DraftKings reports 38.7% revenue growth in Q3
Revenue in the third quarter reached $1.1bn.
US.- DraftKings has reported its financials for the third quarter of 2024. Revenue was $1.096bn, up 38.7 per cent compared to the same period in 2023. Revenue growth helped mitigate increased costs, with operating loss for the quarter coming to $298.6m and net loss falling from $372.4m in Q3 2023 to $293.7m.
DraftKings reported an adjusted EBITDA loss of $59m. Monthly unique players (MUPs) rose to 3.6 million from 2.29 million in Q3 last year, beating analysts’ expectations of 3.51 million.
See also: DraftKings updates loyalty programme
DraftKings has adjusted its full-year 2024 revenue expectations to a range of $4.85bn to $4.95bn, down from an initial forecast of $5.05bn to $5.25bn. The company’s adjusted EBITDA guidance for 2024 has been revised to between $240m and $280m, down from $340m to $420m. The company attributed the revision to the impact of favourable sports results for customers early in the fourth quarter, especially in the NFL.
Looking ahead to 2025, DraftKings has given revenue guidance of $6.2bn to $6.6bn, which would represent approximately 31 per cent year-over-year growth. The company projects adjusted EBITDA for 2025 to be between $900m and $1bn.
