DraftKings Investor Day Presentation Deck
NJ's iGaming gross revenue per adult - assuming no growth going forward - implies a
U.S. iGaming TAM of $52B or $48B if we adjust for the state's relative GDP
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Estimated U.S. iGaming Gross Revenue
($ in millions)
$123
NJ 2014
$149
NJ 2015
+25% CAGR
$197
NJ 2016
DKNG launched NJ
iGaming in late December
2018
$246
NJ 2017
$299
NJ 2018
+80% CAGR
$483
NJ 2019
$970
1-11
NJ 2020
$1,367
+41%
$52B
NJ 2021
Implied U.S. TAM
(Population Method)(¹)
$48B
Implied U.S. TAM
(GDP Method)(2)
NJ iGaming was $1.4B industry in 2021; growth accelerated following the introduction of OSB in August 2018
• Assuming 0% growth from 2021 to 2023, a mature NJ implies $52B in Gross Revenue at 100% legalization ($197 Gross Revenue per adult)
Adjusting for GDP per adult of NJ vs. that of the U.S., the U.S. opportunity is $48B in Gross Revenue at 100% legalization ($180 Gross Revenue per adult)
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Source: NJ Department of Gaming Enforcement; U.S. Census Bureau; U.S. Bureau of Economic Analysis
Note: U.S. adult population is estimated to be 265 million in 2023. Per U.S. Census Bureau, the U.S. adult population is projected to be 259 million and 279 million in 2020 and 2030, respectively. We estimate the 2023 figure by assuming the U.S. adult population grows on a straight-line basis
from 2020 to 2030. All U.S. TAMs are calculated using this 2023E population figure.
(1) Population method applies NJ 2023E Gross Revenue per adult of $197 for iGaming to the 2023E U.S. population.
(2) GDP method adjusts the TAM extrapolations for NJ's GDP per adult relative to the U.S.'s GDP per adult.
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