BOSTON, August 21, 2026, 03:57 EDT — DraftKings Inc. NASDAQ:DKNG has rolled out a $150 bonus for new NFL customers during the preseason, bringing renewed attention to the financial impact of user incentives as the stock faces scrutiny ahead of Friday’s trading. Nasdaq cash trading was closed at the time of publication.
- The offer under review promotes $150 in bonus bets following a qualifying wager of $5.
- DraftKings reported a 38% year-on-year increase in its sales and marketing expense for the second quarter.
- The stock closed at $25.03 on Thursday, falling 4.2% compared with the prior Friday.
The main incentive amounts to 30 times the eligible cash wager. The financial outlay is less than this figure, as bonus stake amounts are not withdrawable and only profits can be cashed out. Nevertheless, the ratio highlights the intensity of operator competition ahead of the regular NFL season.
With the updated offer, customers are granted six $25 bonus bets distributed over three separate drops. Each group of bonuses will expire after seven days. The promotion is set to conclude on August 23, but eligibility criteria and conditions may differ depending on state and the acquisition link used.
| Current preseason promotion | Required action | Promised reward | Reward per qualifying action |
|---|---|---|---|
| DraftKings | $5 bet | $150 in bonus bets | 30.0x |
| Underdog | $5 entry | $50 in bonus entries | 10.0x |
| Polymarket | $10 deposit | $20 bonus | 2.0x |
| Kalshi | $25 trade | $25 bonus | 1.0x |
| Fanatics | Up to $100 per day over 10 days | Up to $1,000 FanCash | Up to 1.0x |
The key issue for investors is not if promotions bring in more users, but whether these users generate returns that cover acquisition expenses promptly. DraftKings’ most recent results highlight both aspects of this calculation.
Sports consumer volume for the second quarter climbed 15% to $13.1 billion. Monthly unique payers grew by 9% to 3.6 million. However, overall revenue declined 5%, while average revenue per payer slid 13% to $132. DraftKings attributed the changes to sports outcomes favoring customers and increased promotional reinvestment.
| DraftKings Q2 results | 2026 | 2025 | Change |
|---|---|---|---|
| Sports customer handle | $13.14bn | $11.47bn | +14.5% |
| Overall revenue | $1.443bn | $1.513bn | -4.6% |
| Sports net revenue margin | 6.8% | 8.7% | -1.9 pts |
| Sales and marketing costs | $322.5m | $233.2m | +38.3% |
| Adjusted EBITDA | $114.6m | $300.6m | -61.9% |
Marketing costs rose by $89.3 million. Adjusted EBITDA dropped $186.0 million. Nearly half of the EBITDA decrease corresponds to the higher marketing expenditure, excluding the impact of lower sports hold and additional expenses.
Chief Executive Jason Robins reported that the core business expanded in “handle, users, and engagement.” Chief Financial Officer Alan Ellingson stated the company is still targeting roughly $1 billion in adjusted EBITDA for the year. DraftKings reaffirmed its 2026 outlook for $6.5 billion to $6.9 billion in revenue and between $700 million and $900 million in adjusted EBITDA. Company statement and executive quotes
| Recent analyst | Rating | Target | Action |
|---|---|---|---|
| Macquarie ASX:MQG | Outperform | $38 | No change |
| Barclays NYSE:BCS | Overweight | $34 | Lowered from $35 |
| JPMorgan Chase NYSE:JPM | Overweight | $33 | Lowered from $34 |
| Guggenheim | Buy | $33 | Reduced from $35 |
| Citigroup NYSE:C | Buy | $32 | Increased from $30 |
| Benchmark | Buy | $30 | Increased from $29 |
The six price targets have a median of $33, which is 31.8% higher than Thursday’s closing price. Analysts’ average estimate is $34.79, indicating a potential gain of 39.0%. Forecasts currently vary from $18 to $76.
DraftKings shares finished Thursday at $25.03, a decline of 1.1% on the session. Last Friday, the stock closed at $26.14, bringing the four-session loss to 4.2%. Trading volume on Thursday reached 8.2 million shares, 36% below the stock’s 50-day average.
| Market checkpoint | Value | Investor read |
|---|---|---|
| August 20 close | $25.03 | Fell 1.1% Thursday |
| Change from August 14 | -4.2% | Sluggish week before preseason offerings |
| Distance from $48.78 high | -48.7% | Significant downgrade factored in |
| Consensus target gap | +39.0% | Potential gains rely on margins rebounding |
| Thursday volume vs. 50-day average | -36.4% | Downturn occurred on lighter trading |
In the coming week, the key indicator will not be the headline bonus amount. Investors are advised to monitor if NFL acquisition efforts can boost payer growth while avoiding a significant drop in revenue per payer or sports margin.
Risks: Better-than-expected house wins may boost margins more quickly. However, rivals could respond with more attractive promotions, intensifying the competition for customers. If revenue per payer falls again while marketing costs climb, the argument for swift payback would be undermined.
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