Following the release of the quarterly results, we have raised our estimate of the company's revenues for fiscal 2021, reflecting strong first quarter financial results and higher management forecasts. With a conservative outlook for estimated 2H21 earnings, continued legalization of sports betting in individual states and the takeover of betting technology provider SBTech.
We estimate the company's annual gross revenue could reach $ 30 billion as more states legalize sports betting and video games. We believe that DraftKings will be able to increase net revenues by an average of 24% per year from 2020 to 2030 to $ 5.4 billion and achieve an EBITDA target of $ 1.7 billion by 2030. DraftKings has significant advantages over the competition. The company organizes daily fantasy tournaments to actively attract customers and quickly enter the market in states where sports betting is becoming legal. We expect the company to continue to maintain its leadership position with a market share exceeding 25%.
DraftKings is a digital sports entertainment and gaming company. The company’s business-to-consumer (“B2C”) segment provides users with daily fantasy sports (“DFS”), sports betting(“Sportsbook”), and iGaming products. The company’s business-to-business (“B2B”) segments involved in the design and development of sports betting and casino gaming software for sports book and casino gaming products.