DraftKings has released its fourth quarter revenue figures revealing that revenue for the year 2022 increased by 73% to $2.24 billion while adjusted EBITDA loss for the quarter came to $49.9 million.
Despite the loss, results were better than expected with many analysts on Wall Street predicting that the sportsbook operator would lose more than double that amount in the final quarter of the year.
4th Quarter Report Reveals DraftKings Boosted 2022 Revenue by 73% Year-on-YearSpeaking of the latest results, DraftKings CEO and Co-founder Jason Robbins said:
4th Quarter Report Reveals DraftKings Boosted 2022 Revenue by 73% Year-on-YearMoving into 2023, we will continue to drive revenue growth and focus on expense management to accelerate our Adjusted EBITDA growth. We have already taken several actions that resulted in an increase to our revenue guidance and significant improvement in our Adjusted EBITDA guidance.”
Key figures from DraftKings report
- Q4 revenue: $855 million
- Q4 Adjusted EPS: -$0.53
- Q4 Adjusted EBITDA: -$49.9 million
The fourth quarter of 2022, DraftKings also saw growth in Monthly Unique Payers (MUPs) with an average of 2.6 million unique paying customers per month. This represents a growth of 31% compared to the same period in 2021. The boost is attributed to the successful retention and acquisition of unique payers in DraftKings’ Sportsbook and iGaming offerings, as well as the expansion of these products into new markets.
The company is set to host an investors call today to discuss the results and projections for the coming year.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.