• Loading stock data...
Monday, February 26, 2024
Rates for the 2024 Best Venues Award increase this Sunday at 11:59 p.m. ET

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

U.S. Sports Betting Sets Records in 2023 for Handle, Revenue

American Gaming Association reports record wagering totals for last year.
DraftKings

DraftKings Trends Toward the Black, Buys Lottery App

The sports gambling giant continues to narrow its losses.
Sponsored

Live Sports Are Now High-Tech Experiences

Oracle is leading the technology revolution happening in stadiums across the world.
Sponsored

NASCAR Capitalizes on the Sportswear Boom in a New Deal With ’47

With the new partnership between ’47 and NASCAR, racing fans can express their love like never before.
podcast thumbnail mobile
Front Office Sports Today

The Shady Business of Fake Sports News

0:00
0:00

Featured Today

Sham Gods: The Rapidly Growing World of Sports Impersonators on X

Fake Schefters and Wojs, fabricated trade demands, and borrowed profile pictures.
Sep 24, 2023; Oakland, California, USA; A general view of the Oakland Athletics dugout after the game against the Detroit Tigers at Oakland-Alameda County Coliseum.
February 24, 2024

Murky Future: Everything You Need to Know About the A’s Move to Las Vegas

Breaking down one of the most drawn-out, multifaceted sagas in sports.
February 18, 2024

Sabrina-Steph Wasn’t the ‘Battle of the Sexes’—But It Was Part of the Bigger War

The competition could play a factor in increasing the WNBA’s media value.
NASCAR Cup Series driver Bubba Wallace (23), in a Star Wars rebel alliance X-wing fighter pilot-inspired race suit, motions to the crowd to get louder during the driver introductions for the Cup Series Championship race at Phoenix Raceway in Avondale on Nov. 5, 2023.
February 17, 2024

Celebrity Owners, International Ambitions, and $7B Media Deals: Welcome to the New NASCAR

NASCAR boldly keeps pace with the increasingly competitive sports and entertainment world.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Finance Manager
FanDuel
New York, NY
Senior Technical Artist - Sports Technology
EA Sports
Orlando, FL
Assistant Manager, Affiliate Operations
Adidas
Portland, OR
Exterior of Nike Company Store

Nike to Lay Off 2% of Its Workforce in Cost-Savings Effort

The sportswear giant hinted at staff cuts in a December earnings call.
January 22, 2024

They Make Sports Balls—and They Could Be Worth Almost $9 Billion

Amer Sports looks to raise as much as $1.8 billion in the public markets.
February 7, 2024

ESPN DTC to Debut by Fall 2025, but Streaming Alliance Hastens Market Entry

Date set for stand-alone version of network, but new joint venture will beat that by a year.
Sponsored

Live Sports Are Now High-Tech Experiences

Oracle is leading the technology revolution happening in stadiums across the world.
A view of a FanDuel sportsbook location.
January 18, 2024

FanDuel Strengthens U.S. Dominance Ahead of NYSE Debut

Flutter posts strong financial results as NYSE shares are set to debut Jan. 29.
The swoosh logo at Nike Eugene.
September 28, 2023

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.
The PGA Tour and PIF have a self-imposed Dec. 31 deadline to finalize their golf merger.
August 7, 2023

Saudi Arabia’s PIF Aims Higher With Launch of Sports-Focused Investment Company

The PIF has launched a new company, SRJ Sports Investments.
June 30, 2023

Nike To Revive Kobe Signature Shoe Line

Late HOFer will again be the center of a signature shoe line.