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DraftKings Earnings Preview Today (Nov. 6, 2025): ESPN Picks DKNG as Official Betting Partner; PENN Misses Q3; Flutter Set for Nov. 12
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DraftKings Earnings Preview Today (Nov. 6, 2025): ESPN Picks DKNG as Official Betting Partner; PENN Misses Q3; Flutter Set for Nov. 12

by
6 November 2025

DraftKings (NASDAQ: DKNG) reports third‑quarter results after today’s closing bell, just hours after ESPN scrapped its ESPN BET venture with PENN Entertainment and struck a new multi‑year pact naming DraftKings the official sportsbook and odds provider for ESPN. PENN posted third‑quarter results this morning, while Flutter (NYSE: FLUT) will update investors next week. Here’s what to watch and why it matters for U.S. sports betting stocks. [1]

What changed today

  • ESPN pivots to DraftKings; ESPN BET winds down. ESPN and PENN agreed to end their U.S. online‑betting partnership effective December 1, 2025. At the same time, Disney/ESPN entered a new multi‑year agreement that makes DraftKings ESPN’s official betting site and odds provider. PENN and ESPN will rebrand the current ESPN BET app to theScore Bet and halt PENN’s fixed media payments; ESPN retains vested warrants while unvested warrants are forfeited. DKNG shares rose in early trading on the news, according to Bloomberg. [2]
  • PENN’s Q3: bigger loss, in‑line revenue. Before the open, PENN reported Q3 revenue of ~$1.72B and an adjusted loss of $0.22/share; GAAP results reflected a net loss of ~$864.6M (‑$6.03/share). Management said it will refocus on iCasino and a leaner digital cost structure. [3]
  • Flutter timing confirmed. Flutter will release its Q3 2025 update after market close on Nov. 12 at ~4:05 p.m. ET, with a call at 4:30 p.m. ET. [4]

DraftKings: today’s earnings preview & investor checklist

When & where: Results drop after the close today (Nov. 6); the conference call is Friday, Nov. 7. [5]

Street setup: Recent previews peg Q3 revenue consensus around $1.23–$1.24 billion, with investors focused on customer growth, margin trajectory, and state‑by‑state expansion pacing. [6]

What to watch in the release and guide:

  1. Active users & ARPMUP (average revenue per monthly unique payer) through the NFL/CFB ramp, plus hold (win rate) variability—an area several analysts flagged as a profit swing factor this fall. [7]
  2. Promotional intensity and gross margin mix between same‑game parlays, in‑game, and iGaming. (Preview focus echoed by Seeking Alpha.) [8]
  3. Tax & regulatory commentary—notably Illinois’ progressive operator tax (effective since 2024) and operator responses; FanDuel, for instance, introduced a 50‑cent fee per wager in Illinois this year. [9]
  4. Competition from prediction markets (Kalshi, Polymarket) and DraftKings’ own push into event contracts via the Railbird acquisition; management’s positioning could shape 2026 expectations. [10]

Options market expectations: Ahead of earnings, options were pricing an ~14% next‑day swing for DKNG, well above its two‑year average move, per Schaeffer’s. [11]

Editorial note: On Wednesday, The Motley Fool outlined three things to watch—continued top‑line growth, bottom‑line progress, and the limits of consensus estimates—useful context for tonight’s print. [12]

Why the ESPN deal could be pivotal for DKNG

The ESPN alignment materially boosts DraftKings’ brand distribution and media reach just as NFL season‑ality peaks and ahead of college bowls. Reuters details the unwind mechanics with PENN (rebrand to theScore Bet, media spend changes, warrant treatment) and confirms ESPN’s new DKNG relationship; Bloomberg reported a sharp premarket pop for DKNG shares on the headline. While revenue impacts will depend on execution, investor focus will turn to user acquisition efficiency and cross‑sell lift in 2026 guidance. [13]

PENN: takeaways from this morning

  • Top line held near expectations (~$1.72B), but adjusted EPS missed; GAAP results included sizable non‑cash charges. The company emphasized an iCasino‑first digital strategy following the ESPN exit. [14]
  • With ESPN BET winding down, watch management’s commentary on customer migration, brand architecture, and any updated 2025–2026 capex/media outlook. (The company hosts its Q3 call this morning.) [15]

Flutter next week: what’s on deck

Flutter reports after the close on Nov. 12. Given FanDuel’s U.S. scale, investors will parse U.S. unit margins, promo cadence, and any commentary on U.K./Ireland tax headwinds—another variable analysts have highlighted this fall. [16]

Macro currents shaping the group

  • Taxes: Progressive operator taxes in Illinois (effective July 1, 2024) continue to pressure unit economics across the industry; operators have responded with new fees and product mix shifts. [17]
  • Prediction markets: The CFTC cleared a path for Polymarket’s U.S. relaunch this fall, while DraftKings moved to enter event markets via Railbird—two developments likely to feature in Q&A as investors assess wallet‑share dynamics. [18]
  • Volatile “hold” in football season: Banks and research shops have cautioned that streaky outcomes can swing quarterly earnings for DKNG and FLUT; tonight’s commentary on October/early‑November hold will be key. [19]

Key times & numbers (Nov. 6, 2025)

  • DraftKings Q3 2025: Results after close; call Nov. 7 (IR schedule). Consensus revenue ~$1.23–$1.24B. [20]
  • PENN Q3 2025 (reported pre‑market): Revenue ~$1.72B; adj. EPS −$0.22; GAAP EPS −$6.03. Strategy pivot to iCasino; ESPN BET to theScore Bet by Dec. 1. [21]
  • Flutter Q3 2025: Update Nov. 12, 4:05 p.m. ET; call 4:30 p.m. ET. [22]

Bottom line

Today’s ESPN‑DraftKings tie‑up reshapes U.S. sportsbook media dynamics hours before DKNG’s earnings. Add PENN’s miss and strategic pivot and next week’s Flutter update, and investors get a condensed, market‑moving read‑out on customer growth, promo spend, and taxes heading into the key holiday sports window.

This article is for informational purposes only and does not constitute investment advice.

How I Turned $1 Into $400 With This DraftKings Sports Bet
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References

1. draftkings.gcs-web.com, 2. www.reuters.com, 3. www.marketscreener.com, 4. www.globenewswire.com, 5. draftkings.gcs-web.com, 6. www.benzinga.com, 7. www.barrons.com, 8. seekingalpha.com, 9. sportshandle.com, 10. www.investopedia.com, 11. www.schaeffersresearch.com, 12. www.fool.com, 13. www.reuters.com, 14. www.marketscreener.com, 15. investors.pennentertainment.com, 16. www.globenewswire.com, 17. sportshandle.com, 18. www.reuters.com, 19. www.barrons.com, 20. draftkings.gcs-web.com, 21. www.marketscreener.com, 22. www.globenewswire.com

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Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

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