,937
Trademarks, tradenames and other
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Amortization Period	3 years 3 months 18 days	3 years 9 months 18 days
Gross Carrying Amount	$ 37,674	$ 36,193
Accumulated Amortization	(20,751)	(13,463)
Net	$ 16,923	$ 22,730

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, net of tax	$ 0	$ 0	$ 0

Business Combinations - Intangible Assets Acquired (Details) - Golden Nugget Online Gaming, Inc $ in Thousands	May 05, 2022 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 315,000
Gaming licenses
Business Acquisition [Line Items]
Fair Value	$ 145,000
Weighted-Average Useful Life	12 years 2 months 12 days
Customer relationships
Business Acquisition [Line Items]
Fair Value	$ 170,000
Weighted-Average Useful Life	5 years 10 months 24 days

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (802,142)	$ (1,377,987)	$ (1,523,195)

- Definition

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

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' 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
Beginning balance (in shares) at Dec. 31, 2020		396,303	393,014
Beginning balance at Dec. 31, 2020	$ 2,631,345	$ 40	$ 39	$ 5,067,135	$ (2,230,619)	$ 83,534	$ (288,784)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		9,421
Exercise of stock options	31,479	$ 1		31,478
Stock-based compensation expense	683,293			683,293
Purchase of capped call options	(123,970)			(123,970)
Equity consideration issued for acquisitions (in shares)		520
Equity consideration issued for acquisitions	33,149			33,149
Exercise of warrants (in shares)		337
Exercise of warrants	9,205			9,205
Purchase of treasury stock (in shares)		(323)
Purchase of treasury stock	(17,830)						(17,830)
Restricted stock unit vesting (in shares)		1,523
Foreign currency translation	(47,046)					(47,046)
Other	2,098			2,098
Net loss	(1,523,195)				(1,523,195)
Ending balance (in shares) at Dec. 31, 2021		407,781	393,014
Ending balance at Dec. 31, 2021	$ 1,678,528	$ 41	$ 39	5,702,388	(3,753,814)	36,488	(306,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	15,102	3,267
Exercise of stock options	$ 8,743			8,743
Stock-based compensation expense	578,799			578,799
Equity consideration issued for acquisitions (in shares)		29,252
Equity consideration issued for acquisitions	460,128	$ 3		460,125
Purchase of treasury stock (in shares)		(1,560)
Purchase of treasury stock	(25,519)						(25,519)
Restricted stock unit vesting (in shares)		11,835
Restricted stock unit vesting	1	$ 1
Foreign currency translation	0
Net loss	(1,377,987)				(1,377,987)
Ending balance (in shares) at Dec. 31, 2022		450,575	393,014
Ending balance at Dec. 31, 2022	$ 1,322,693	$ 45	$ 39	6,750,055	(5,131,801)	36,488	(332,133)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	25,180	3,943
Exercise of stock options	$ 16,540			16,540
Stock-based compensation expense	378,321			378,321
Equity consideration issued for acquisitions	0
Exercise of warrants (in shares)		153
Exercise of warrants	4,942			4,942
Purchase of treasury stock (in shares)		(3,211)
Purchase of treasury stock	(80,049)						(80,049)
Restricted stock unit vesting (in shares)		21,237
Restricted stock unit vesting	1	$ 1
Foreign currency translation	0
Net loss	(802,142)
Ending balance (in shares) at Dec. 31, 2023		472,697	393,014
Ending balance at Dec. 31, 2023	$ 840,306	$ 46	$ 39	$ 7,149,858	$ (5,933,943)	$ 36,488	$ (412,182)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Treasury stock (in shares)	11,901	8,690
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	900,000	900,000
Common stock, issued (in shares)	484,598	459,265
Common stock, outstanding (in shares)	472,697	450,575
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	900,000	900,000
Common stock, issued (in shares)	393,014	393,014
Common stock, outstanding (in shares)	393,014	393,014

Leases, Commitments and Contingencies - Schedule of Obligated Future Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 467,609
2025	357,058
2026	199,339
2027	112,588
2028	86,802
Thereafter	181,228
Total	$ 1,404,624

Summary of Significant Accounting Policies and Practices (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Segments

Foreign Currency

Foreign Currency and Comprehensive Loss

Comprehensive Loss

For the period ending December 31, 2021, the translation gain is included in the consolidated statements of comprehensive loss. Effective as of January 1, 2022, the Company’s reporting currency remained the U.S. dollar and the functional currency of the Company's significant non-U.S. subsidiaries’ functional currency was 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 for the years ended December 31, 2023 and 2022.

During 2023, 2022 and 2021, foreign currency transactions did not have a material impact on net loss.

Use of Estimates

Going Concern

Concentrations Risks and Uncertainties

Concentration Risks and Uncertainties

interruption in the services provided by this supplier could have a material adverse effect on its business, financial condition and results of operations.

Business Combinations

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid, unrestricted savings, checking, money market funds with original maturities of less than three months and other bank accounts.

Restricted Cash

Cash Reserved for Users

Receivables Reserved for Users

Accounts Receivables

Digital Assets and Liabilities

Property and Equipment, net

Property and Equipment, Net


Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold improvements			Lesser of the lease terms or the estimated useful lives of the improvements, generally 1–10 years

Intangible Assets, Net

Developed Technology

Internally Developed Software

Gaming Licenses

Customer Relationships

Trademarks and Tradenames

Digital Assets

Impairment of Long-Lived Assets

Goodwill

Equity Method Investment

Equity Method Investments

The Company determines revenue recognition through the following steps:

•Identify the contract, or contracts, with the customer;

•Identify the performance obligations in the contract;

•Determine the transaction price;

•Allocate the transaction price to performance obligations in the contract; and

•Recognize revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services.

Online gaming

Gaming software

Media and advertising revenue

Non-fungible token (“NFT”) content

Transaction Price Considerations

Certain costs to obtain or fulfill contracts

Contract balances

Cost of Revenue

Sales and Marketing

Product and Technology

General and Administrative

Benefit Plans

Stock-based Compensation

Income Taxes

Loss per share

Recently Issued Accounting Pronouncements Not Yet Adopted

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss attributable to common stockholders	$ (802,142)	$ (1,377,987)	$ (1,523,195)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	201,920	169,252	121,138
Non-cash interest expense, net	386	870	2,109
Stock-based compensation expense	398,463	578,799	683,293
Loss (gain) on remeasurement of warrant liabilities	57,543	(29,396)	(30,065)
Loss (gain) from equity method investment	719	2,895	(2,718)
Loss (gain) on marketable equity securities and other financial assets, net	75	(10,999)	(11,311)
Deferred income taxes	5,849	(73,407)	(15,509)
Other expenses, net	554	(7,268)	0
Change in operating assets and liabilities, net of effect of acquisitions:
Receivables reserved for users	(141,687)	(105,320)	(21,700)
Accounts receivables	3,558	2,506	(1,787)
Prepaid expenses and other current assets	2,451	(26,217)	(10,078)
Deposits and other non-current assets	(19,355)	(4,921)	(6,458)
Operating leases, net	6,558	1,304	(1,059)
Accounts payable and accrued expenses	103,593	95,269	167,927
Liabilities to users	165,725	152,985	210,932
Long-term income tax liability	2,952	(9,267)	13,227
Other long-term liabilities	11,087	15,383	5,746
Net cash flows used in operating activities	(1,751)	(625,519)	(419,508)
Cash Flows from Investing Activities:
Purchases of property and equipment	(20,902)	(32,402)	(15,925)
Cash paid for internally developed software costs	(80,378)	(64,030)	(46,542)
Acquisition of gaming licenses	(12,105)	(7,213)	(35,809)
Proceeds from (purchase of) marketable equity securities and other financial assets	24,425	0	(25,000)
Cash paid for acquisitions, net of cash acquired	0	(96,507)	(64,970)
Other investing activities, net	(1,400)	(8,614)	(6,776)
Net cash flows used in investing activities	(90,360)	(208,766)	(195,022)
Cash Flow from Financing Activities:
Proceeds from issuance of convertible notes, net	0	0	1,248,025
Purchase of capped call options	0	0	(123,970)
Proceeds from exercise of warrants	288	44	693
Purchase of treasury stock	(80,049)	(25,519)	(17,830)
Proceeds from exercise of stock options	16,540	8,743	31,479
Other financing activities	0	0	416
Net cash flows (used in) provided by financing activities	(63,221)	(16,732)	1,138,813
Effect of foreign exchange rates on cash and cash equivalents, restricted cash, and cash reserved for users	0	0	583
Net (decrease) increase in cash and cash equivalents, restricted cash, and cash reserved for users	(155,332)	(851,017)	524,866
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period	1,778,825	2,629,842	2,104,976
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period	1,623,493	1,778,825	2,629,842
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users
Cash and cash equivalents	1,270,503	1,309,172	2,152,892
Restricted cash	11,700	0	0
Cash reserved for users	341,290	469,653	476,950
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period	1,623,493	1,778,825	2,629,842
Supplemental Disclosure of Noncash Investing and Financing Activities:
Investing activities included in accounts payable and accrued expenses	569	9,155	(3,758)
Equity consideration issued for acquisitions	0	460,128	33,149
Decrease in warrant liabilities from cashless exercise of warrants	4,654	0	0
Supplemental Disclosure of Cash Activities:
(Decrease) increase in cash reserved for users	(128,363)	(7,297)	189,232
Cash paid for interest	0	0	0
Cash paid for income taxes, net of refunds	$ 8,341	$ 10,366	$ 5,632

Stockholders' Equity (Deficit) (Details)	12 Months Ended
Stockholders' Equity (Deficit) (Details)	Dec. 31, 2023 vote $ / shares shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	300,000,000.0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share \| vote	1
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share \| vote	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	December 31, 2023		December 31, 2022
Accounts payable	$	34,127	$	10,148
Accrued compensation and related expenses	94,830		78,819
Accrued marketing	100,840		146,569
Accrued partnership fees	136,338		99,633
Accrued processor fees	21,357		14,440
Accrued product taxes	116,501		70,891
Accrued professional fees and litigation	53,870		23,151
Accrued software and license fees	25,829		12,558
Deferred revenue	43,634		40,520
Accrued other expenses	12,273		20,858
Total	$	639,599	$	517,587

Summary of Significant Accounting Policies and Practices (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Useful Lives

Useful lives of each asset class are generally as follows:


Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold improvements			Lesser of the lease terms or the estimated useful lives of the improvements, generally 1–10 years

Related-Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 30, 2023	Mar. 30, 2022	Dec. 31, 2020
Related Party Transaction [Line Items]
Accounts receivable	$ 47,539	$ 51,097	$ 45,800			$ 44,500
Revenue	3,665,393	2,240,461	1,296,025
Related party aircraft lease amount	46,624	38,444
Chief Executive Officer
Related Party Transaction [Line Items]
Aircraft lease cost incurred	600	400
Financial Advisor Fee Payable
Related Party Transaction [Line Items]
Total administrative services expenses	0	8,500	2,500
Equity Method Investee \| DBDK Venture Fund
Related Party Transaction [Line Items]
Investment commitment	17,500
Investment amount	7,600
Equity Method Investee \| Related Party
Related Party Transaction [Line Items]
Accounts receivable	0	200
Shareholders and Directors \| Related Party
Related Party Transaction [Line Items]
Revenue	1,400	2,300	$ 4,500
SB Tech \| Related Party
Related Party Transaction [Line Items]
Accounts receivable	0	200
Aircraft Lease \| Chief Executive Officer
Related Party Transaction [Line Items]
Total administrative services expenses	$ 0	$ 700
Aircraft lease, term				1 year	1 year
Related party aircraft lease amount				$ 600	$ 600

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Deferred Revenue Balances

The deferred revenue balances were as follows:


	Year Ended December 31,
	2023		2022		2021
Deferred revenue, beginning of the period	$	133,851	$	91,554	$	30,627
Deferred revenue, end of the period	$	174,212	$	133,851	$	91,554
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	129,246	$	74,837	$	28,319

Summary of Disaggregation of Revenue

Disaggregation of revenue for years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
Online gaming	$	3,557,191	$	2,106,708	$	1,145,539
Gaming software	29,980		43,000		97,415
Other	78,222		90,753		53,071
Total Revenue	$	3,665,393	$	2,240,461	$	1,296,025

Summary of Company's Revenue by Geographical Location

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


	Year Ended December 31,
	2023		2022		2021
United States	$	3,595,622	$	2,196,803	$	1,198,748
International	69,771		43,658		97,277
Total Revenue	$	3,665,393	$	2,240,461	$	1,296,025

Leases, Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 13,561	$ 16,390
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 21,917	$ 18,134

Revenue Recognition

12 Months Ended

Dec. 31, 2023

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 consolidated balance sheets. The deferred revenue balances were as follows:


	Year Ended December 31,
	2023		2022		2021
Deferred revenue, beginning of the period	$	133,851	$	91,554	$	30,627
Deferred revenue, end of the period	$	174,212	$	133,851	$	91,554
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	129,246	$	74,837	$	28,319

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. These obligations are primarily related to incentive programs and wagered amounts associated with unsettled or pending outcomes that fluctuate based on volume of activity. Such obligations are recognized as liabilities when awarded to users and are recognized as revenue when those liabilities are later resolved, often within the following year.

Revenue Disaggregation

Disaggregation of revenue for years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
Online gaming	$	3,557,191	$	2,106,708	$	1,145,539
Gaming software	29,980		43,000		97,415
Other	78,222		90,753		53,071
Total Revenue	$	3,665,393	$	2,240,461	$	1,296,025

Online gaming includes online Sportsbook, iGaming, and DFS, which have certain similar attributes and patterns of recognition. Other revenue primarily includes media, retail sportsbooks and other consumer product offerings. The opening and closing balances of the Company's accounts receivable from contracts with customers were $51.1 million and $47.5 million, respectively, for the year ended December 31, 2023, $45.8 million and $51.1 million, respectively, for the year ended December 31, 2022, and $44.5 million and $45.8 million, respectively, for the year ended December 31, 2021.

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


	Year Ended December 31,
	2023		2022		2021
United States	$	3,595,622	$	2,196,803	$	1,198,748
International	69,771		43,658		97,277
Total Revenue	$	3,665,393	$	2,240,461	$	1,296,025

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Number of shares outstanding, beginning of period (in shares)	67,940	53,746
Number of shares granted (in shares)	14,878	29,567
Number of shares exercised (in shares)	(25,180)	(15,102)
Number of shares changed in awards due to performance-based multiplier (in shares)	1,141	1,806
Number of shares forfeited (in shares)	(3,579)	(2,077)
Number of shares outstanding, end of period (in shares)	55,200	67,940	53,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Stock options exercisable, outstanding (in shares)	21,708
Stock options expected to vest, outstanding (in shares)	547
Stock options exercisable, weighted average remaining term of options	4 years 6 months
Stock options expected to vest, weighted average remaining term of options	8 years 10 months 24 days
Stock options exercisable, aggregate intrinsic value	$ 643,350
Stock options expected to vest, aggregate intrinsic value	$ 2,535
Stock options exercisable, weighted average exercise price of options (in dollars per share)	$ 6.44
Stock options expected to vest, weighted average exercise price of options (in dollars per share)	33.10
Stock Options
Weighted average exercise price
Weighted average exercise price outstanding, beginning of period (in dollars per share)	6.17	$ 5.46
Weighted average exercise price granted (in dollars per share)	29.02	28.24
Weighted average exercise price exercised (in dollars per share)	4.16	2.68
Weighted average exercise price change in awards due to performance-based multiplier (in dollars per share)	0	0
Weighted average exercise price forfeited (in dollars per share)	4.39	4.73
Weighted average exercise price outstanding, end of period (in dollars per share)	$ 7.10	$ 6.17	$ 5.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Term of Options (Years)	4 years 7 months 2 days	5 years 5 months 26 days	6 years 4 months 2 days
Aggregate Intrinsic Value of Options	$ 645,885	$ 192,062	$ 622,108
Time Based Options
Number of shares
Number of shares outstanding, beginning of period (in shares)	12,259	14,695
Number of shares granted (in shares)	800	400
Number of shares exercised (in shares)	(2,414)	(2,672)
Number of shares changed in awards due to performance-based multiplier (in shares)	0	0
Number of shares forfeited (in shares)	(285)	(164)
Number of shares outstanding, end of period (in shares)	10,360	12,259	14,695
Time Based Restricted Stock Units
Number of shares
Number of shares outstanding, beginning of period (in shares)	15,273	4,195
Number of shares granted (in shares)	11,629	15,254
Number of shares exercised (in shares)	(7,211)	(2,913)
Number of shares changed in awards due to performance-based multiplier (in shares)	0	0
Number of shares forfeited (in shares)	(1,810)	(1,263)
Number of shares outstanding, end of period (in shares)	17,881	15,273	4,195
PSP Options
Number of shares
Number of shares outstanding, beginning of period (in shares)	2,273	2,354
Number of shares granted (in shares)	0	0
Number of shares exercised (in shares)	(884)	(76)
Number of shares changed in awards due to performance-based multiplier (in shares)	0	0
Number of shares forfeited (in shares)	0	(5)
Number of shares outstanding, end of period (in shares)	1,389	2,273	2,354
PSP RSUs
Number of shares
Number of shares outstanding, beginning of period (in shares)	13,119	1,488
Number of shares granted (in shares)	2,240	12,523
Number of shares exercised (in shares)	(1,715)	(2,671)
Number of shares changed in awards due to performance-based multiplier (in shares)	1,141	1,806
Number of shares forfeited (in shares)	(976)	(27)
Number of shares outstanding, end of period (in shares)	13,809	13,119	1,488
LTIP Options
Number of shares
Number of shares outstanding, beginning of period (in shares)	11,152	11,671
Number of shares granted (in shares)	0	0
Number of shares exercised (in shares)	(646)	(519)
Number of shares changed in awards due to performance-based multiplier (in shares)	0	0
Number of shares forfeited (in shares)	0	0
Number of shares outstanding, end of period (in shares)	10,506	11,152	11,671
LTIP RSUs
Number of shares
Number of shares outstanding, beginning of period (in shares)	13,864	19,343
Number of shares granted (in shares)	209	1,390
Number of shares exercised (in shares)	(12,310)	(6,251)
Number of shares changed in awards due to performance-based multiplier (in shares)	0	0
Number of shares forfeited (in shares)	(508)	(618)
Number of shares outstanding, end of period (in shares)	1,255	13,864	19,343
Restricted Stock Units (RSUs)
Weighted average exercise price
Weighted average exercise price outstanding, beginning of period (in dollars per share)	$ 29.64	$ 49.94
Weighted average exercise price granted (in dollars per share)	19.55	17.79
Weighted average exercise price exercised (in dollars per share)	42.29	43.19
Weighted average exercise price change in awards due to performance-based multiplier (in dollars per share)	60.25	33.69
Weighted average exercise price forfeited (in dollars per share)	21,180	34.94
Weighted average exercise price outstanding, end of period (in dollars per share)	$ 21.01	$ 29.64	$ 49.94

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Financial Advisor On May 7, 2021, DraftKings entered into a master engagement letter (as amended, the “Master Engagement Letter”), with Raine Securities LLC (the “Financial Advisor”), an affiliate of Raine. John Salter, who served as a member of our Board of Directors until April 2022, is a partner of Raine. Pursuant to the Master Engagement Letter, Raine Securities will act as a financial advisor to DraftKings in connection with certain proposed transactions, and DraftKings will pay Raine Securities certain fees and expenses from time to time on the terms and conditions described in the related statements of work. During 2023, 2022 and 2021, the Company incurred $0.0 million, $8.5 million, $2.5 million, respectively, of professional fees in connection with certain business combination transactions and offerings undertaken by the Company, which are recorded within general and administrative expenses on the consolidated statement of operations. Receivables from Equity Method Investments The Company provides office space and general operational support to DKFS, LLC, an equity-method affiliate. The operational support is primarily general and administrative services. As of December 31, 2023, and 2022, the Company had $0.0 million and $0.2 million, respectively, of receivables from the entity related to those services and expenses to be reimbursed to the Company. 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 December 31, 2023, the Company had invested a total of $7.6 million of the total commitment. Transactions with a Former Director and their Immediate Family Members During 2023, 2022 and 2021, the Company had $1.4 million, $2.3 million, and $4.5 million, respectively, in sales to entities related to an immediate family member of a former director. The Company had an associated accounts receivable balance of $0.0 million and $0.2 million as of December 31, 2023 and December 31, 2022, respectively, included in accounts receivable in its 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 2023 and 2022, the Company incurred no expenses and $0.7 million of expense, respectively, for use of the aircraft under these chartering services, which was superseded by the lease referred to below. On March 30, 2022, the Company entered into a one-year lease of an aircraft from an entity controlled by Mr. Robins, pursuant to which Mr. Robins’ entity leased the aircraft to the Company for $0.6 million for a one-year period (the “Original Aircraft Lease”). The Company covered all operating, maintenance and other expenses associated with the aircraft. The Original Aircraft Lease expired in accordance with its terms on March 30, 2023, and DraftKings entered into a new one-year lease of such aircraft from an entity controlled by Mr. Robins for $0.6 million and otherwise on terms and conditions substantially the same as the Original Aircraft Lease, effective upon the expiration of the Original Aircraft Lease (collectively with the Original Aircraft Lease, the “Aircraft Leases”). The audit and compensation committees of the Company’s Board of Directors approved this arrangement, as well as the Aircraft Leases, based on, among other things, the requirements of the overall security program that Mr. Robins and his family fly private and the committees' assessment that such an arrangement is more efficient and flexible and better ensures safety, confidentiality and privacy. During 2023 and 2022, the Company incurred $0.6 million and $0.4 million of expense, respectively, under the aircraft lease.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Loss Per Share - Schedule of Securities and Convertible Notes (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	72,061	85,039	68,696
Class A common stock resulting from exercise of all warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,524	3,761	1,613
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	55,200	67,941	53,746
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	13,337	13,337	13,337

Current and Long-term Liabilities	12 Months Ended
Current and Long-term Liabilities	Dec. 31, 2023
Current and Long-term Liabilities
Current and Long-term Liabilities	Current and Long-term Liabilities Revolving Line of Credit On December 20, 2022, the Company entered into a loan and security agreement with Pacific Western Bank and Citizens Bank, as lenders (as amended, the “Credit Agreement”), which provides the Company with a revolving line of credit of up to $125.0 million (the “Revolving Line of Credit”). The Credit Agreement has a maturity date of December 20, 2024 and replaced the Company’s amended and restated loan and security agreement entered into with Pacific Western Bank in October 2016 (the “Prior Credit Agreement”), which provided a revolving line of credit of up to $60.0 million and was terminated in connection with the Company’s entry into the Credit Agreement. 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) 5.00%, and the Credit Agreement requires monthly, interest-only payments on any outstanding borrowings. In addition, the Company is required to pay quarterly in arrears a commitment fee equal to 0.25% per annum of the unused portion of the Revolving Line of Credit. As of December 31, 2023, the Credit Agreement provided a revolving line of credit of up to $125.0 million, and there was no principal outstanding under the Credit Agreement. Net borrowing capacity available from the Credit Agreement as of December 31, 2023 totaled $122.7 million. The Company is also subject to certain affirmative and negative covenants, including the restriction of dividends, under the Credit Agreement which it is in compliance with as of December 31, 2023. One such covenant involves maintaining compensating cash balances. The compensating balances may be withdrawn but the availability of the line of credit is dependent upon maintenance of such compensating balances. The performance of the Company’s obligations under the Credit Agreement are secured by a first-priority security interest on substantially all of its assets. Convertible Notes and Capped Call In March 2021, Old DraftKings 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, Old DraftKings incurred $17.0 million of lender fees and $1.7 million of debt financing costs, which are being amortized through the Notes Maturity Date. The Convertible Notes represent senior unsecured obligations of Old DraftKings, which are being amortized through the Notes Maturity Date. On May 5, 2022, in connection with the consummation of the GNOG Transaction, (i) DraftKings Inc. agreed to fully and unconditionally guarantee all of Old DraftKings’ obligations under the Convertible Notes and the indenture governing the Convertible Notes and (ii) each Convertible Note which was outstanding as of the consummation of the GNOG Transaction and previously convertible into shares of Old DraftKings Class A common stock became convertible into shares of DraftKings Inc. Class A common stock. The Convertible Notes are convertible at an initial conversion rate of 10.543 shares of DraftKings Inc.’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 DraftKings Inc.’s 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). For the years ended December 31, 2023, 2022 and 2021 there were no changes to the initial conversion price. Prior to September 15, 2027, the Convertible Notes will be convertible by the holder 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. Old DraftKings will satisfy any conversion election by paying or delivering, as the case may be, cash, shares of DraftKings Inc.’s Class A common stock or a combination of cash and shares of DraftKings Inc.’s Class A common stock. During 2022, the conditions allowing holders of the Convertible Notes to convert their Convertible Notes were triggered by the holding company reorganization in connection with the GNOG Transaction, whereby DraftKings Inc. became the going-forward public company and replaced Old DraftKings as the issuer of the Class A common stock issuable upon conversion of the Convertible Notes; such conversion window expired on June 27, 2022, and no holders of the Convertible Notes exercised their conversion rights. As of December 31, 2023, no conditions were met to allow for the conversion of the Convertible Notes by any holder. In connection with the pricing of the Convertible Notes and the exercise of the over-allotment option to purchase additional notes, Old DraftKings 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 DraftKings Inc.’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. As of December 31, 2023, the Company’s convertible debt balance was $1,253.8 million, net of unamortized debt issuance costs of $11.2 million. The amortization of debt issuance costs were $2.7 million, $2.7 million and $2.1 million in 2023, 2022 and 2021, respectively, and these costs are included in the interest expense line-item on the Company's consolidated statements of operations. Although recorded at amortized cost on the Company’s consolidated balance sheets, the estimated fair value of the Convertible Notes was $1,025.6 million and $786.5 million as of December 31, 2023 and 2022, 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, which is a Level 1 fair value measurement. Indirect Taxes Taxation of e-commerce is becoming more prevalent and could negatively affect the Company’s business as it primarily pertains to DFS and its contestants. 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 December 31, 2023, and December 31, 2022, the Company’s estimated contingent liability for indirect taxes was $71.2 million and $60.3 million, respectively. The estimated contingent liability for indirect taxes is recorded within other long-term liabilities on our consolidated balance sheets and general and administrative expenses on our 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 DraftKings Inc.’s 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”) where each whole warrant entitles the holder to purchase one share of DraftKings Inc.’s Class A common stock at an exercise price of $11.50 per share. As of December 31, 2023, there were no Public Warrants outstanding and 1.4 million Private Warrants outstanding. As of December 31, 2022, there were no Public Warrants outstanding and 1.6 million Private Warrants outstanding. On May 5, 2022, in connection with the consummation of the GNOG Transaction, Old DraftKings entered into an assignment and assumption agreement (the “Old DraftKings Warrant Assignment Agreement”) with DraftKings Inc., Computershare Trust Company, N.A. and Computershare Inc. (together, “Computershare”), pursuant to which Old DraftKings assigned to DraftKings Inc. all of its rights, interests and obligations under the warrant agreement, dated as of May 10, 2019 (the “Old DraftKings Warrant Agreement”), by and between DEAC and Continental Stock Transfer & Trust Company, as warrant agent, as assumed by Old DraftKings and assigned to Computershare by that certain assignment and assumption agreement, dated as of April 23, 2020, governing Old DraftKings’ outstanding Private Warrants, on the terms and conditions set forth in the Old DraftKings Warrant Assignment Agreement. In connection with the consummation of the GNOG Transaction and pursuant to the Old DraftKings Warrant Assignment Agreement, each of the outstanding Private Warrants became exercisable for one share of DraftKings Inc. Class A common stock on the existing terms and conditions, except as otherwise described in the Old DraftKings Warrant Assignment Agreement. In addition, on May 5, 2022, in connection with the consummation of the GNOG Transaction, the Company assumed an additional 5.9 million warrants, each of which entitled the holder to purchase one share of GNOG’s Class A common stock at an exercise price of $11.50 per share (the “GNOG Private Warrants”). Effective as of the consummation of the GNOG Transaction, each of the outstanding GNOG Private Warrants became exercisable, at a price of $31.50, for 0.365 of a share of DraftKings Inc.’s Class A common stock, or approximately 2.1 million shares of DraftKings Inc.’s Class A common stock in the aggregate, on the existing terms and conditions of such GNOG Private Warrants, except as otherwise described in the assignment and assumption agreement relating to the GNOG Private Warrants entered into on the GNOG Closing Date. The Company classified its Public Warrants, Private Warrants and GNOG Private Warrants pursuant to ASC 815 as derivative liabilities with subsequent changes in their respective fair values recognized in its consolidated statement of operations at each reporting date. As of December 31, 2023 and 2022, there were 5.9 million GNOG Private Warrants outstanding. As of December 31, 2023, the fair value of the Company’s warrant liability was $63.6 million. Due to fair value changes throughout 2023, the Company recorded a loss on remeasurement of warrant liabilities of $57.5 million and throughout 2022 and 2021, the Company recorded a gain on remeasurement of warrant liabilities of $29.4 million and $30.1 million, respectively. In 2023, 0.2 million Private Warrants were exercised resulting in a reclassification to additional paid-in-capital in the amount of $4.6 million, and no GNOG Private Warrants were exercised. In 2022, a de minimis number of Private Warrants and no GNOG Private Warrants were exercised. In 2021, 0.3 million Private Warrants were exercised, resulting in a reclassification to additional paid-in-capital in the amount of $9.2 million. See Note 8 (Fair Value Measurements) and Note 13 (Loss Per Share) for further information on the Company’s warrant liabilities.

Summary of Significant Accounting Policies and Practices - Narrative (Details) $ in Thousands		12 Months Ended			15 Months Ended
	Sep. 30, 2022 segment	Dec. 31, 2023 USD ($) reporting_unit	Dec. 31, 2022 USD ($) reporting_unit	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) segment
Accounting Policies [Line Items]
Number of operating segments \| segment	2				1
Reporting units \| reporting_unit		1	3
Impairment of goodwill		$ 0	$ 0	$ 0
Advertising cost		984,400	964,900	831,100
Contributions to employee benefits		$ 11,600	$ 9,300	$ 6,700
D K F S L L C
Accounting Policies [Line Items]
Equity method investment ownership percentage		49.90%			49.90%
DBDK Venture Fund
Accounting Policies [Line Items]
Equity method investment ownership percentage		28.60%			28.60%
Investment commitment		$ 17,500			$ 17,500
Investment amount		$ 7,600

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (802,142)	$ (1,377,987)	$ (1,523,195)
Other comprehensive (loss) income
Foreign currency translation adjustments, net of nil tax	0	0	(47,046)
Comprehensive loss	$ (802,142)	$ (1,377,987)	$ (1,570,241)

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 3,665,393	$ 2,240,461	$ 1,296,025
Cost of revenue	2,292,175	1,484,273	794,162
Sales and marketing	1,200,718	1,185,977	981,500
Product and technology	355,156	318,247	253,655
General and administrative	606,569	763,720	828,325
Loss from operations	(789,225)	(1,511,756)	(1,561,617)
Other income (expense):
Interest income	58,418	21,353	4,066
Interest expense	(2,679)	(2,651)	(2,109)
(Loss) gain on remeasurement of warrant liabilities	(57,543)	29,396	30,065
Other (loss) gain, net	(224)	20,700	11,951
Loss before income tax (benefit) provision	(791,253)	(1,442,958)	(1,517,644)
Income tax (benefit) provision	10,170	(67,866)	8,269
Loss (income) from equity method investment	719	2,895	(2,718)
Net loss attributable to common stockholders	$ (802,142)	$ (1,377,987)	$ (1,523,195)
Loss per share attributable to common stockholders (in dollars):
Basic (in dollars per share)	$ (1.73)	$ (3.16)	$ (3.78)
Diluted (in dollars per share)	$ (1.73)	$ (3.16)	$ (3.78)

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 34,127	$ 10,148
Accrued compensation and related expenses	94,830	78,819
Accrued marketing	100,840	146,569
Accrued partnership fees	136,338	99,633
Accrued processor fees	21,357	14,440
Accrued product taxes	116,501	70,891
Accrued professional fees and litigation	53,870	23,151
Accrued software and license fees	25,829	12,558
Deferred revenue	43,634	40,520
Accrued other expenses	12,273	20,858
Total	$ 639,599	$ 517,587

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,270,503	$ 1,309,172
Restricted cash	11,700	0
Cash reserved for users	341,290	469,653
Receivables reserved for users	301,770	160,083
Accounts receivable	47,539	51,097
Prepaid expenses and other current assets	98,565	94,836
Total current assets	2,071,367	2,084,841
Noncurrent assets:
Property and equipment, net	60,695	60,102
Intangible assets, net	690,620	776,934
Goodwill	886,373	886,373
Operating lease right-of-use assets	93,985	65,957
Equity method investments	10,280	10,080
Deposits and other non-current assets	131,546	155,865
Total assets	3,944,866	4,040,152
Current liabilities:
Accounts payable and accrued expenses	639,599	517,587
Liabilities to users	851,898	686,173
Operating lease liabilities, current portion	11,499	4,253
Other current liabilities	46,624	38,444
Total current liabilities	1,549,620	1,246,457
Noncurrent liabilities:
Convertible notes, net of issuance costs	1,253,760	1,251,103
Non-current operating lease liabilities	80,827	69,332
Warrant liabilities	63,568	10,680
Long-term income tax liabilities	72,810	69,858
Other long-term liabilities	83,975	70,029
Total liabilities	3,104,560	2,717,459
Commitments and contingent liabilities (Notes 7 and 15)
Stockholders’ equity:
Treasury stock, at cost; 11,901 and 8,690 shares as of December 31, 2023 and December 31, 2022, respectively	(412,182)	(332,133)
Additional paid-in capital	7,149,858	6,750,055
Accumulated deficit	(5,933,943)	(5,131,801)
Accumulated other comprehensive income	36,488	36,488
Total stockholders’ equity	840,306	1,322,693
Total liabilities and stockholders’ equity	3,944,866	4,040,152
Class A Common Stock
Stockholders’ equity:
Common stock	46	45
Class B Common Stock
Stockholders’ equity:
Common stock	$ 39	$ 39

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consists of the following:


	December 31, 2023		December 31, 2022
Computer equipment and software	$	70,243	$	64,133
Furniture and fixtures	8,594		8,526
Leasehold improvements	57,309		43,046
Property and Equipment	136,146		115,705
Accumulated depreciation	(75,451)		(55,603)
Property and Equipment, net	$	60,695	$	60,102

During the years ended December 31, 2023, 2022, and 2021 the Company recorded depreciation expense on property and equipment of $20.4 million, $18.7 million, and $13.8 million, respectively. The value of property and equipment, net in foreign countries is $4.0 million.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Loss before income tax (benefit) provision for the years ended December 31, 2023, 2022 and 2021 consists of the following:


	Year ended December 31,
	2023		2022		2021
United States	$	(753,105)	$	(1,329,931)	$	(1,391,154)
Foreign	(38,148)		(113,027)		(126,490)
Loss before income tax (benefit) provision	$	(791,253)	$	(1,442,958)	$	(1,517,644)

The components of the provision (benefit) for income taxes consists of the following:


	Year ended December 31,
	2023		2022		2021
Current:
Federal	$	—	$	—	$	90
State	433		456		514
Foreign	3,888		5,085		23,174
Total current provision	4,321		5,541		23,778
Deferred:
Federal	205		(52,411)		(5,523)
State	2,643		(17,624)		(2,075)
Foreign	3,001		(3,372)		(7,911)
Total deferred (benefit) provision	5,849		(73,407)		(15,509)
Total income tax (benefit) provision	$	10,170	$	(67,866)	$	8,269

The reconciliation between income taxes computed at the U.S. statutory income tax rate to our provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year ended December 31,
	2023		2022		2021
Benefit for income taxes at 21% rate	$	(166,217)	$	(303,028)	$	(318,705)
Prior year provision true-ups	1,321		938		(16,878)
State taxes, net of federal benefit	(40,385)		(17,265)		(142,119)
Internal restructurings	—		—		(167,692)
Stock-based compensation (benefit) expense	26,155		28,015		(70,150)
Non-deductible lobbying expenses	1,009		4,788		9,938
Change in valuation allowance	130,817		166,978		575,225
Non-deductible executive compensation	30,106		54,925		117,849
(Gain) loss on remeasurement of warrant liabilities	12,084		(6,173)		(6,301)
Foreign rate differential	3,348		1,802		16,588
Income tax reserves	4,119		(553)		5,098
Other	7,813		1,707		5,416
Total income tax provision (benefit)	$	10,170	$	(67,866)	$	8,269

Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2023 and 2022 are as follows:


	Year ended December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	1,042,874	$	961,352
Intangible assets	82,813		72,299
Accrual and other temporary differences	59,656		57,281
Operating lease	24,784		18,213
Stock-based compensation	51,065		93,582
Capitalized research and development costs	128,719		61,584
Fixed assets	2,451		411
Gross deferred tax assets	1,392,362		1,264,722
Valuation allowance	(1,358,934)		(1,228,117)
Net deferred tax assets	$	33,428	$	36,605

Deferred tax liabilities:
Capitalized software costs	$	(4,535)	$	(7,529)
Fixed assets	(162)		(3,590)
Operating lease	(25,528)		(16,102)
Other	(7,798)		(7,943)
Gross deferred tax liabilities	(38,023)		(35,164)
Total net deferred tax (liabilities) assets	$	(4,595)	$	1,441

In assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings or loss, experience and expectations of future available taxable income of the appropriate source and character by taxing jurisdiction, tax attribute carryback and carryforward periods available for tax purposes, and prudent and feasible tax planning strategies.

The Company records its deferred tax assets of $7.8 million and $10.7 million for 2023 and 2022, respectively, in deposits and other non-current assets and its deferred tax liabilities of $12.4 million and $9.3 million for 2023 and 2022, respectively, in other long-term liabilities in the consolidated balance sheets. The Company has provided a valuation allowance for the U.S. deferred tax assets as of December 31, 2023. For the year ended December 31, 2023, the U.S. valuation allowance increased by $130.8 million primarily due to the current year operating losses.

As of December 31, 2023, the Company had U.S. federal and state tax net operating loss (“NOL”) carryforwards of $3.8 billion and $4.1 billion, respectively, which may be available to offset future income tax liabilities. Of the federal net operating loss carryforward, $0.7 billion expires at various dates beginning in 2032 through 2037 and $3.1 billion does not expire. Of the state NOL carryforward, $3.9 billion expires at various dates beginning in 2024 through 2043 and $0.2 billion does not expire.

Utilization of the NOL carryforwards may be subject to limitation under Section 382 of the Internal Revenue Code of 1986 based on ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. There could be additional ownership changes in the future, which may result in additional limitations on the utilization of the NOL and tax credit carryforwards. The Company has analyzed the impact of these limitations on its attributes and included the impact of these limitations in its U.S. deferred tax assets.

As of December 31, 2023, foreign earnings of $5.7 million have been retained by the Company’s foreign subsidiaries for indefinite reinvestment. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company could be subject to withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred income tax liability related to these outside basis differences is not practicable.

In addition to filing federal income tax returns, the Company files income tax returns in numerous states and foreign jurisdictions that impose an income tax. The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for the years beginning in 2012. The Company is no longer subject to foreign income tax examinations for tax years prior to 2016.

The following table presents a reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, included in long-term income tax liabilities on the Company’s consolidated balance sheets:


	Year ended December 31,
	2023		2022		2021
Unrecognized tax benefits at the beginning of the year	$	58,011	$	72,407	$	70,341
Additions for tax positions of prior years	1,026		1,807		—
Reduction for tax positions of prior years	(269)		—		—
Additions for tax positions of current year	449		—		—
Settlements	—		(7,412)		—
Foreign currency adjustments	(1,793)		(8,791)		2,066
Unrecognized tax benefits at the end of the year	$	57,424	$	58,011	$	72,407

As of December 31, 2023, 2022 and 2021, the Company had $55.9 million, $58.0 million and $72.4 million, respectively, of net unrecognized tax benefits, which would affect the Company’s tax rate if recognized. The Company does not anticipate any material changes to its unrecognized tax benefits within the next twelve months.

The Company recognizes interest and penalties accrued related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2023, 2022 and 2021 the Company recognized $5.0 million, $6.4 million and $5.0 million in interest and penalties. The Company had $16.8 million and $11.8 million of interest and penalties accrued at December 31, 2023 and 2022, respectively.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. Although the Company believes that it has appropriately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different than expectations. The Company will adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit, the refinement of an estimate, the closing of a statutory audit period or changes in applicable tax law. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences would impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of reserve provisions and changes to the reserves that are considered appropriate, as well as related net interest.

The Company recognizes liabilities for anticipated tax audit issues in the U.S. and other domestic and international tax jurisdictions based on its estimate of whether, and the extent to which, the tax positions are more likely than not to be sustained based on the technical merits. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.

The Company believes it maintains appropriate reserves to offset any potential income tax liabilities that may arise upon final resolution of matters for open tax years. If such reserve amounts ultimately prove to be unnecessary, the resulting reversal of such reserves could result in tax benefits being recorded in the period the reserves are no longer deemed necessary. If such amounts prove to be less than an ultimate assessment, a future charge to expense would be recorded in the period in which the assessment is determined.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Assumptions Used to Measure Fair Value (Details) - Stock Options	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk free interest rate	4.10%	3.10%	1.10%
Expected term (in years)	5 years 10 months 24 days	5 years 7 months 6 days	5 years 9 months 18 days
Expected volatility	55.70%	53.00%	43.00%
Expected dividend yield	0.00%	0.00%	0.00%

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 10.9
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, or the Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001883685
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		473,619,528
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		393,013,951

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenue	$ 3,665,393	$ 2,240,461	$ 1,296,025
Accounts receivable	47,539	51,097	45,800	$ 44,500
Online gaming
Disaggregation of Revenue [Line Items]
Total Revenue	3,557,191	2,106,708	1,145,539
Gaming software
Disaggregation of Revenue [Line Items]
Total Revenue	29,980	43,000	97,415
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 78,222	$ 90,753	$ 53,071

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stock-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	$ 10,178	$ 15,222	$ 14,654
Stock compensation expense, RSU	388,285	563,577	668,639
Share-based compensation expense	398,463	578,799	683,293
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	10,178	15,222	14,654
Stock compensation expense, RSU	183,937	103,478	61,085
Share-based compensation expense	194,115	118,700	75,739
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0
Stock compensation expense, RSU	126,071	90,180	82,089
Share-based compensation expense	126,071	90,180	82,089
Liability-classified awards	20,200
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense, Options	0	0	0
Stock compensation expense, RSU	78,277	369,919	525,465
Share-based compensation expense	$ 78,277	$ 369,919	$ 525,465

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Business Combinations - Narrative (Details) - USD ($)				12 Months Ended
Business Combinations - Narrative (Details) - USD ($)	May 05, 2022	Apr. 01, 2021	Mar. 26, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill				$ 886,373,000	$ 615,655,000	$ 886,373,000
Golden Nugget Online Gaming, Inc
Business Acquisition [Line Items]
Share ratio (in shares)	0.365
Share consideration (in shares)	29,300,000
Equity interest acquired	100.00%
Long term receivable	$ 30,100,000
Transaction costs, expensed				$ 14,900,000	$ 9,200,000
Share consideration	460,128,000
Intangible assets, net	315,000,000
Goodwill	270,718,000
Golden Nugget Online Gaming, Inc \| Danville GN Casino Loan
Business Acquisition [Line Items]
Long term receivable	30,000,000
Golden Nugget Online Gaming, Inc \| B2c Units
Business Acquisition [Line Items]
Goodwill, expected tax deductible amount	$ 160,700,000
Vegas Sports Information Network Inc.
Business Acquisition [Line Items]
Equity interest acquired			100.00%
Goodwill, expected tax deductible amount			$ 0
Cash consideration			40,600,000
Share consideration			29,400,000
Intangible assets, net			21,800,000
Goodwill			$ 47,200,000
Blue Ribbon
Business Acquisition [Line Items]
Equity interest acquired		100.00%
Cash consideration		$ 17,800,000
Share consideration		$ 3,800,000

Leases, Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 19,175	$ 20,003	$ 16,551
Short term lease cost	2,616	6,004	3,273
Variable lease cost	4,644	4,462	4,261
Sublease income	(704)	(849)	(774)
Total lease cost	$ 25,731	$ 29,620	$ 23,311

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration Issued

The following is a summary of the consideration issued on the GNOG Closing Date:


Share consideration (1)	$	460,128
Other consideration (2)	143,337
Total consideration	$	603,465

(1)Includes the issuance of approximately 29.3 million shares of DraftKings Inc.’s Class A common stock issued at a price of $15.73.

(2)Includes (i) $170.9 million of payments made by the Company on behalf of GNOG, including repayment of the outstanding portion of GNOG’s term loan (including the associated prepayment premium) and payment of certain of GNOG’s transaction expenses incurred in connection with the GNOG Transaction and (ii) warrants that were exercisable for shares of GNOG Class A common stock prior to the GNOG Closing Date, which were assumed by DraftKings in connection with the GNOG Transaction and became eligible to be converted into approximately 2.1 million shares of DraftKings Inc.’s Class A common stock in the aggregate. These payments were partially offset by commercial credits received by the Company from Fertitta Entertainment, Inc. (“FEI”), which can be applied by the Company from time to time to offset future amounts otherwise owed by it to FEI or its affiliates under commercial arrangements among such parties, subject to certain limited exceptions.

Summary of Purchase Price Allocation

The following table summarizes the consideration issued or paid in connection with the GNOG Transaction and the fair value of the assets acquired and liabilities assumed in connection with the consummation of the GNOG Transaction on the GNOG Closing Date:


Cash and cash equivalents	$	66,709
Cash reserved for users	7,633
Receivables reserved for users	2,814
Accounts receivables	7,783
Prepaid expenses and other current assets	64
Property and equipment, net	1,433
Intangible assets, net	315,000
Operating lease right-of-use assets	1,185
Deposits and other non-current assets	47,395
Total identifiable assets acquired	450,016
Liabilities assumed:
Accounts payable and accrued expenses	32,989
Liabilities to users	4,314
Operating lease liabilities	1,185
Other long-term liabilities	78,781
Total liabilities assumed	117,269
Net assets acquired (a)	332,747
Purchase consideration (b)	603,465
Goodwill (b) – (a)	$	270,718

Summary of Intangible Assets


	Fair Value		Weighted- Average Useful Life
Gaming licenses	$	145,000	12.2 years
Customer relationships	170,000		5.9 years
Total	$	315,000

Summary of Pro Forma Financial Information

The financial information in the table below summarizes the combined results of operations of Old DraftKings and GNOG, on an actual and a pro forma basis, as applicable, as though the companies had been combined as of January 1, 2021. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the GNOG Transaction had been consummated as of the beginning of the periods presented or of results that may occur in the future.


	Year Ended December 31,
	2022 Pro Forma		2021 Pro Forma
Revenue	$	2,284,596	$	1,417,011
Net loss	$	(1,375,161)	$	(1,660,125)

Leases, Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense are as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost	$	19,175	$	20,003	$	16,551
Short term lease cost	2,616		6,004		3,273
Variable lease cost	4,644		4,462		4,261
Sublease income	(704)		(849)		(774)
Total lease cost	$	25,731	$	29,620	$	23,311

Supplemental cash flow and other information for 2023 and 2022 related to operating leases was as follows:


	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,561	$	16,390
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21,917	$	18,134

Schedule of Maturity of Lease Liabilities

Maturity of lease liabilities are as follows:


	December 31,
2024	$	16,519
2025	15,127
2026	14,693
2027	15,542
2028	16,228
Thereafter	39,644
Total undiscounted future cash flows	117,753
Less: Imputed interest	(25,427)
Present value of undiscounted future cash flows	$	92,326

Schedule of Obligated Future Payments

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:


	Year ending December 31,
2024	$	467,609
2025	357,058
2026	199,339
2027	112,588
2028	86,802
Thereafter	181,228
Total	$	1,404,624

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	May 05, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 886,373	$ 886,373		$ 615,655
Golden Nugget Online Gaming, Inc
Business Acquisition [Line Items]
Cash and cash equivalents			$ 66,709
Cash reserved for users			7,633
Receivables reserved for users			2,814
Accounts receivables			7,783
Prepaid expenses and other current assets			64
Property and equipment, net			1,433
Intangible assets, net			315,000
Operating lease right-of-use assets			1,185
Deposits and other non-current assets			47,395
Total identifiable assets acquired			450,016
Accounts payable and accrued expenses			32,989
Liabilities to users			4,314
Operating lease liabilities			1,185
Other long-term liabilities			78,781
Total liabilities assumed			117,269
Net assets acquired			332,747
Purchase consideration			603,465
Goodwill			$ 270,718

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of December 31, 2023 and 2022 based on the three-tier fair value hierarchy:


	December 31, 2023
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	250,055	(1)	$	—		$	—		$	250,055
Other current assets:
Digital assets held for users	—			46,624		(2)	—			$	46,624
Other non-current assets:
Derivative instruments	—			—			19,999		(5)	$	19,999
Equity securities	—			13,533		(4)	—			13,533
Total	$	250,055		$	60,157		$	19,999		$	330,211

Liabilities
Other current liabilities:
Digital assets held for users	$	—		$	46,624	(2)	$	—		$	46,624
Warrant liabilities	—			63,568		(6)	—			63,568
Total	$	—		$	110,192		$	—		$	110,192


	December 31, 2022
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	304,216	(1)	$	—		$	—		$	304,216
Other current assets:
Digital assets held for users	—			38,444		(2)	—			38,444
Other non-current assets:
Derivative instruments	—			—			26,248		(5)	26,248
Equity securities	18,250		(3)	13,533		(4)	—			31,783

Total	$	322,466		$	51,977		$	26,248		$	400,691

Liabilities
Other current liabilities:
Digital assets held for users	$	—		$	38,444	(2)	$	—		$	38,444
Warrant liabilities	—			10,680		(6)	—			10,680
Total	$	—		$	49,124		$	—		$	49,124

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

(2)Represents the asset and liability balance for the digital assets held by the Company for its users, which are classified as Level 2 because the Company measures these digital assets to fair value using latest transaction price for similar transactions.

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

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

(5)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments to fair value using option pricing models and, accordingly, classifies these assets as Level 3.

For the year ended December 31, 2023, the Company sold Level 3 derivative instruments with a fair value at December 31, 2022 of $6.3 million for proceeds of $5.2 million and recorded loss of $0.1 million related to this sale. There were no new Level 3 derivative instruments purchased by or issued to the Company for the year ended December 31, 2023. During 2022, the Company did not purchase or issue a significant amount of new derivative instruments. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure these Level 3 derivative instruments to fair value. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other (loss) income, net on the consolidated statements of operations and Loss (gain) on marketable equity securities and other financial assets, net in the consolidated statement of cash flows.


	December 31, 2023	December 31, 2022
	Range (Weighted Average)	Range (Weighted Average)
Significant Unobservable Input of Level 3 Investments	(amounts in dollars)	(amounts in dollars)
Underlying stock price of Level 3 investments	$12.79 - $19.80 ($19.41)	$7.30 - $19.80 ($16.53)
Volatility of Level 3 investments	75.0% - 80.0% (79.7%)	56.0% - 80.0% (74.1%)
Risk-free rate of Level 3 investments	1.3% - 4.2% (4.0%)	1.3% - 4.3% (4.1%)

(6)The Company measures its Private Warrants and the GNOG Private Warrants to fair value using a binomial lattice model or a Black-Scholes model, where appropriate, with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2. Key assumptions used in the valuation of the Private Warrants and GNOG Private Warrants include term, risk free rate and volatility. See Note 7 Current and Long-term Liabilities and Note 13 Loss Per Share for further information on the Company’s warrant liabilities.

Business Combinations - Pro Forma Information (Details) - Golden Nugget Online Gaming, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenue	$ 2,284,596	$ 1,417,011
Net loss	$ (1,375,161)	$ (1,660,125)

Fair Value Measurements - Fair Value Assumptions (Details) - Level 3	Dec. 31, 2023	Dec. 31, 2022
Underlying stock price of Level 3 investments \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	12.79	7.30
Underlying stock price of Level 3 investments \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	19.80	19.80
Underlying stock price of Level 3 investments \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	19.41	16.53
Volatility of Level 3 investments \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.750	0.560
Volatility of Level 3 investments \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.800	0.800
Volatility of Level 3 investments \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.797	0.741
Risk-free rate of Level 3 investments \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.013	0.013
Risk-free rate of Level 3 investments \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.042	0.043
Risk-free rate of Level 3 investments \| Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.040	0.041

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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 December 31, 2023 and 2022 based on the three-tier fair value hierarchy:


	December 31, 2023
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	250,055	(1)	$	—		$	—		$	250,055
Other current assets:
Digital assets held for users	—			46,624		(2)	—			$	46,624
Other non-current assets:
Derivative instruments	—			—			19,999		(5)	$	19,999
Equity securities	—			13,533		(4)	—			13,533
Total	$	250,055		$	60,157		$	19,999		$	330,211

Liabilities
Other current liabilities:
Digital assets held for users	$	—		$	46,624	(2)	$	—		$	46,624
Warrant liabilities	—			63,568		(6)	—			63,568
Total	$	—		$	110,192		$	—		$	110,192


	December 31, 2022
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	304,216	(1)	$	—		$	—		$	304,216
Other current assets:
Digital assets held for users	—			38,444		(2)	—			38,444
Other non-current assets:
Derivative instruments	—			—			26,248		(5)	26,248
Equity securities	18,250		(3)	13,533		(4)	—			31,783

Total	$	322,466		$	51,977		$	26,248		$	400,691

Liabilities
Other current liabilities:
Digital assets held for users	$	—		$	38,444	(2)	$	—		$	38,444
Warrant liabilities	—			10,680		(6)	—			10,680
Total	$	—		$	49,124		$	—		$	49,124

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

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


	December 31, 2023	December 31, 2022
	Range (Weighted Average)	Range (Weighted Average)
Significant Unobservable Input of Level 3 Investments	(amounts in dollars)	(amounts in dollars)
Underlying stock price of Level 3 investments	$12.79 - $19.80 ($19.41)	$7.30 - $19.80 ($16.53)
Volatility of Level 3 investments	75.0% - 80.0% (79.7%)	56.0% - 80.0% (74.1%)
Risk-free rate of Level 3 investments	1.3% - 4.2% (4.0%)	1.3% - 4.3% (4.1%)

During 2022, the Company recorded an unrealized gain of $19.9 million in the aggregate for its Level 3 financial assets. The Company did not record any unrealized gains or losses for its Level 3 financial assets during 2023 or 2021.

- 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

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31, 2023		December 31, 2022
Computer equipment and software	$	70,243	$	64,133
Furniture and fixtures	8,594		8,526
Leasehold improvements	57,309		43,046
Property and Equipment	136,146		115,705
Accumulated depreciation	(75,451)		(55,603)
Property and Equipment, net	$	60,695	$	60,102

Current and Long-term Liabilities - Indirect Taxes and Convertible Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Convertible notes, net of issuance costs		$ 1,253,760	$ 1,251,103
Estimated liability for indirect taxes		71,200	60,300
Convertible Notes
Line of Credit Facility [Line Items]
Aggregate principle amount	$ 1,265,000
Lender fees	17,000
Debt financing costs	$ 1,700
Conversion ratio	0.010543
Conversion price (in dollars per share) \| $ / shares	$ 94.85
Strike price (in dollars per share) \| $ / shares	94.85
Cap price (in dollars per share) \| $ / shares	$ 135.50
Net costs incurred	$ 124,000
Convertible notes, net of issuance costs		1,253,800
Debt issuance costs		11,200
Amortization of debt issuance costs		2,700	2,700	$ 2,100
Fair value of convertible notes		$ 1,025,600	$ 786,500

Leases, Commitments and Contingencies - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 16,519
2025	15,127
2026	14,693
2027	15,542
2028	16,228
Thereafter	39,644
Total undiscounted future cash flows	117,753
Less: Imputed interest	(25,427)
Present value of undiscounted future cash flows	$ 92,326

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

As of December 31, 2023, intangible assets, net consists of the following:


	Weighted- Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	4.4 years	$	422,900	$	(193,247)	$	229,653
Internally developed software	2.3 years	236,644		(108,169)		128,475
Gaming licenses	10.6 years	218,760		(47,941)		170,819
Customer relationships	4.1 years	269,728		(127,862)		141,866
Trademarks, tradenames and other	3.3 years	37,674		(20,751)		16,923
		1,185,706		(497,970)		687,736

Indefinite-lived intangible assets:
Digital assets, net of impairment	Indefinite-lived	2,884		N/A		2,884
Intangible assets, net		$	1,188,590	$	(497,970)	$	690,620

As of December 31, 2022, intangible assets, net consisted of the following:


	Weighted- Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	5.4 years	$	422,900	$	(140,200)	$	282,700
Internally developed software	2.4 years	168,277		(70,575)		97,702
Gaming licenses	11.0 years	206,655		(29,487)		177,168
Customer relationships	4.6 years	269,728		(75,791)		193,937
Trademarks and tradenames	3.8 years	36,193		(13,463)		22,730
		1,103,753		(329,516)		774,237
Indefinite-lived intangible assets:
Digital assets, net of impairment	Indefinite-lived	2,697		—		2,697
Intangible assets, net		$	1,106,450	$	(329,516)	$	776,934

During the years ended December 31, 2023, 2022, and 2021 the Company recorded amortization expense on intangible assets of $180.9 million, $150.6 million, and $107.3 million, respectively. Future cash flows associated with the Company’s intangible assets are not expected to be materially affected by its ability to renew or extend its arrangements.

The table below shows expected amortization expense for the next five years of intangible assets recorded as of December 31, 2023:


Year ending December 31,	Estimated Amortization
2024	$	186,620
2025	144,810
2026	107,560
2027	84,078
2028	47,058

Goodwill

There were no changes in the carrying amount of goodwill for the year ended December 31, 2023. As of December 31, 2023, the Company had no accumulated goodwill impairment losses.


	Total
Balance as of December 31, 2021	$	615,655
Goodwill resulting from acquisitions	270,718
Balance as of December 31, 2022	$	886,373
Changes in Goodwill	—
Balance as of December 31, 2023	$	886,373

No impairment of goodwill was recorded in the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, the Company had no accumulated goodwill impairment losses.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets		$ 1,441
Deferred tax liabilities	$ 72,810	69,858
Increase in valuation allowance	130,800
Foreign earnings for indefinite reinvestment	5,700
Unrecognized tax benefits which would affect the tax rate	55,900	58,000	$ 72,400
Interest and penalties expense	5,000	6,400	$ 5,000
Interest and penalties accrued	16,800	11,800
Deposits And Other Noncurrent Assets
Operating Loss Carryforwards [Line Items]
Deferred tax assets	7,800	10,700
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities	12,400	$ 9,300
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	3,800,000
Operating loss carryforward, subject to expiration	700,000
Operating loss carryforward, not subject to expiration	3,100,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	4,100,000
Operating loss carryforward, subject to expiration	3,900,000
Operating loss carryforward, not subject to expiration	$ 200,000

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Pending Acquisition of Jackpocket Inc. (“Jackpocket”) On February 11, 2024, the Company entered into a definitive agreement (the “Merger Agreement”) to acquire Jackpocket for total consideration of $750 million, with approximately 55 percent of the consideration payable in cash funded from the Company’s existing cash and cash equivalents balance, and approximately 45 percent of the consideration payable in the Company’s Class A common stock, subject to customary purchase price adjustments and the collar mechanism described below (the “Jackpocket Transaction”). Under the terms of the Merger Agreement and subject to the terms and conditions set forth therein, the stock consideration will be subject to a collar pursuant to which a variable number of shares of DraftKings’ Class A common stock will be issued to Jackpocket stockholders in order to deliver a value of $337.5 million, so long as the 30-trading-day volume weighted average price of DraftKings’ Class A common stock as of the second trading day immediately preceding the closing of the Jackpocket Transaction (the “Closing Stock Price”) remains between $31.68 and $42.86. In the event that DraftKings’ Closing Stock Price is above $42.86 or below $31.68, Jackpocket stockholders will receive a fixed number of approximately 7,874,806 shares and 10,654,149 shares, respectively, of DraftKings’ Class A common stock, subject to adjustment in certain limited circumstances to the minimum extent necessary to maintain a tax-free transaction. The consummation of the Jackpocket Transaction is subject to the receipt of required regulatory approvals and other customary closing conditions.

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deposits and other non-current assets	Deposits and other non-current assets
Fair Value, Recurring
Assets
Digital assets held for users	$ 46,624	$ 38,444
Derivative instruments	19,999	26,248
Equity securities	13,533	31,783
Assets	330,211	400,691
Liabilities
Digital assets held for users	46,624	38,444
Warrant liabilities	63,568	10,680
Liabilities	110,192	49,124
Fair Value, Recurring \| Level 1
Assets
Digital assets held for users	0	0
Derivative instruments	0	0
Equity securities	0	18,250
Assets	250,055	322,466
Liabilities
Digital assets held for users	0	0
Warrant liabilities	0	0
Liabilities	0	0
Fair Value, Recurring \| Level 2
Assets
Digital assets held for users	46,624	38,444
Derivative instruments	0	0
Equity securities	13,533	13,533
Assets	60,157	51,977
Liabilities
Digital assets held for users	46,624	38,444
Warrant liabilities	63,568	10,680
Liabilities	110,192	49,124
Fair Value, Recurring \| Level 3
Assets
Digital assets held for users	0	0
Derivative instruments	19,999	26,248
Equity securities	0	0
Assets	19,999	26,248
Liabilities
Digital assets held for users	0	0
Warrant liabilities	0	0
Liabilities	0	0
Fair value of derivative instruments		6,300
Proceeds from sale of derivative instruments	5,200
Loss related to sale of derivative instruments	100
Money Market Funds \| Fair Value, Recurring
Assets
Cash equivalents	250,055	304,216
Money Market Funds \| Fair Value, Recurring \| Level 1
Assets
Cash equivalents	250,055	304,216
Money Market Funds \| Fair Value, Recurring \| Level 2
Assets
Cash equivalents	0	0
Money Market Funds \| Fair Value, Recurring \| Level 3
Assets
Cash equivalents	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Loss Before Provision (Benefit) for Income Taxes

Loss before income tax (benefit) provision for the years ended December 31, 2023, 2022 and 2021 consists of the following:


	Year ended December 31,
	2023		2022		2021
United States	$	(753,105)	$	(1,329,931)	$	(1,391,154)
Foreign	(38,148)		(113,027)		(126,490)
Loss before income tax (benefit) provision	$	(791,253)	$	(1,442,958)	$	(1,517,644)

Summary of Components of the Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes consists of the following:


	Year ended December 31,
	2023		2022		2021
Current:
Federal	$	—	$	—	$	90
State	433		456		514
Foreign	3,888		5,085		23,174
Total current provision	4,321		5,541		23,778
Deferred:
Federal	205		(52,411)		(5,523)
State	2,643		(17,624)		(2,075)
Foreign	3,001		(3,372)		(7,911)
Total deferred (benefit) provision	5,849		(73,407)		(15,509)
Total income tax (benefit) provision	$	10,170	$	(67,866)	$	8,269

Summary of Reconciliation

The reconciliation between income taxes computed at the U.S. statutory income tax rate to our provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year ended December 31,
	2023		2022		2021
Benefit for income taxes at 21% rate	$	(166,217)	$	(303,028)	$	(318,705)
Prior year provision true-ups	1,321		938		(16,878)
State taxes, net of federal benefit	(40,385)		(17,265)		(142,119)
Internal restructurings	—		—		(167,692)
Stock-based compensation (benefit) expense	26,155		28,015		(70,150)
Non-deductible lobbying expenses	1,009		4,788		9,938
Change in valuation allowance	130,817		166,978		575,225
Non-deductible executive compensation	30,106		54,925		117,849
(Gain) loss on remeasurement of warrant liabilities	12,084		(6,173)		(6,301)
Foreign rate differential	3,348		1,802		16,588
Income tax reserves	4,119		(553)		5,098
Other	7,813		1,707		5,416
Total income tax provision (benefit)	$	10,170	$	(67,866)	$	8,269

Summary of Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2023 and 2022 are as follows:


	Year ended December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	1,042,874	$	961,352
Intangible assets	82,813		72,299
Accrual and other temporary differences	59,656		57,281
Operating lease	24,784		18,213
Stock-based compensation	51,065		93,582
Capitalized research and development costs	128,719		61,584
Fixed assets	2,451		411
Gross deferred tax assets	1,392,362		1,264,722
Valuation allowance	(1,358,934)		(1,228,117)
Net deferred tax assets	$	33,428	$	36,605

Deferred tax liabilities:
Capitalized software costs	$	(4,535)	$	(7,529)
Fixed assets	(162)		(3,590)
Operating lease	(25,528)		(16,102)
Other	(7,798)		(7,943)
Gross deferred tax liabilities	(38,023)		(35,164)
Total net deferred tax (liabilities) assets	$	(4,595)	$	1,441

Summary of Reconciliation of Unrecognized Tax Benefits


	Year ended December 31,
	2023		2022		2021
Unrecognized tax benefits at the beginning of the year	$	58,011	$	72,407	$	70,341
Additions for tax positions of prior years	1,026		1,807		—
Reduction for tax positions of prior years	(269)		—		—
Additions for tax positions of current year	449		—		—
Settlements	—		(7,412)		—
Foreign currency adjustments	(1,793)		(8,791)		2,066
Unrecognized tax benefits at the end of the year	$	57,424	$	58,011	$	72,407

Business Combinations - Consideration (Details) - Golden Nugget Online Gaming, Inc $ / shares in Units, $ in Thousands, shares in Millions	May 05, 2022 USD ($) $ / shares shares
Business Acquisition [Line Items]
Share consideration	$ 460,128
Other consideration	143,337
Total consideration	$ 603,465
Share consideration (in shares) \| shares	29.3
Weighted average fair value (in dollars per share) \| $ / shares	$ 15.73
Payments made by the Company	$ 170,900
Issuance of New DraftKings' class A common stock for each common share of Golden Nugget Online Gaming (in shares) \| shares	2.1

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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:


	Year ended December 31,
	2023		2022		2021
Net loss	$	(802,142)	$	(1,377,987)	$	(1,523,195)
Basic and diluted weighted-average common shares outstanding	462,599		436,513		402,492
Loss per share attributable to common stockholders (in dollars):
Basic and diluted	$	(1.73)	$	(3.16)	$	(3.78)

Schedule of Securities and Convertible Notes

For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding:


	Year ended December 31,
	2023	2022	2021
Class A common stock resulting from exercise of all warrants	3,524	3,761	1,613
Stock options and RSUs	55,200	67,941	53,746
Convertible notes	13,337	13,337	13,337
Total	72,061	85,039	68,696

Loss Per Share - Schedule of Loss per Share and Weighted-Average Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (802,142)	$ (1,377,987)	$ (1,523,195)
Weighted-average common shares outstanding, Diluted (in shares)	462,599	436,513	402,492
Weighted-average common shares outstanding, Basic (in shares)	462,599	436,513	402,492
Loss per share attributable to common stockholders (in dollars):
Basic (in dollars per share)	$ (1.73)	$ (3.16)	$ (3.78)
Diluted (in dollars per share)	$ (1.73)	$ (3.16)	$ (3.78)

- Definition

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

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

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+ Details

- Definition

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

+ References

+ Details

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 02, 2022 shares	Dec. 31, 2023 USD ($) segment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020	Dec. 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modified shares issuable (in shares) \| shares	4,000,000
Proceeds from exercise of stock options \| $		$ 16,540	$ 8,743	$ 31,479
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		7 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 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	10 months
Unrecognized stock-based compensation \| $		$ 597,500
Recognition period for unrecognized share-based compensation		2 years 7 months 6 days
Weighted average grant date fair value per share (in dollars per share) \| $ / shares		$ 8.59	$ 7.46	$ 19.53
Proceeds from exercise of stock options \| $		$ 16,500	$ 8,700	$ 31,500
Aggregate intrinsic value of stock options exercised \| $		101,700	38,100	473,400
Grant date fair value of stock options vested \| $		$ 11,100	$ 15,300	$ 14,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award fiscal years		1 year
Payout percentage		0.00%	0.00%	0.00%	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award fiscal years		2 years
Payout percentage		200.00%	200.00%	300.00%	300.00%
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share awards issued (in shares) \| shares						0
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) \| shares		10,100,000
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) \| shares		10,400,000
2012 Plan and 2017 Plan and 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares not to be exceeded (in shares) \| shares		900,000,000
2012 Plan and 2017 Plan and 2020 Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Vesting period		4 years

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Acquisition of Golden Nugget Online Gaming, Inc.

On May 5, 2022, DraftKings consummated the GNOG Transaction, and, under the terms of the GNOG Merger Agreement and subject to certain exclusions contained therein, GNOG stockholders received a fixed ratio of 0.365 shares of DraftKings Inc.’s Class A common stock for each share of GNOG that they held on the GNOG Closing Date. DraftKings Inc. issued approximately 29.3 million shares of its Class A common stock in connection with the consummation of the GNOG Transaction.

Operating results for GNOG on and after the GNOG Closing Date are included in the Company’s consolidated statements of operations for the years ended December 31, 2023 and 2022. Because the Company is integrating GNOG’s operations into its consolidated operating activities, the amount of revenue and earnings attributable to the GNOG business for 2022, which is included within revenue and net loss attributable to common stockholders in the Company’s consolidated statements of operations, was impracticable to determine.

Purchase Price Accounting for the GNOG Transaction

On the GNOG Closing Date, the Company acquired 100% of the equity interests of GNOG pursuant to the GNOG Merger Agreement. The following is a summary of the consideration issued on the GNOG Closing Date:


Share consideration (1)	$	460,128
Other consideration (2)	143,337
Total consideration	$	603,465

(1)Includes the issuance of approximately 29.3 million shares of DraftKings Inc.’s Class A common stock issued at a price of $15.73.


Cash and cash equivalents	$	66,709
Cash reserved for users	7,633
Receivables reserved for users	2,814
Accounts receivables	7,783
Prepaid expenses and other current assets	64
Property and equipment, net	1,433
Intangible assets, net	315,000
Operating lease right-of-use assets	1,185
Deposits and other non-current assets	47,395
Total identifiable assets acquired	450,016
Liabilities assumed:
Accounts payable and accrued expenses	32,989
Liabilities to users	4,314
Operating lease liabilities	1,185
Other long-term liabilities	78,781
Total liabilities assumed	117,269
Net assets acquired (a)	332,747
Purchase consideration (b)	603,465
Goodwill (b) – (a)	$	270,718

Goodwill represents the excess of the gross consideration transferred over the difference between the fair value of the underlying net assets acquired and the underlying liabilities assumed. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of benefits from securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a market participant, as well as acquiring a talented workforce and cost savings opportunities. Goodwill recognized is partially deductible for tax purposes, and the amount of deductible goodwill was determined to be $160.7 million.

Intangible Assets


	Fair Value		Weighted- Average Useful Life
Gaming licenses	$	145,000	12.2 years
Customer relationships	170,000		5.9 years
Total	$	315,000

Loan Receivable

The Company acquired a long-term receivable in the amount of $30.1 million in connection with the GNOG Transaction, which originally resulted from a $30.0 million mezzanine loan (the “Danville GN Casino Loan”) by GNOG to certain parties before the GNOG Closing Date to develop and construct a “Golden Nugget”-branded casino in Danville, Illinois, pending regulatory approvals, that would enable GNOG to obtain market access to the State of Illinois. There has been no significant deterioration of credit quality since the origination date of the Danville GN Casino Loan. The receivable related to the Danville GN Casino Loan is classified within deposits and other non-current assets on the Company’s consolidated balance sheet.

Transaction Costs

For the year ended December 31, 2022 and 2021, the Company incurred $14.9 million and $9.2 million, respectively, in advisory, legal, accounting and management fees in connection with the GNOG Transaction, which are included in general and administrative expenses on the Company’s consolidated statements of operations.

Unaudited Pro-Forma Information


	Year Ended December 31,
	2022 Pro Forma		2021 Pro Forma
Revenue	$	2,284,596	$	1,417,011
Net loss	$	(1,375,161)	$	(1,660,125)

The foregoing pro forma financial information is based on estimates and assumptions, which the Company believes are reasonable. The pro forma financial information includes adjustments primarily related to purchase accounting adjustments. Transaction costs and other non-recurring charges incurred are included in the earliest period presented.

Vegas Sports Information Network, Inc. Acquisition

On March 26, 2021, the Company acquired 100% of the equity of Vegas Sports Information Network, Inc. (“VSiN” and such acquisition, the “VSiN Acquisition”) for $40.6 million of cash and approximately $29.4 million of the Company’s Class A common stock.

The acquired assets and assumed liabilities of VSiN were recorded at their estimated fair values, including $21.8 million of intangible assets. Goodwill of $47.2 million represents the excess of the gross considerations transferred over the fair value of the underlying net assets acquired and liabilities assumed. Goodwill associated with the VSiN Acquisition is assigned as of the acquisition date to the Company’s Media reporting unit. The purchase price allocation for the VSiN Acquisition was finalized as of December 31, 2021. Goodwill recognized is not deductible for tax purposes. As VSiN’s financial results are not material to the Company’s consolidated financial statements, the Company has elected to not include pro forma results.

Blue Ribbon Software Ltd. Acquisition

On April 1, 2021, the Company acquired 100% of the equity of Blue Ribbon Software Ltd. (“Blue Ribbon”) for $17.8 million of cash and approximately $3.8 million of the Company’s Class A common stock (the “Blue Ribbon Acquisition”). The acquired assets and assumed liabilities of Blue Ribbon were recorded at their estimated fair values. The purchase price allocation for the Blue Ribbon Acquisition was finalized as of December 31, 2021.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2012, the Company’s board of directors adopted the 2012 Stock Option and Restricted Stock Incentive Plan (the “2012 Plan”), which provides for the granting of incentive and nonqualified stock options, shares of restricted stock and other equity interests or awards in the Company. The Company only issued time-based vesting awards under the 2012 Plan.

In 2017, the Company’s board of directors approved the 2017 Equity Incentive Plan (the “2017 Plan”). No new awards have been issued under the 2012 Plan following the approval of the 2017 Plan. The 2017 Plan provides for the granting of incentive and nonqualified stock options, shares of restricted stock and other equity interests or awards in the Company. The Company issued time-based and performance-based vesting awards under the 2017 Plan.

In 2020, the Company’s board of directors approved the 2020 Incentive Award Plan (the “2020 Plan”, together with the 2012 Plan and the 2017 Plan, the “Plans”). The 2020 Plan provides for the granting of incentive and nonqualified stock options, restricted stock units (“RSUs”) and other equity interests or awards in the Company. As of December 31, 2023, the total number of shares available for issuance under the 2020 Plan was 10.1 million shares. There are 10.4 million shares available for issuance under the 2017 Plan, however, we no longer issue awards under the 2017 Plan. There are no securities remaining available for future issuance under the 2012 Plan as this plan has expired pursuant to the terms. The Company issued time-based and performance-based vesting awards under the 2020 Plan. As of December 31, 2023, a share reserve established that the aggregate number of shares may not exceed 900.0 million shares under the Plans.

The Company has historically 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 that tie vesting to length of service with the Company. 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 performance-based equity awards which establish performance objectives related to one or two particular fiscal years. As applicable, certain stock-based compensation awards expire seven to ten years after the grant date.

Time-based awards generally vest over a four-year period in annual and/or quarterly installments and, as applicable, expire no later than ten years from the date of grant. Time-based options are valued using the Black-Scholes option-pricing model with the assumptions noted in the table below. Shares issued from the exercise of options are issued from the available Class A shares available under the Plans. The fair value of time-based RSUs is estimated on the grant date using the underlying share price.

LTIP awards that were granted as RSUs subsequent to 2020 vest based on long-term revenue targets and used the underlying share price on the grant date to estimate their fair value. On and after November 2, 2022, certain DraftKings executives agreed to delay vesting of the third tranche of their restricted stock units granted under a long-term incentive plan and to add a service condition through an extended vesting date. This modification impacts the issuance of approximately 4 million shares of DraftKings Inc.’s Class A common stock, which vested approximately ten months after the performance condition was met.

PSP awards granted in 2023 and 2022 vest based on achievement of revenue and Adjusted EBITDA targets and have a range of payouts from 0% to 200%. PSP awards granted in 2021 and 2020 vest based on achievement of revenue targets and have a range of payouts from 0% to 300%. As these awards are performance-based RSUs, the fair value is estimated on the grant date using the underlying share price.

The fair value of each option is estimated on the grant date using the Black-Scholes option-pricing model and the assumptions noted in the table below. The fair value is recognized over the requisite service period of the awards, which is generally the vesting period. For awards with only service-based vesting conditions, the Company recognizes compensation cost using the straight-line method. Expected volatility is based on an average volatility for a representative sample of

comparable public companies, including the Company. Stock options are generally granted with an exercise price equal to the fair value of the common stock at the grant date with a 10-year contractual term.

The expected term represents the period of time that the options are expected to be outstanding. The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for options granted, whereby, the expected term equals the average of the vesting term and the original contractual term of the options. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate is estimated using the rate of return on U.S. treasury notes with a life that approximates the expected life of the option. The fair value of the stock options issued was measured using the following assumptions:


	Year ended December 31,
	2023		2022		2021
Risk free interest rate	4.1	%	3.1	%	1.1	%
Expected term (in years)	5.9		5.6		5.8
Expected volatility	55.7	%	53.0	%	43.0	%
Expected dividend yield	0.0	%	0.0	%	0.0	%

The following table shows stock award activity for the years ended December 31, 2023 and 2022:


	Time-based		PSP		LTIP		Total	Weighted Average Exercise Price of Options		Weighted Average FMV of RSUs		Weighted Average Remaining Term of Options (Years)	Aggregate Intrinsic Value of Options
	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	6.34	$	622,108
Granted	400	15,254	—	12,523	—	1,390	29,567	28.24		17.79		—	—
Exercised options / vested RSUs	(2,672)	(2,913)	(76)	(2,671)	(519)	(6,251)	(15,102)	2.68		43.19		—	—
Change in awards due to performance-based multiplier	—	—	—	1,806	—	—	1,806	—		33.69		—	—
Forfeited	(164)	(1,263)	(5)	(27)	—	(618)	(2,077)	4.73		34.94		—	—
Outstanding at December 31, 2022	12,259	15,273	2,273	13,119	11,152	13,864	67,940	$	6.17	$	29.64	5.49	$	192,062
Granted	800	11,629	—	2,240	—	209	14,878	29.02		19.55		—	—
Exercised options / vested RSUs	(2,414)	(7,211)	(884)	(1,715)	(646)	(12,310)	(25,180)	4.16		42.29		—	—
Change in awards due to performance-based multiplier	—	—	—	1,141	—	—	1,141	—		60.25		—	—
Forfeited	(285)	(1,810)	—	(976)	—	(508)	(3,579)	4.39		21.18		—	—
Outstanding at December 31, 2023	10,360	17,881	1,389	13,809	10,506	1,255	55,200	$	7.10	$	21.01	4.59	$	645,885

The following table provides additional information for stock option awards outstanding as of December 31, 2023:


	Awards Outstanding	Weighted Average Remaining Term of Options (Years)	Aggregate Intrinsic Value		Weighted Average Exercise Price of Options
Stock options exercisable	21,708	4.5	$	643,350	$	6.44
Stock options remaining to vest	547	8.9	$	2,535	$	33.10

As of December 31, 2023, total unrecognized stock-based compensation cost of $597.5 million related to granted and unvested share-based compensation arrangements that are expected to vest is expected to be recognized over a weighted-average period of 2.6 years. The following table shows stock-based compensation cost for the years ended December 31, 2023, 2022 and 2021:


	Year ended						Year ended						Year ended
	December 31, 2023						December 31, 2022						December 31, 2021
	Options		RSUs		Total(3)		Options		RSUs		Total		Options		RSUs		Total
Time Based (1)	$	10,178	$	183,937	$	194,115	$	15,222	$	103,478	$	118,700	$	14,654	$	61,085	$	75,739
PSP (2)	—		126,071		126,071		—		90,180		90,180		—		82,089		82,089
LTIP (2)	—		78,277		78,277		—		369,919		369,919		—		525,465		525,465
Total	$	10,178	$	388,285	$	398,463	$	15,222	$	563,577	$	578,799	$	14,654	$	668,639	$	683,293

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

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

(3) Total expenses includes $20.2 million of liability-classified awards recorded within accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023.

The weighted-average grant-date fair values of options granted during the years ended December 31, 2023, 2022 and 2021 were $8.59, $7.46 and $19.53 per share, respectively.

During the years ended December 31, 2023, 2022 and 2021 the Company received proceeds from the exercise of stock options of $16.5 million, $8.7 million and $31.5 million, respectively, and the aggregate intrinsic value of those stock options exercised was $101.7 million, $38.1 million and $473.4 million, respectively. The total grant date fair value of stock options that vested during the years ended December 31, 2023, 2022 and 2021 were $11.1 million, $15.3 million and $14.0 million, respectively.

Loss Per Share

12 Months Ended

Dec. 31, 2023

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:


	Year ended December 31,
	2023		2022		2021
Net loss	$	(802,142)	$	(1,377,987)	$	(1,523,195)
Basic and diluted weighted-average common shares outstanding	462,599		436,513		402,492
Loss per share attributable to common stockholders (in dollars):
Basic and diluted	$	(1.73)	$	(3.16)	$	(3.78)

For the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding:


	Year ended December 31,
	2023	2022	2021
Class A common stock resulting from exercise of all warrants	3,524	3,761	1,613
Stock options and RSUs	55,200	67,941	53,746
Convertible notes	13,337	13,337	13,337
Total	72,061	85,039	68,696

Income Taxes - Summary of Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 1,042,874	$ 961,352
Intangible assets	82,813	72,299
Accrual and other temporary differences	59,656	57,281
Operating lease	24,784	18,213
Stock-based compensation	51,065	93,582
Capitalized research and development costs	128,719	61,584
Fixed assets	2,451	411
Gross deferred tax assets	1,392,362	1,264,722
Valuation allowance	(1,358,934)	(1,228,117)
Net deferred tax assets	33,428	36,605
Deferred tax liabilities:
Capitalized software costs	(4,535)	(7,529)
Fixed assets	(162)	(3,590)
Operating lease	(25,528)	(16,102)
Other	(7,798)	(7,943)
Deferred Tax Liabilities, Gross	(38,023)	(35,164)
Total net deferred tax (liabilities) assets	$ (4,595)
Total net deferred tax (liabilities) assets		$ 1,441

Leases, Commitments and Contingencies - Narrative (Details) $ in Millions	Sep. 09, 2022 claim	Feb. 07, 2022 patent	Dec. 01, 2021 patent	Nov. 22, 2021 patent	Oct. 12, 2021 patent	Aug. 19, 2021 patent	Jul. 28, 2021 patent	Jun. 14, 2019 patent	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Weighted-average remaining lease term, Operating leases									7 years 3 months 18 days
Weighted-average discount rate, Operating leases									6.50%
Surety Bond
Property, Plant and Equipment [Line Items]
Surety bonds issued \| $									$ 215.0
Combined annual premium cost									0.40%
Interactive Games LLC \| Daily Fantasy Sports
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed								2
Interactive Games LLC \| Sportsbook product
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed								2
Case Filed By Winview Inc. \| Daily Fantasy Sports
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed							1
Case Filed By Winview Inc. \| Sportsbook product
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed							2
Golden Nugget Online Gaming, Inc
Property, Plant and Equipment [Line Items]
Number of cases \| claim	2
Arrow Gaming Matter
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed					1	4
Beteiro, LLC Matter
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed				4
Diogenes Ltd. & Colossus (IOM) Ltd. Matter
Property, Plant and Equipment [Line Items]
Number of patents allegedly infringed		1	7
Maximum
Property, Plant and Equipment [Line Items]
Term of contract									10 years

Summary of Significant Accounting Policies and Practices - Property and Equipment, net (Details)	Dec. 31, 2023
Computer equipment and software
Accounting Policies [Line Items]
Estimated useful lives	3 years
Furniture and fixtures
Accounting Policies [Line Items]
Estimated useful lives	7 years
Minimum \| Leasehold improvements
Accounting Policies [Line Items]
Estimated useful lives	1 year
Maximum \| Leasehold improvements
Accounting Policies [Line Items]
Estimated useful lives	10 years

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business We are a digital sports entertainment and gaming company. We provide users with online sports betting (“Sportsbook”), online casino (“iGaming”) and daily fantasy sports (“DFS”) product offerings, as well as retail sportsbook, media and other consumer product offerings. We are also involved in the design and development of sports betting and casino gaming software for online and retail sportsbooks and iGaming operators. 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 December 31, 2023, 35 U.S. states, the District of Columbia and Puerto Rico have legalized some form of sports betting. Of those 37 legal jurisdictions, 32 have legalized online sports betting. Of those 32 jurisdictions, 30 are live, and DraftKings operates in 23 of them. The U.S jurisdictions with statutes legalizing iGaming are Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia. As of December 31, 2023, we operate our online sports betting product offering in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Massachusetts, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, Wyoming and Ontario, Canada and we operate retail sportsbooks in Arizona, Colorado, Connecticut, Illinois, Iowa, Kansas, Louisiana, Michigan, Mississippi, New Hampshire, New Jersey and Washington. As of December 31, 2023, the Company offers its iGaming product offering in Connecticut, Michigan, New Jersey, Pennsylvania, West Virginia and Ontario, Canada. 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. As further discussed in Note 3 hereof entitled “Acquisition of Golden Nugget Online Gaming, Inc.,” on May 5, 2022 (the “GNOG Closing Date”), DraftKings Inc. (formerly New Duke Holdco, Inc.) consummated the acquisition of Golden Nugget Online Gaming, Inc., a Delaware corporation (together with its subsidiaries unless the context requires otherwise, “GNOG”), pursuant to a definitive agreement and plan of merger, dated August 9, 2021 (the “GNOG Merger Agreement”), in an all-stock transaction (the “GNOG Transaction”). In connection with the GNOG Transaction, DraftKings Inc. undertook a holding company reorganization whereby (i) each share of DraftKings Holdings Inc. (formerly DraftKings Inc.), a Nevada corporation (“Old DraftKings”), Class A common stock and Class B common stock was converted on a one-for-one basis into a share of DraftKings Inc. Class A common stock and Class B common stock, respectively, and (ii) DraftKings Inc. became the going-forward public company and the direct parent company of both Old DraftKings and GNOG. DraftKings Inc. is the registrant filing this Annual Report on Form 10-K as the successor registrant for Old DraftKings. Unless otherwise indicated or the context otherwise requires, the terms “DraftKings”, the “Company”, “we”, “us” and “our” refer to DraftKings Inc. (or, in respect of periods prior to the GNOG Closing Date, Old DraftKings), together with its consolidated subsidiaries.

Intangible Assets and Goodwill - Schedule of Estimated Future Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 186,620
2025	144,810
2026	107,560
2027	84,078
2028	$ 47,058

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	December 31, 2023		December 31, 2022
Accounts payable	$	34,127	$	10,148
Accrued compensation and related expenses	94,830		78,819
Accrued marketing	100,840		146,569
Accrued partnership fees	136,338		99,633
Accrued processor fees	21,357		14,440
Accrued product taxes	116,501		70,891
Accrued professional fees and litigation	53,870		23,151
Accrued software and license fees	25,829		12,558
Deferred revenue	43,634		40,520
Accrued other expenses	12,273		20,858
Total	$	639,599	$	517,587

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains (losses)	$ 0.0	$ 19.9	$ 0.0

- Definition

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

Stockholders' Equity (Deficit)	12 Months Ended
Stockholders' Equity (Deficit)	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders’ Equity (Deficit) Class A Common Stock Holders of Class A common stock are entitled to cast one vote per share of Class A common stock. Holders of Class A common stock are not entitled to cumulate their votes in the election of directors. Holders of Class A common stock will share ratably (based on the number of shares of Class A common stock held) if and when any dividend is declared by the Board out of funds legally available therefor, subject to restrictions, whether statutory or contractual (including with respect to any outstanding indebtedness), on the declaration and payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or any class or series of stock having a preference over, or the right to participate with, the Class A common stock with respect to the payment of dividends. On the liquidation, dissolution, distribution of assets or winding up of DraftKings, each holder of Class A common stock will be entitled, pro rata on a per share basis, to all assets of DraftKings of whatever kind available for distribution to the holders of common stock, subject to the designations, preferences, limitations, restrictions and relative rights of any other class or series of preferred stock of DraftKings then outstanding. Class B Common Stock Shares of Class B common stock may be issued only to, and registered in the name of, Mr. Robins and any entities wholly owned by Mr. Robins (including all subsequent successors, assigns and permitted transferees). Holders of Class B common stock are entitled to cast 10 votes per share of Class B common stock. Holders of Class B common stock are not entitled to cumulate their votes in the election of directors. Holders of Class B common stock will not participate in any dividend declared by the Board. On the liquidation, dissolution, distribution of assets or winding up of DraftKings, holders of Class B common stock will not be entitled to receive any distribution of DraftKings assets of whatever kind available until distribution has first been made to all holders of Class A common stock. Notwithstanding this, due to the liquidation rights of holders of Class A common stock described above in which all assets of DraftKings of whatever kind available will be distributed to holders of Class A common stock, no assets of DraftKings will be available for liquidating distributions in respect of Class B common stock. Preferred Stock The Company’s amended and restated articles of incorporation provide that its Board has the authority, without action by the stockholders, to designate and issue shares of preferred stock in one or more classes or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations, preferences, limitations, restrictions and relative rights of each class or series of preferred stock, including, without limitation, dividend rights, dividend rates, conversion rights, exchange rights, voting rights, rights and terms of redemption, dissolution preferences, and treatment in the case of a merger, business combination transaction, or sale of its assets, which rights may be greater than the rights of the holders of the common stock. As of December 31, 2023, the Company had 300.0 million shares authorized of preferred stock, $0.0001 par value, of which none were issued and outstanding as of December 31, 2023 or December 31, 2022.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Finite-Lived

As of December 31, 2023, intangible assets, net consists of the following:


	Weighted- Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	4.4 years	$	422,900	$	(193,247)	$	229,653
Internally developed software	2.3 years	236,644		(108,169)		128,475
Gaming licenses	10.6 years	218,760		(47,941)		170,819
Customer relationships	4.1 years	269,728		(127,862)		141,866
Trademarks, tradenames and other	3.3 years	37,674		(20,751)		16,923
		1,185,706		(497,970)		687,736

Indefinite-lived intangible assets:
Digital assets, net of impairment	Indefinite-lived	2,884		N/A		2,884
Intangible assets, net		$	1,188,590	$	(497,970)	$	690,620

As of December 31, 2022, intangible assets, net consisted of the following:


	Weighted- Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	5.4 years	$	422,900	$	(140,200)	$	282,700
Internally developed software	2.4 years	168,277		(70,575)		97,702
Gaming licenses	11.0 years	206,655		(29,487)		177,168
Customer relationships	4.6 years	269,728		(75,791)		193,937
Trademarks and tradenames	3.8 years	36,193		(13,463)		22,730
		1,103,753		(329,516)		774,237
Indefinite-lived intangible assets:
Digital assets, net of impairment	Indefinite-lived	2,697		—		2,697
Intangible assets, net		$	1,106,450	$	(329,516)	$	776,934

Schedule of Intangible Assets, Indefinite-Lived

As of December 31, 2023, intangible assets, net consists of the following:


	Weighted- Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Developed technology	4.4 years	$	422,900	$	(193,247)	$	229,653
Internally developed software	2.3 years	236,644		(108,169)		128,475
Gaming licenses	10.6 years	218,760		(47,941)		170,819
Customer relationships	4.1 years	269,728		(127,862)		141,866
Trademarks, tradenames and other	3.3 years	37,674		(20,751)		16,923
		1,185,706		(497,970)		687,736

Indefinite-lived intangible assets:
Digital assets, net of impairment	Indefinite-lived	2,884		N/A		2,884
Intangible assets, net		$	1,188,590	$	(497,970)	$	690,620

As of December 31, 2022, intangible assets, net consisted of the following:


	Weighted- Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net
Developed technology	5.4 years	$	422,900	$	(140,200)	$	282,700
Internally developed software	2.4 years	168,277		(70,575)		97,702
Gaming licenses	11.0 years	206,655		(29,487)		177,168
Customer relationships	4.6 years	269,728		(75,791)		193,937
Trademarks and tradenames	3.8 years	36,193		(13,463)		22,730
		1,103,753		(329,516)		774,237
Indefinite-lived intangible assets:
Digital assets, net of impairment	Indefinite-lived	2,697		—		2,697
Intangible assets, net		$	1,106,450	$	(329,516)	$	776,934

Schedule of Estimated Future Amortization of Intangible Assets

The table below shows expected amortization expense for the next five years of intangible assets recorded as of December 31, 2023:


Year ending December 31,	Estimated Amortization
2024	$	186,620
2025	144,810
2026	107,560
2027	84,078
2028	47,058

Schedule of Goodwill

There were no changes in the carrying amount of goodwill for the year ended December 31, 2023. As of December 31, 2023, the Company had no accumulated goodwill impairment losses.


	Total
Balance as of December 31, 2021	$	615,655
Goodwill resulting from acquisitions	270,718
Balance as of December 31, 2022	$	886,373
Changes in Goodwill	—
Balance as of December 31, 2023	$	886,373

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details