DraftKings Q4 revenue up 47 per cent year-on-year

DraftKings has reported $473m in revenue for the fourth quarter of 2021, up 47 per cent compared to the same period of the previous year.

US.- DraftKings has announced fourth quarter and full-year 2021 financial results with revenue for the 12 months to December 31 amounting to $1.3bn. That’s an increase of 110.9 per cent from $614.5m in the previous financial year. For Q4, DraftKings reported revenue of $473m, up 47 per cent from Q4 2020’s $322m.

However, the company’s net loss climbed to $1.52bn for 2021, up from $1.2bn for full year 2020. Based on its Q4 results, DraftKings has amended its expectations for 2022, now predicting a adjusted EBITDA loss of between $825m and $925m. Its share price is down 18.7 per cent.

Jason Robins, co-founder, CEO, and chairman of the board said: “DraftKings’ strong fourth quarter performance exceeded our expectations on the top and bottom line.

“Our excellent quarter capped off a year in which five of our states were contribution profit positive, further demonstrating the effectiveness of our state playbook and supporting our positive view of the industry’s TAM. We enter 2022 positioned to grow our market share, further optimize our user experience and continue to strengthen our multi-product suite of offerings.”

CFO Jason Park stated: “We grew revenue 47 per cent year-over-year to $473m in the fourth quarter despite lower-than-expected hold in October primarily due to NFL game outcomes.

“Our key performance indicators reflected excellent player retention, acquisition and cross-selling in the quarter, as Monthly Unique Payers increased by 32 per cent and Average Revenue Per Monthly Unique Payer grew by 19 per cent.”

Last month, DraftKings launched in New York and Louisiana, the company is now live with mobile sports betting in 17 states, as well as with igaming in five states. There are new launches planned for 2022. 

See also: DraftKings commits $1.6m to US responsible gambling initiative