Draftkings narrows losses and raises guidance

Finance News

DraftKings has updated its revenue forecast for fiscal year 2024, now expecting between $4.65 billion and $4.9 billion, compared to the consensus estimate of $4.69 billion.

This adjustment raises the previous guidance from a range of $4.50 billion to $4.80 billion, announced on November 2, 2023, indicating a projected year-over-year growth of 27% to 34%.

DraftKings ended the fourth quarter with 3.5 million average monthly unique paying (MUP) customers, which was up 37% year-over-year. The average revenue per MUP was $116 in the fourth quarter, which was up 6% year-over-year.

The company launched its sportsbook in Maine in November 2023 and in Vermont in January 2024. DraftKings is now live in 24 states that represent around 46% of the U.S. population. The company also has iGaming live in 5 states.

“DraftKings ended 2023 with excellent performance across customer acquisition, retention and engagement as well as structural sportsbook hold percentage despite the worst stretch of sport outcomes we have seen as a public company in the fourth quarter,” DraftKings CEO Jason Robins said.