1217 ET - DraftKings' hold, the money it makes from bets, was likely lower-than-expected in the fourth quarter after December New York data revealed a continued trend of customer-friendly sporting outcomes, Benchmark analyst Mike Hickey says in a research note. While the online sports betting company hasn't updated its guidance post its November revision, Benchmark reduces its fourth-quarter revenue estimate by about $136 million to $1.39 billion and Aebitda by $96 million to $74 million. "We remain constructive on the company's ability to achieve fiscal 2025 growth targets, with potential upside from improved sportsbook hold, promotional optimization, and operational efficiencies," Hickey says. Shares rise 0.7% to $37.71. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
January 06, 2025 12:17 ET (17:17 GMT)
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