DraftKings revenue up 81 per cent in Q4

The company has reported revenue of $855m for the quarter.

US.- DraftKings has announced its fourth quarter and fiscal year 2022 financial results. For the three months ended December 31, 2022, it reported revenue of $855m, up 81 per cent compared to $473m in the same period in 2021.

Adjusted EBITDA was down 61 per cent to $50m. Net loss improved, as the sportsbook reported a $242.7m decline for 2022’s final quarter compared to $326.3m in the fourth quarter of 2021.

For fully-year 2022, the company’s net loss stood at $1.4bn, an improvement on the 2021 net loss of $1.5bn. Net cash flow increased by 49 per cent to $625.5m, compared to 2021’s $419.5m.

Jason Robins, DraftKings’ chief executive officer and co-founder, said: “I am very pleased with how we concluded 2022, with continued top-line growth and strong focus on expense management.

“In the fourth quarter, we grew revenue by 81% versus last year and delivered positive Adjusted EBITDA in October and for the quarter when adjusting for our launch costs in Maryland and Ohio. Moving 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.”