Wednesday November 29, 2023

DraftKings’ Revenue Soars As Mobile Sports Betting Continues To Expand

  • DraftKings reported strong earnings in its most recent fiscal period.
  • DraftKings’ mobile sports betting app is now live in 23 states.
DraftKings
Mark J. Rebilas-USA TODAY Sports
Linkedin
Copy Link
Link Copied
Link Copied

The beginning of football season further solidified DraftKings’ strong standing in its battle with FanDuel.

In its most recent fiscal quarter ending Sept. 30, revenue hit $790 million — a 57% increase from the same time period in 2022. Average monthly unique paying customers rose to 2.3 million, a 40% bump from a year ago.

Numbers for sportsbook and iGaming financials are reported together, but DraftKings’ mobile sports betting app is live in 23 states as of Friday morning, while the mobile iGaming product is only in five.

DraftKings now predicts that its 2024 fiscal revenue could be as high as $4.8 billion, which would be a 25% increase from the company’s current 2023 forecast, with the fourth quarter still remaining. Next year, DraftKings plans on having mobile sports betting operations up and running in North Carolina, Vermont, and Puerto Rico.

On the company’s earnings call, CEO Jason Robins indicated that customer growth was only the tip of the iceberg. “We haven’t found a ceiling yet,” he said.

Top Dogs

FanDuel is DraftKings’ top competitor for U.S. market share, and the former’s top executive isn’t sure newcomers like Fanatics or the soon-to-launch ESPN Bet will be able to keep up with the duo.

“If you’re sitting there with a low-single-digit share, and you don’t have that scale advantage over time, it just becomes harder to reinvest back into giving what consumers want,” FanDuel CEO Amy Howe said.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Green Bay Packers tight end Tucker Kraft celebrates a touchdown against the Detroit Lions during the first half at Ford Field in Detroit on Thursday, Nov. 23, 2023.

Football Dominates Thanksgiving, With A Side Of Basketball

Fox got its highest viewership for college basketball ever.

Greg Olsen's Coaching Ambitions Could Shake Up Fox Sports' NFL Broadcasts

The current No. 1 analyst could be a candidate for a head coaching job with the Carolina Panthers.

Could Panthers' Ongoing Setbacks Lead To A Surprise Move?

The Panthers are searching for yet another head coach.

Oakland Baseball Goes From A's To B's

Baseball's independent Pioneer League placing team in Bay Area city.
podcast thumbnail mobile
Front Office Sports Today

Report Claims Sports Illustrated Publishes AI-Generated Articles

0:00
0:00

Featured Today

Lane Kiffin

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.
LSU Lady Tigers head coach Kim Mulkey reacts against the Iowa Hawkeyes during the NCAA Womens Basketball Final Four National Championship at American Airlines Center.
November 6, 2023

Who Is The Highest-Paid Women’s College Basketball Coach?

LSU rewarded Kim Mulkey after winning a national title after her second year leading the program.
The Pac-12’s Collapse Will Have Ripple Effects on College Basketball.
November 6, 2023

The Pac-12’s Collapse Will Have Ripple Effects on College Basketball

The existing Pac-12 host a college basketball season for the last time.
Favre Presley
November 3, 2023

Brett Favre Controversy Casts Shadow Over Mississippi Gubernatorial Race

Candidate Brandon Presley has made the scandal one of his talking points.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Wasserman
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers

U.S. Sports Betting On Pace To Hit $100B In Wagers

Sports wagering activity accelerating to unprecedented levels.
ESPN Bet
November 20, 2023

ESPN Treads Lightly with Promoting Its Own ESPN Bet

The much-anticipated first weekend didn't lead to over-the-top promotion.
November 20, 2023

Las Vegas GP Smashes Records For Sportsbooks

High-profile Formula 1 event proves to be popular with bettors.
Sponsored

USGA’s Amanda Weiner on Delivering
Personalized Fan Experiences with
 AI and Automation

How the USGA is using AI to streamline content creation and distribution.
November 17, 2023

ESPN Bet Wants To Challenge the Sports Gambling Duopoly. What Are Its Chances?

ESPN Bet is live in 17 states after launching this week.
ESPN Bet
November 15, 2023

ESPN Bet Offers Familiar Feel, Hefty Promotions at Launch

PENN rolled out its reskinned Barstool app on Tuesday.
November 13, 2023

ESPN Bet’s ‘Blueprint’ For Success Has An Unexpected Origin Story

PENN Entertainment looks to replicate success seen with Canada's theScore.
November 10, 2023

ESPN BET Will Attempt To Prevent The Influence Of Insiders

ESPN released internal guidelines that banned Insiders from the new ESPN BET.