DraftKings CEO says earnings-call word bets "probably should not be out there"

Jason Robins made the comment as Kalshi listed live contracts on his own call, even as DraftKings plans to invest $200 million to $300 million in prediction markets in 2026.

19d ago

Fact Check

Every element of the claim is corroborated by multiple sources. The Q2 FY2026 earnings call transcript directly quotes management: 'Over 600,000 customers have engaged with our predictions offering year to date' and confirms reaffirmed 2026 guidance. The Benzinga earnings highlights confirm revenue of $1.44B missing the $1.52B consensus and maintained full-year guidance. Casino.org confirms the net loss of $67.6M and reaffirmed guidance. These are consistent across independent trade outlets, supporting all four components: 600,000 Predictions customers, revenue miss, net loss, and unchanged 2026 guidance.

Summary

DraftKings Chief Executive Officer and Co-founder Jason Robins said markets on whether executives use specific words during earnings calls "probably should not be out there," drawing a distinction between those contracts and the broader prediction-market business DraftKings is building. Kalshi offered live markets on Robins' Aug. 7 earnings presentation, including a contract implying a 96% chance he would say "World Cup," while contracts on "competitor" traded between 68% and 89% and bets on "super app" and "combo" were priced lower. The comment came as DraftKings doubles down on prediction markets, budgeting $200 million to $300 million for the business in 2026 after saying about 600,000 customers have used Predictions and annualized volume rose to $11 billion in July from $2.3 billion in April. The company said DK Exchange is live and that it has FCM approval. DraftKings reported second-quarter revenue of $1.44 billion, down 5% year over year and below estimates, while keeping 2026 guidance at $6.5 billion to $6.9 billion in revenue and $700 million to $900 million in adjusted EBITDA. Robins has argued prediction markets can become a major pillar for the company, but earnings-call contracts raise questions about incentives, information asymmetry and how regulators would view advance knowledge of prepared remarks.

Terms & Concepts

prediction markets: Markets where traders buy and sell contracts tied to the outcome of future events.
FCM approval: Authorization to operate as a futures commission merchant, allowing a firm to handle customer derivatives trades.
adjusted EBITDA: A profit metric that excludes interest, taxes, depreciation and amortization, along with certain company-defined adjustments.