DraftKings generated $213 million in revenue in Q3 2021 — a 60% increase year-over-year — but missed Wall Street estimates of $236.1 million for the quarter partly because of unfavorable NFL game outcomes. 

Jason Park, DraftKings CFO, said revenue “would have been $40 million higher” in Q3 if NFL games had gone the company’s way, but more favored teams often won and there were fewer upsets. 

After launches in Wyoming, Arizona, and Connecticut in Q3, the operator is live with mobile betting in 15 states, giving it access to 29% of the U.S. population.  

DraftKings saw monthly unique payers grow by 31% during the quarter, with 1.3 million unique paying customers each month of Q3. Average revenue per payer increased 38% year-over-year.

DraftKings has been looking to grow its business through acquisitions. 

• It agreed to acquire Golden Nugget Online Gaming for $1.56 billion in August.
• It reportedly submitted a bid to purchase The Athletic. 

Last month, DraftKings pulled its bid to acquire Entain after making a $22.4 billion offer for the British gambling operator.

The company expects full-year revenue to range between $1.24 billion and $1.28 billion.

The San Francisco 49ers ownership group increased its stake in Leeds United to 44% on Friday, marking its fourth investment in the soccer club. 

49ers Enterprises originally purchased a 15% equity stake in the club worth a reported $13.6 million in 2018 from majority stakeholder and Leeds United chairman Andrea Radrizzani — through his investment vehicle Aser Ventures. 

Since the original investment by 49ers Enterprises, Leeds United has been rejuvenated, climbing back into the Premier League in 2020 after a 16-year absence. 

“We are delighted to see Aser Ventures strengthen their partnership with 49ers Enterprises who have clearly been impressed by the quality of the project,” said Leeds chief executive Angus Kinnear. 

The success has led 49ers Enterprises to steadily increase its stake in the club. 

• In December 2020, it bumped its stake to 25%, valuing Leeds United at $326 million.
• A month later, the group increased its minority stake to 37%. 

Radrizzani bought Leeds United from Italian entrepreneur Massimo Cellino in 2014 for $52 million and currently maintains 56% ownership of the club. 

The owner wants Leeds United to be worth $1.15 billion within the next five years. 

Last year, Radrizzani voiced his willingness to sell minority stakes in the club in order to reach that goal.

World Wrestling Entertainment, Inc. posted $255.8 million in revenue in Q3 2021 on Thursday, up from $34.2 million for the same period a year before. 

The results were driven by higher ticket and venue merchandise sales due to the return of live events. North American events drew the highest quarterly average for attendance in more than a decade. 

In January, WWE partnered with NBCUniversal’s Peacock in an exclusive streaming rights deal reportedly worth $1 billion over five years. The media and entertainment company is also in the middle of a five-year linear programming deal with Fox Sports worth more than $1 billion.

WWE reported a record 12.8 billion digital video views during the quarter, a 39% increase year-over-year. The company also saw a record 411 million hours of content consumed, up 20% compared to Q3 2020. 

WWE continues to expand its digital media offerings: 

• The company announced a podcast deal in August with The Ringer and Spotify.
• It is seeking an international rights deal similar to its pact with NBCUniversal. 

WWE returned $31 million to shareholders in Q3, including $21.9 million in share repurchases and $9.1 million in dividends.

The company released 18 talents from its main roster on Thursday, citing budget cuts.