Dear DraftKings Stock Fans, Mark Your Calendars for September 9

After months of offseason moves, training-camp battles, preseason action, and endless predictions, the wait is finally over, and the 2026 NFL season is here. Fans have been counting down since the Super Bowl, and now the road to Super Bowl LXI officially gets underway. The new season kicks off on Sept. 9, Wednesday night, with a highly anticipated rematch of Super Bowl LX, as the defending champion Seattle Seahawks host the New England Patriots.

Beyond the football field, however, the season opener could also provide an important catalyst for certain stocks to grab investors' attention, particularly sports betting names such as DraftKings (DKNG). The online betting giant has had a rough time winning over investors this year amid mixed fundamentals and intensifying competition from prediction-market platforms. With the NFL's return potentially putting sports betting stocks back in the spotlight, DKNG could be one name worth watching closely. So, with this new catalyst on the horizon, here's a closer look at DraftKings stock.

About DraftKings Stock

DraftKings has grown far beyond its daily fantasy sports roots since launching in 2012, transforming into a diversified digital sports and gaming powerhouse. Headquartered in Boston, the company now operates across sports betting, iGaming, daily fantasy, prediction markets, digital lottery, and media, giving sports fans multiple ways to engage with their favorite games.

Its DraftKings Sportsbook is available across 30 states, Washington, D.C., Puerto Rico, and Alberta and Ontario, Canada, while its iGaming business operates in several U.S. states and Canadian provinces. The company has also expanded through Jackpocket, a leading U.S. digital lottery courier app, and DraftKings Predictions, which offers federally regulated event contracts.

DraftKings has further strengthened its position through partnerships with major sports leagues, including the NFL, NBA, NHL, MLB, PGA Tour, and WNBA, while DraftKings Network adds a digital media arm to the business. With its expanding ecosystem, DraftKings is no longer simply a sports betting company. It is building a one-stop platform for sports fans, spanning betting, gaming, prediction markets, lottery, and entertainment.

With a market capitalization of roughly $11.92 billion, DraftKings has had a tough run on Wall Street. Shares have plunged 49% over the past year and are down another 32% so far in 2026, significantly underperforming the broader S&P 500 Index ($SPX), which has gained about 18.4% over the past 52 weeks and 12.3% year-to-date (YTD). The slide becomes even more striking when viewed from its recent high. DKNG reached a 52-week peak of $46.51 in September last year, but the stock has since fallen about 50% from that level.

Inside DraftKings’ Q2 Earnings Report

DraftKings delivered a mixed second-quarter earnings report on Aug. 6, with revenue and earnings falling short of Wall Street expectations even as customer engagement and sportsbook activity continued to gain momentum. For the three months ended June 30, 2026, the company reported revenue of $1.44 billion, down about 4.6% year-over-year (YoY) and below Wall Street’s consensus estimate of $1.50 billion. 

According to the company, the decline was primarily driven by customer-friendly sports outcomes and increased promotional reinvestment to acquire new customers across its Sportsbook and Predictions offerings. The bottom line was similarly under pressure. DraftKings posted adjusted EPS of $0.09, down sharply from $0.38 in the year-ago quarter and below analysts’ estimate of $0.22. However, beneath the headline misses, the company continued to show strong signs of user growth.

Monthly Unique Payers (MUPs) rose approximately 9% to 3.6 million, reflecting solid customer retention and new-user acquisition across both Sportsbook and Predictions, which launched in December 2025. Sportsbook activity also remained strong. Sports Consumer Volume reached $13.1 billion, up $1.7 billion, or 15%, from $11.5 billion in the same period last year. DraftKings is currently live with mobile sports betting in 27 states, Washington, D.C., and Puerto Rico, representing approximately 53% of the U.S. population. 

Meanwhile, its iGaming operations are live in five states, covering approximately 11% of the U.S. population. Looking ahead, DraftKings remains confident in the strength of its core business. The company expects to generate approximately $1 billion in adjusted EBITDA this year, giving it the financial flexibility to invest behind the significant opportunity it sees in Predictions. As a result, DraftKings maintained its fiscal 2026 guidance, calling for revenue of $6.5 billion to $6.9 billion and adjusted EBITDA of $700 million to $900 million.

What Do Analysts Think About DKNG Stock?

Despite DraftKings’ steep stock decline, Wall Street remains surprisingly bullish on the name. DKNG stock carries a consensus “Moderate Buy” rating among 37 analysts, with 25 recommending “Strong Buy,” three calling for a “Moderate Buy,” eight rating it “Hold,” and just one analyst issuing a “Strong Sell.”

The optimism is reflected in the price targets. The average target of $33.79 implies roughly 44% upside from current levels, while the Street’s most bullish target of $50 points to a potential 113% rally. In other words, despite DKNG’s recent struggles, analysts see significant room for a rebound if the company can turn its underlying growth momentum into stronger financial results.

On the date of publication, Anushka Mukherji did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.