Does anyone actually realize/care how much of a flaming đź’© of a 'business' $DKNG is. three easy tells:

1) in 3Q'20 - the biggest reopening for sports we'll ever see - they couldn't even get ARPU to grow YoY. Lesson: they are acquiring low-value custys/custy loyalty is shit
2) they spent $303mm in L9M to acquire an incremental YoY 114k MUPs...ie $2658 per MUP ...which generated a grand total of $41 monthly ARPU @ 36% GMs = $15 GP/mo...

Implying a lovely 15yr payback (assuming no churn ) 🤮🤮
3) these not are actually getting worse in L3M (but muddied by re-opening spike in MUPs)...and it's not like competition will ease anytime soon.

How is this 'business' ever going to sniff a profit? Ever?
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