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SPORTS BETTING

US – DraftKings increases annual revenue guidance with Q2 revenues up 320 per cent

By - 9 August 2021

DraftKings is raising its fiscal year 2021 revenue guidance from a range of $1.05bn to $1.15bn to a range of $1.21bn to $1.29bn, which equates to year-over-year growth of 88 per cent to 100 per cent.

In the company’s Q2 report, DraftKings reported revenue of $298m for the three months ended June 30, an increase of 320 per cent compared to $71m during the same period in 2020.

After giving pro forma effect to the business combination with SBTech and Diamond Eagle Acquisition Corp. which was completed on April 23, 2020, as if it had occurred on January 1, 2019, revenue grew 297 per cent compared to the second quarter of 2020.

“DraftKings had a particularly strong second quarter of 2021, maintaining our impressive financial performance while also advancing into new areas, such as media and NFTs.

“We believe these expansion opportunities will enable us to further grow our customer base and generate additional revenues through cross-selling to our existing players,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board.

“We also are excited that the migration to our proprietary in-house online sports betting technology is substantially complete, with only one state remaining pending approval.”

Jason Park, DraftKings’ Chief Financial Officer, added: “We delivered strong growth in new customers and revenue. Our $298m in second quarter revenue represents a 297 per cent increase year-over-year.

“Additionally, we grew Monthly Unique Payers by 281 per cent and Average Revenue Per Monthly Unique Payer by 26 per cent. We are again raising our revenue outlook for 2021 as we continue to expect robust growth in the states where we are currently live today.”

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