• Loading stock data...
Friday, December 13, 2024

DraftKings Reports $466M Quarter, Raises Guidance

  • DraftKings operates mobile betting in 17 states — roughly 36% of the U.S. population.
  • Sportsbook’s monthly customers hit 1.5 million, up 30% compared to Q2 2021.
DraftKings
DraftKings

DraftKings raised its full-year revenue guidance Friday after the sportsbook and fantasy sports giant exceeded expectations in its latest earnings report. 

The Boston-based company generated $466 million in revenue in Q2 2022 — a 57% increase year-over-year — surpassing Wall Street estimates of $438 million in revenue. 

  • DraftKings operates mobile betting in 17 states — roughly 36% of the U.S. population.
  • Its sportsbook’s monthly customers hit 1.5 million, up 30% compared to Q2 2021.
  • The company expects full-year revenue to range between $2.08 billion and $2.18 billion.
  • Its previous guidance was between $2.05 billion and $2.17 billion for FY2022.

In May, DraftKings closed its acquisition of Golden Nugget Online for roughly $450 million, a sharp decline from the $1.56 billion all-stock deal expected in August 2021.

DraftKings also benefited from the launch of its sportsbook and iGaming products in Ontario in Q2 2022, which helped the company increase its guidance by more than $30 million.

Coming Soon 

DraftKings has the opportunity to gain market access in Maryland, Ohio, Kansas, and Puerto Rico — all of which have legalized mobile sports betting.

Securing licenses in those four jurisdictions would provide DraftKings with access to an additional 8% of the U.S. population, bringing the company’s total reach to 44% of the country.

DraftKings could also gain market access in Massachusetts after the state’s legislature recently passed a bill — pending executive action —  to legalize retail and mobile sports betting.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

DraftKings

Sens. Say DraftKings, FanDuel May Have Conspired to Crush Competition: ‘One Company’

The senators asked the FTC and DOJ to investigate the gambling companies.
Sponsored

Racing Forward: How SailGP is Redefining High-Performance Sailing and Championing Gender Equality

The most exciting racing on water is making waves by rewriting the narrative of what’s possible for women in high-performance sports.
Feb 11, 2024; Paradise, Nevada, USA; Elon Musk looks on before Super Bowl LVIII between the San Francisco 49ers and the Kansas City Chiefs at Allegiant Stadium.

Can Elon Musk’s X Fix Its Rampant Fake Sports News Problem?

Little is known about how X will enforce its new policy aimed at parody accounts.
Oct 1, 2024; Brooklyn, New York, USA; Las Vegas Aces guard Kelsey Plum (10) drives past New York Liberty forwards Kayla Thornton (5) and Betnijah Laney-Hamilton (44) during game two of the 2024 WNBA Semi-finals at Barclays Center.

Kelsey Plum Backs Out of Unrivaled

She’s skipping the new league’s season, along with Caitlin Clark.

Featured Today

Nov 2, 2024; Denver, Colorado, USA; Detailed view of a Wilson NBA basketball held by a referee during the second half between the Utah Jazz against the Denver Nuggets at Ball Arena

‘Obvious Weak Point’: Refs Remain an NBA Gambling Concern

A season after Jontay Porter, the biggest risk may not be players.
Nov 2, 2024; Ann Arbor, Michigan, USA; Michigan Wolverines cheerleader runs with a flag before the game against the Oregon Ducks at Michigan Stadium.
opinion
December 7, 2024

College Football’s Billionaire Backer Era Begins

Is this the new normal in CFB recruiting?
LA Galaxy forward Dejan Joveljic (9) celebrates with midfielder Riqui Puig (10) after scoring a goal against Seattle Sounders FC in the second half in the 2024 MLS Cup Western Conference Final match at Dignity Health Sports Park
December 6, 2024

With or Without Messi, Major League Soccer Is Barreling Into the Future

After the Cup final, the league looks to accelerate its growth.
Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.
December 2, 2024

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.

Endeavor, TKO Consolidate Sports Assets, Hoping They’re Better Together

The move brings On Location, Professional Bull Riders, and IMG under TKO.
Sep 11, 2024; Los Angeles, California, USA; The Nike shoes worn by Seattle Storm center Mercedes Russell in the first half against the LA Sparks at Crypto.com Arena.
opinion
September 28, 2024

New Nike CEO Must Do It

The biggest task the new CEO faces is intangible: Refresh the brand.
October 1, 2024

Nike CFO Says ‘Adversity Creates Sharper Focus’

Amid a downbeat but expected set of earnings, Nike says it sees signs of optimism.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
A Nike swoosh on a building in Eugene, Oregon.
September 23, 2024

Wall Street: Things Will Get Worse for Nike Before They Get Better

Some analysts are skeptical of how much the new CEO will change.
Crypto.com soccer advertising
September 15, 2024

The Champions League Is Back. So Is Crypto Sponsorship

Crypto investment is making its debut in the biggest European soccer competition.
Sep 9, 2024; Santa Clara, California, USA; San Francisco 49ers wide receiver Deebo Samuel (1) warms up before a game against the New York Jets at Levi's Stadium.
September 12, 2024

The NFL’s Private Equity Era Won’t Be the Bloodbath You Think—for Now

“It’s a different kind of investment thesis entirely.”
ESPN commentator Jay Williams speaking at a conference.
September 11, 2024

Jay Williams Supports PE in College Sports: ‘I Would Like to Own 49% of Duke Basketball’

Williams wants in when PE gets into college sports.