DraftKings digital sports entertainment and gaming company, has released its financial results for the fourth quarter and fiscal year 2024.

The company has also raised its 2025 revenue guidance midpoint to $6.45 billion and reaffirmed its 2025 Adjusted EBITDA guidance of $900 million to $1.0 billion.

For the fourth quarter of 2024, DraftKings reported revenue of $1.393 billion, a 13% increase from $1.231 billion in the same period in 2023. The company’s net loss for the quarter was $134.9 million, compared to a net loss of $44.6 million in the fourth quarter of 2023. Adjusted EBITDA for the quarter was $89.5 million, down from $151.0 million in the same period last year.

For the full fiscal year 2024, revenue reached $4.768 billion, up from $3.665 billion in 2023. The net loss for the year was $507.3 million, an improvement from a net loss of $802.1 million in 2023. Adjusted EBITDA for the year was $181.3 million, compared to a negative $151.0 million in 2023.

DraftKings saw a significant increase in Monthly Unique Payers (MUPs), which rose to 4.8 million in the fourth quarter of 2024, a 36% increase from the same period in 2023. Average Revenue per MUP (ARPMUP) was $97, a 16% decrease compared to the fourth quarter of 2023, primarily due to lower ARPMUP for Jackpocket customers and lower actual Sportsbook hold rate.

The company expanded its Sportsbook product offering into new jurisdictions and completed the acquisition of Jackpocket Inc. in May 2024, which contributed to the revenue growth.

DraftKings achieved its first year of positive Adjusted EBITDA in 2024 and began executing its inaugural share repurchase authorization. The company is live with mobile sports betting in 25 states and Washington, D.C., and with iGaming in 5 states. DraftKings also operates in Ontario, Canada, and expects to launch its Sportsbook product in Missouri and Puerto Rico pending regulatory approvals.

Jason Robins, CEO and Co-founder of DraftKings, highlighted the company’s efficient customer acquisition and engagement, as well as the expansion of its Sportsbook product. He expressed excitement about enhancing customer economics through new initiatives in live betting and cross-sell efforts. CFO Alan Ellingson noted the strong underlying health of the company’s core value drivers and the decision to raise the midpoint of the 2025 revenue guidance.