DraftKings Projects More Than $22 Billion in Handle in Mature Online U.S. Betting Market
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DraftKings said on Tuesday that it's their belief that the online sports gambling market, at full maturity, would gross in between $22 billion and $24 billion annually in the United States.
At 20-to-30 percent market share, DraftKings says it could gross $2.9 billion to $4.3 billion a year.
DraftKings released the numbers as part of their virtual Investor Day on Tuesday.
Fifteen states currently offer online sports gambling, representing 27 percent of the population. DraftKings is live in 12, representing 25 percent of the population.
DraftKings also said that they have had a strong crossover from fantasy players who became sportsbook customers when that state offered legalized betting. Of all the states, Colorado residents led in crossover percentage (69 percent) with New Jersey, DraftKings most valuable state, coming in second at 65 percent.
As of noon ET, DraftKings stock was up 4.1 percent on the day.