DraftKings revenue grows 30% despite COVID-19
DraftKings reported a 30% upswing in first-quarter revenue from its core sports betting operations as wider legalization offset the impact of COVID-19.
Revenue hit $88.5 million as net losses widened to $68.7 million from $29.6 million in the year-ago quarter. The Company has responded to the lack of major sports by creating new product offerings that are keeping customers engaged, such as fantasy sports and betting on eNASCAR, Counter Strike, and Rocket League.
DraftKings has also launched a series of pop culture free-to-play pools contests that cover topics from democratic debates to TV shows like Survivor, The Last Dance and Top Chef. DraftKings also recently partnered with MLB on their new MLB Dream Bracket game.
Through its recent business combination, DraftKings has created the only vertically integrated sports betting company based in the United States.
“We are uniquely positioned at the intersection of digital sports entertainment and gaming in a rapidly growing industry,” said Jason Robins, DraftKings co-founder, CEO and Chairman of the Board. “DraftKings recorded standalone Q1 year-over-year revenue growth of 30% despite the effects of COVID-19. Additionally, the engagement we continue to see from our customers validates the connection they have with our content, their passion for our products and most importantly their loyalty to our brand.”