Jason Robins (DraftKings): 'our business will do $1B in EBITDA' — and the World Cup audience stayed
Jason Robins · Co-fundador e CEO da DraftKings
▶ Listen / WatchThe CEO of America's largest betting operator discusses Q2, World Cup audience retention (handle +20% in July), and the fight with prediction markets.
Who they are
Jason Robins é co-fundador, chairman e CEO da DraftKings, a maior operadora de apostas esportivas e iGaming dos EUA, listada na NASDAQ. Começou a empresa em 2012 com US$ 25 mil e a transformou num negócio que deve gerar US$ 1 bilhão em EBITDA ajustado em 2026.
Highlights
- DraftKings' core business is on track to do about $1 billion in adjusted EBITDA this year — just a few years ago, the company was losing money.
- The World Cup exceeded expectations on nearly every metric: more efficient acquisition, CAPS 25% cheaper, and record engagement.
- July saw a 20% handle increase after the World Cup ended — proof the tournament audience stuck around.
- DraftKings avoids aggressive marketing on college campuses: 'we're focused on adults and positioning this as an entertainment product.'
- Prediction markets are both threat and opportunity: 'we see enormous growth over the last month or two.'
On Bloomberg Tech, DraftKings co-founder and CEO Jason Robins discussed the moment for America's largest sports betting operator: Q2 results, retention of the World Cup audience, and the fight with prediction markets.
A business that became a cash machine
Robins opened by putting DraftKings' moment in perspective.
Our core business is on track to do about a billion dollars in adjusted EBITDA this year. Just a few years ago we were losing money in that business. Now it's a very strong cash flow generator for us.
The transformation from cash-burning startup to a $1 billion EBITDA generator is the backdrop of everything he says — and explains why shares rose 7.5% even after a Q2 seen as 'disappointing'.
The World Cup that beat expectations
The 2026 World Cup, Robins says, was a success on nearly every metric.
World Cup on pretty much every metric that we look at exceeded our expectations. We acquired more customers — both in predictions and in our online sports betting business. We were way better than we expected from an acquisition standpoint.
And efficiency matched the volume.
Our CAPS were 25% lower than we expected. Total engagement was big. We had a really strong increase in MAPs.
The audience that stayed
The question everyone asked: would the World Cup audience vanish after the tournament? Robins answers with numbers.
July, we actually saw a 20% handle increase after the World Cup ended, which is an enormous number compared to where we were going into it. A lot of momentum coming out of the World Cup right into our most important time of year. Couldn't have been timed better.
The effect was twofold: new customers AND dormant customers returned to play — and kept playing through July, heading into the fall (NFL) season, the most important of the year.
Responsible marketing: DraftKings' line
Robins was asked about marketing to under-21s — a hot topic in the sector, with competitors under scrutiny.
We are not, as you see some of them doing, marketing that you can pay your rent money in, marketing to college campuses on fraternities and things like that. We are focusing on marketing to adults and positioning this as an entertainment product, which I think is the right way to do it.
The message: DraftKings plays the long game, and that includes not exploiting vulnerable audiences — an important distinction in a sector under growing regulatory pressure.
Prediction markets: threat or opportunity?
The growth of prediction markets (Kalshi, Polymarket) is the sector's big topic — and Robins acknowledges the moment.
We see really strong traction on predictions, enormous growth over the last month or two. And the best time of year is about to come with the fall season and NFL and everything that that brings.
For DraftKings, prediction markets are both competition and opportunity — and the company has already entered that market with its own product.
Why it matters
Jason Robins is the most influential voice in American iGaming: co-founder of the company that turned sports betting into a $1 billion EBITDA business. His view on the World Cup, retention, and prediction markets defines the direction of a $10B+ sector.