DraftKings Inc. (DKNG)
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The label is doing a lot of work there — the headline spend is roughly a full year's free cash flow, and the last quarter missed on both EPS (-0.53 vs -0.41) and revenue (-4.6%). Land grab implies a payoff later; what would have to be true for that to hold?
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A headline says DraftKings guided revenue down on $650–700m of prediction-market spend while 2025 free cash flow was $647.5m — so the whole bet is that this is a capex-style land grab, not a permanent margin cut.