Strong Third Quarter for DraftKings
Encouraging news from DraftKings as they upgrade their revenue forecast for 2021 after a very strong third quarter.
It was revealed that the Q3 revenue increased by 60% to $212.81m, which broadly falls in line with the guidance issued during the conference call regarding Q2 earnings.
There was an increase in net losses, which included an EBITDA loss, but DraftKings emphasized the strong customer retention and player acquisition as one of the main drivers of increasing customer revenue, with over 1.3 million paying customers being involved with the brand for each month of the third quarter.
DraftKings had a strong third quarter that highlights our team’s unique ability to drive engagement with our core customers while simultaneously launching new states and verticals and completing the complex migration to our own in-house technology ahead of schedule. Since migrating, we have rapidly added innovative features and functionality to our top-ranked mobile sports betting app. We are also excited that our new growth initiatives, including DraftKings Marketplace and our content and media business, demonstrated promising early results in the quarter.
In further encouraging news from the company, DraftKings have also announced revenue guidance for 2022, which includes expected growth of 43% due to the outstanding figures regarding customer engagement across all their online gambling products.
Another strong year of growth is expected for DraftKings, which is superb news for similar businesses and the online gambling industry in general.
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