DraftKings now says it's the top iGaming operator in the US, but that flex-worthy title comes at a price:
DraftKings spent nearly $500M on sales and marketing in 2020 — that's ~80% of its revenue for the year.
It basically spent 80 cents for every $1 of sales it brought in.
Think: commercials, FB ads, and $500 sign-up bonus promos. While that helped it grow sales and users, DraftKings lost ~$844M for the year.
DraftKings spent nearly $500M on sales and marketing in 2020 — that's ~80% of its revenue for the year.
It basically spent 80 cents for every $1 of sales it brought in.
Think: commercials, FB ads, and $500 sign-up bonus promos. While that helped it grow sales and users, DraftKings lost ~$844M for the year.