Based on new state launches and strong underlying performances, DraftKings increased the midpoint of its 2022 revenue guidance last month to $1.93 billion. At the same time, DraftKings offered full-year 2022 adjusted EBITDA guidance in the range between negative $825-$925 million. Even by conservative measures, DraftKings will be losing money at a burn rate in excess of $2.25 million a day.