In an investors call, DraftKings CEO Jason Robbins cited continued healthy customer engagement, new customers acquisition and the expansion of sports betting into new jurisdictions as the main drivers behind the positive results.
“Our fantastic third quarter results demonstrate the positive impact of our product and technology investments as well as excellent preparation and execution by our entire organization.
DraftKings Revises Loss Predictions for 2023 in Q3 Update
Q3 2023 Report Highlights
- Q3 Revenue; $789.9 million, up 57%
- Loss from operations; -$286.5 million, 37% decrease on losses reported in Q3 2022 DraftKings Revises Loss Predictions for 2023 in Q3 Update
- Year-to-date revenue; $2.4 billion, up 76%
- Year-to-date net loss; -$757.5 million, 33.2% decrease on Q3 2022
- Monthly Unique Payers (“MUPs”) increased to 2.3 million, up by 40%
- Average revenue per customer was $114, up by 14%
EBITDA Losses Better Than Predicted
DraftKings Revises Loss Predictions for 2023 in Q3 Update DraftKings Revises Loss Predictions for 2023 in Q3 Update DraftKings Revises Loss Predictions for 2023 in Q3 UpdateWe are poised for a rapid increase in Adjusted EBITDA as we anticipate strong revenue growth coupled with a scaled fixed cost structure will continue. These trends provide for a long runway of margin improvement. Our fiscal year 2024 guidance at the midpoints of $4.65 billion in revenue and positive $400 million of Adjusted EBITDA implies incremental year-over-year revenue growth of almost $1 billion and an increase in Adjusted EBITDA of more than $500 million.”
Following its Kentucky sports betting launch, DraftKings sportsbook is now live in 22 states while its iGaming product is live in 5 states.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.