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Monday, April 22, 2024
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DraftKings Revenue Nearly Triples

  • DraftKings revenue nearly tripled in the second quarter compared to the same period last year.
  • The company, however, is not yet profitable.
DraftKings/Design: Alex Brooks

DraftKings saw second-quarter revenues increase 297% year-over-year to $298 million.

Monthly unique paying users nearly quadrupled to 1.1 million from 295,000, and monthly revenue per user grew 27% to $80.

However, those figures have not yet eclipsed the hefty cost of operations and marketing. The company took a net loss of $305.5 million, compared to $520.2 million in Q2 2020.

DraftKings has worked to expand and diversify as sports betting companies compete for users.

  • On Thursday, DraftKings announced a deal with Genius Sports to access Genius’ data and sports betting products for the NFL, NBA, NHL, MLB, and other leagues.
  • Last week, DraftKings said it would open betting-themed sports bars with Sports & Social
  • In July, the company said it was establishing an NFT platform with Tom Brady’s Autograph.
  • The company indicated that its March purchase of sports betting media network VSiN was for $70 million.

DraftKings operates in 12 states, representing a quarter of the U.S. population. The company also has a nascent iGaming business, which is active in four states.

Editor’s Note: DraftKings is an FOS partner.

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