DraftKings raises full-year steering and expects a return to the game

DraftKings clock at the UFC venue.

Source: DraftKings

Sports betting company DraftKings reported better-than-expected loss per share and revenue for the first quarter and raised its revenue forecast for the full year.

The shares were whipped in the pre-market on Friday.

Here are the key numbers:

  • Loss per share: According to a refinitive poll of analysts, 36 cents compared to 42 cents are expected
  • Revenue: $ 312 million versus $ 236.2 million per refinitive

DraftKings announced that it will have 1.5 million monthly paying customers as of the first quarter who are sticking to fourth-quarter profits. According to Factset, 1.31 million were expected.

Average revenue per monthly paying customer was $ 61 in the first quarter, a 48% increase over the same period in 2020, cross-selling.

The company increased its fiscal 2021 revenue forecast from $ 900-1 billion to $ 1.05-1.15 billion, a year-over-year growth of 63% to 79%. DraftKings credited the expected return to normal sports season for guideline increase.

“The increase reflects solid performance in the first quarter of 2021, continued strong user engagement from the effectiveness of our marketing spend, well-executed launches of mobile sports betting and iGaming in Michigan and mobile sports betting in Virginia, and a modest contribution from our recent acquisitions.” said the company. “These instructions also assume that all announced professional and university sports calendars will be implemented and that we will continue to operate in the states in which we live today.”

Friday’s report marks the company’s first full year as a publicly traded company since it went public via a SPAC last April. The company was able to drive the increasing legalization of sports betting in the US and thus help to expand its market reach. DraftKings is live with online sports betting in 12 states.

21 states and Washington, DC currently allow online sports betting, up from 20 in the last quarter. Six states have legalized sports betting but are not yet operational, and 13 states are working on legislation.

Subscribe to CNBC on YouTube.

Leave A Reply

Your email address will not be published.