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Sunday, June 16, 2024

DraftKings Stock Soars as Revenue Beats Expectations

  • DraftKings reported $855 million in fourth-quarter revenue.
  • Monthly unique users rose 31% year-over-year to 2.6 million.
Digital signage of for Draft Kings shown inside an NFL stadium.
Mark J. Rebilas-USA TODAY Sports

DraftKings continues to successfully ride the wave of legalized sports betting.

The sports betting platform reported $855 million in fourth-quarter revenue, an 81% increase from $473 million during the same period last year — beating analysts’ estimates of $800 million.

Monthly unique payers rose 31% year-over-year to 2.6 million, with average revenue per monthly unique payer jumping 42% year-over-year to $109.

DraftKings reported a net loss of $1.4 billion for the full year.

During the quarter ending Dec. 31, DraftKings launched its online sportsbook product in Maryland, followed by one in Ohio on Jan. 1, 2023. It now operates mobile sports betting in 20 states and iGaming in five.

The company’s 2023 revenue guidance is $2.85 billion to $3.05 billion, up from the range of $2.8 billion to $3 billion reported in November.

DraftKings expects to launch in Massachusetts and Puerto Rico, pending licensure and regulatory approvals — and has been “found preliminarily suitable” in the Bay State.

CEO and co-founder Jason Robins said DraftKings was the most downloaded sportsbook app in the U.S. on Super Bowl Sunday.

At market close on Friday, DraftKings’ stock was up 15%.

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