March 9 was False Teeth Day, Barbie Day, Panic Day, Meatball Day and Get Over It Day. It was also Investor Day and to celebrate, DraftKings predicted the future when it comes to online sports betting.
At full maturity, the market in the U.S. could gross between $22 billion and $24 billion a year. If DraftKings accounts for 20 percent of the market, the company could gross more than $4 billion a year.
To date, 15 states have online sportsbooks, which represents 27 percent of the population. Of those 15, DraftKings has a presence in 12, which covers a quarter of the population, according to The Action Network.
DraftKings also revealed that many of its fantasy sports players became sportsbook customers when the opportunity arose. Colorado ranked first with 69 percent crossover rates with New Jersey second at 65 percent.
In other Investor Day news from DraftKings, the company elevated its long term EBITDA target from $1.2 billion to $1.7 billion, crediting the growing legalization of online sportsbooks and iGaming.
The company sees both elements reaching maturity in five years when 65 percent of the U.S. population has access to mobile sports betting and 30 percent to online gaming.
DraftKings raised its estimate of addressable revenue from iGaming, online sportsbooks and Canadian results from $39 billion to $71 billion. At present, DraftKings holds a 30 percent share of the online sports betting and 19 percent share of online gaming.
