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Draftkings Inc(DKNG-Q)

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DraftKings Q3 Revenue Rises 57% As Customer Base Grows

Baystreet - Fri Nov 3, 2023
Sports betting company DraftKings (DKNG) has reported a 57% year-over-year increase in its third-quarter revenue as its customer base continues to grow.

The still unprofitable Boston-based online gambling company reported a Q3 loss of $0.61 U.S. per share, which was better than the loss of $0.69 U.S. a share expected on Wall Street.

Revenue in the quarter totaled $790 million U.S. versus $706.8 million U.S. that was expected.
The company’s Q3 revenue increased 57% from a year earlier.

DraftKings credited the results to its expansion into new markets, which has led to new customers, as well as to a rise in betting during NFL football games.

DraftKings reported 2.3 million monthly unique payers in Q3, a 40% year-over-year increase. Average revenue per monthly unique payer increased 14% to $114 U.S., said the company.

During the quarter, DraftKings expanded into Kentucky and is planning to also enter Maine and North Carolina, pending regulatory approval.

Currently, the company is live with mobile sports betting in 22 U.S. states. It also has a sports betting presence in Ontario.

Last month, DraftKings overtook rival sportsbook FanDuel for the first time to become the leader in the U.S. online gambling market with a 31% share.

The company raised its revenue guidance for all of this year to a range of $3.67 billion U.S. to $3.72 billion U.S., up from a previous range of $3.46 billion U.S. to $3.54 billion U.S.

DraftKings’ stock has increased 85% over the last 12 months and currently trades at $28.98 U.S. per share.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.