DraftKings revenue surges 53% to $1,175 million

Finance News

DraftKings today announced its first quarter 2024 financial results. The company also posted a first quarter 2024 business update and an earnings.

For the three months ended March 31, 2024, DraftKings reported revenue of $1,175 million, an increase of $405 million, or 53%, compared to $770 million during the same period in 2023.

The increase in the Company’s first quarter 2024 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, the expansion of the Company’s Sportsbook product offering into new jurisdictions, higher structural sportsbook hold percentage, and improved promotional reinvestment for Sportsbook and iGaming.

“DraftKings’ performance in the first quarter of 2024 was outstanding, reflecting healthy revenue growth and a scaled fixed cost structure that positions us to drive rapidly improving Adjusted EBITDA,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder. “We successfully launched our online sportsbook in Vermont and North Carolina with highly efficient customer acquisition. Looking ahead, we remain committed to maximizing shareholder value through continued innovation, operational excellence and disciplined capital allocation.”

“We are raising the midpoint of our fiscal year 2024 revenue guidance to $4.9 billion from $4.775 billion and the midpoint of our Adjusted EBITDA guidance to $500 million from $460 million as a result of our excellent first quarter results and improved outlook on customer acquisition and engagement for the rest of 2024,” said Alan Ellingson, DraftKings’ Chief Financial Officer.