DraftKings second quarter revenue nearly tripled to $ 298 million

Operating and marketing costs mean that the US betting giant has a net loss of $ 305.5 million.

Getty Images

  • Monthly single payers up 281% year on year
  • Average income per MUP jumps 26% to US $ 80
  • DraftKings raises 2021 revenue forecast from US $ 1.21 billion to US $ 1.29 billion

US fantasy sports and betting operator DraftKings saw second-quarter revenues reach US $ 298 million, a pro forma jump of 297% year-on-year.

Excluding the pro forma effect, revenue increased 320% year-on-year from US $ 71 million during the same period in 2020.

Monthly Single Payers (MUPs) also jumped 281% from Q2 2020, with 1.1 million paying customers, on average, engaging with DraftKings each month during the period. The average revenue per MUP was $ 80, which is a 26% year-over-year increase.

DraftKings previously reported first quarter revenue of $ 312 million, a 253% year-over-year increase.

Additionally, DraftKings said it is increasing its revenue forecast for fiscal 2021, which previously ranged from $ 1.05 billion to $ 1.15 billion, to 1.21 to 1.29. billion dollars. This equates to year-over-year growth of 88% to 100%, as well as a 14% increase from the midpoint of the company’s previous forecast.

Despite all this, heavy operating and marketing expenses meant that Boston-headquartered DraftKings suffered a net loss of $ 305.5 million in the second quarter, compared to a net loss of $ 524.8 million. dollars for the same period last year.

“DraftKings had a particularly strong second quarter 2021, maintaining our impressive financial performance while advancing into new areas, such as media and NFTs,” said Jason Robins (pictured above), Co-Founder, Managing Director and President of DraftKings. Advice.

“We believe these expansion opportunities will allow us to further develop our customer base and generate additional revenue through cross-selling to our existing players.

“We are also delighted that the migration to our proprietary online sports betting technology is nearly complete, with only one state pending approval.”

Over the past month, DraftKings signed an agreement with Genius Sports to access and use the company’s official data on sports betting, content, and fan engagement solutions. It gives DraftKings access to official Genius data and live video feeds from more than 170,000 events per year, including its National Football League (NFL) products.

The company also revealed plans to open its own sports bars, signed a deal with Tom Brady-backed Autograph for a new non-fungible token (NFT) market, and extended its contract with Major League Baseball (MLB) to include live streaming of games. on the DraftKings app.

Source link

Comments are closed.