DraftKings report losses of $164.1m for Q2

Shares fell by up to 10 per cent as a result of the announcement.

US.- Boston-based DraftKings has reported losses of 164.1m for the second quarter – or 55 cents per share.

Losses for the same period last year were $28.11 million, or 15 cents per share.

However revenue showed some receovery, climbing to $70.9 million from $57.4 million, which was above the Dow Jones forecast of $66.4 million.

Co-founder and CEO Jason Robins said: “In the second quarter, while several major sports leagues including the NBA, MLB and the NHL remained on hiatus due to COVID-19, the Company worked creatively to engage fans with new fantasy sports and betting products for NASCAR, golf, UFC, and European soccer.”

In the report, DraftKings projected pro forma revenue of $500 – $540 million for the rest of 2020, which would mean growth of 22 – 37 per cent.

The company continues to expand, moving into Illinois earlier this month.