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Can DKNG's DKeX Rollout Lift Profit Per Customer Into 2027?
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Key Takeaways
DraftKings plans to move more Predictions volume to DKeX, retaining fees paid to external providers.
DKeX complements in-house brokerage and market-making, with operations live on three exchanges.
Predictions may deliver lower revenue per customer but comparable gross profit due to higher margins.
DraftKings Inc. (DKNG - Free Report) plans to move more Predictions trading volume onto its DKeX exchange to retain fees that would otherwise accrue to external providers. Launched in June 2026, DKeX complements the company’s in-house brokerage and market-making operations.
DraftKings obtained Futures Commission Merchant approval in July, further advancing its integration strategy. The approach builds on its Sportsbook experience, where approximately 95% of sports content is priced and traded in-house.
Greater control over the platform could also support proprietary content, stronger retention and improved customer lifetime value. During its second-quarter 2026 earnings call, DraftKings reported that its market-making operation was live on three exchanges, with profitable activity on both singles and combos.
As DKeX grows, the company expects additional market-making opportunities and deeper liquidity to strengthen its offering. Although Predictions is expected to generate lower revenue per customer than Sportsbook, its higher-margin profile could support comparable gross profit per customer over time.
DKeX’s rollout could support higher profit per customer into 2027 as DraftKings brings more trading activity in-house. The extent of that improvement will likely depend on the pace of migration and the platform’s ultimate monetization potential.
DKNG’s Price Performance, Valuation & Estimates
DraftKings’ shares have declined 26.6% in the past three months compared with the industry’s 21.7% fall. In the same time frame, other industry players like Accel Entertainment, Inc. (ACEL - Free Report) , Boyd Gaming Corporation (BYD - Free Report) and PENN Entertainment, Inc. (PENN - Free Report) have fallen 16.5%, 24.2% and 33.4%, respectively.
DKNG Three-Month Price Performance
Image Source: Zacks Investment Research
DKNG stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 1.26, below the industry average of 1.53. Conversely, industry players, such as Accel Entertainment, PENN Entertainment and Boyd Gaming, have P/S ratios of 0.62, 0.26 and 1.16, respectively.
DKNG’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for DraftKings’ 2026 earnings per share has declined in the past 60 days.
EPS Trend of DKNG Stock
Image Source: Zacks Investment Research
The company is likely to report solid earnings, with projections indicating a 36.4% surge in 2026. Conversely, industry players like Accel Entertainment and PENN Entertainment are likely to witness a rise of 15% and 117.5%, respectively, year over year in 2026 earnings. Meanwhile, Boyd Gaming’s 2026 earnings are expected to decline 3.1% year over year.
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Can DKNG's DKeX Rollout Lift Profit Per Customer Into 2027?
Key Takeaways
DraftKings Inc. (DKNG - Free Report) plans to move more Predictions trading volume onto its DKeX exchange to retain fees that would otherwise accrue to external providers. Launched in June 2026, DKeX complements the company’s in-house brokerage and market-making operations.
DraftKings obtained Futures Commission Merchant approval in July, further advancing its integration strategy. The approach builds on its Sportsbook experience, where approximately 95% of sports content is priced and traded in-house.
Greater control over the platform could also support proprietary content, stronger retention and improved customer lifetime value. During its second-quarter 2026 earnings call, DraftKings reported that its market-making operation was live on three exchanges, with profitable activity on both singles and combos.
As DKeX grows, the company expects additional market-making opportunities and deeper liquidity to strengthen its offering. Although Predictions is expected to generate lower revenue per customer than Sportsbook, its higher-margin profile could support comparable gross profit per customer over time.
DKeX’s rollout could support higher profit per customer into 2027 as DraftKings brings more trading activity in-house. The extent of that improvement will likely depend on the pace of migration and the platform’s ultimate monetization potential.
DKNG’s Price Performance, Valuation & Estimates
DraftKings’ shares have declined 26.6% in the past three months compared with the industry’s 21.7% fall. In the same time frame, other industry players like Accel Entertainment, Inc. (ACEL - Free Report) , Boyd Gaming Corporation (BYD - Free Report) and PENN Entertainment, Inc. (PENN - Free Report) have fallen 16.5%, 24.2% and 33.4%, respectively.
DKNG Three-Month Price Performance
Image Source: Zacks Investment Research
DKNG stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 1.26, below the industry average of 1.53. Conversely, industry players, such as Accel Entertainment, PENN Entertainment and Boyd Gaming, have P/S ratios of 0.62, 0.26 and 1.16, respectively.
DKNG’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for DraftKings’ 2026 earnings per share has declined in the past 60 days.
EPS Trend of DKNG Stock
Image Source: Zacks Investment Research
The company is likely to report solid earnings, with projections indicating a 36.4% surge in 2026. Conversely, industry players like Accel Entertainment and PENN Entertainment are likely to witness a rise of 15% and 117.5%, respectively, year over year in 2026 earnings. Meanwhile, Boyd Gaming’s 2026 earnings are expected to decline 3.1% year over year.
DKNG currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.