DraftKings

DraftKings operates as an invasive species exploiting newly opened ecological niches—state-by-state sports betting legalization since 2018. The company generated $4.8 billion in 2024 revenue (up 30% year-over-year) by rapidly colonizing regulatory territories, now live in 25 states plus DC representing 49% of US population. Like salmon returning to natal streams, users exhibit strong home-state preference once onboarded, creating switching costs through accumulated account history, parlays, and loyalty programs. The platform's first-ever positive adjusted EBITDA of $181 million in 2024 (versus $151 million loss in 2023) marks a critical phase transition from growth-funded territory acquisition to mature ecosystem extraction. DraftKings' dual revenue streams—sportsbook ($825M in Q4) and iGaming ($426M in Q4)—mirror cleaner fish providing multiple services to host organisms, increasing stickiness while diversifying risk. The 37% growth in monthly average users to 4.8 million demonstrates network effects: more users enable larger prize pools and more diverse betting markets, attracting still more users. However, the company faces predator-prey dynamics with customers—what CEO Jason Robins called the "most customer-friendly NFL outcomes in over 40 years" compressed Q4 margins. The $6.45 billion 2025 revenue guidance (35% growth) represents continued territorial expansion (Missouri legalized Nov 2024) while harvesting established markets. Competition from fintech platforms (Kalshi, Robinhood, Crypto.com) mirrors invasive species pressure, requiring constant innovation in user experience and market variety to maintain ecological dominance in the expanding US gambling ecosystem.