DraftKings revenue up 84 per cent in Q1 2023

The company posted a net loss of $397.1m
The company posted a net loss of $397.1m

DraftKings has reported that its first-quarter revenue increased to $769.6m.

US.- DraftKings has reported financial results for the quarter ended March 31. The company has reported revenue of $769.6m, up 84 per cent compared to the same period last year. Adjusted EBITDA was a $221.6m loss, an improvement over Q1 2022’s $289.5m loss.

The company posted a net loss of $397.1m, better than the $467.6m loss from Q1 2022. Its loss per share was $0.51, down from $0.74 in Q1 2022.

Jason Robins, DraftKings’ chief executive officer and co-founder, said: “DraftKings’ first quarter performance – 84 per cent year-over-year revenue growth and share gains underpinned by a relentless focus on operational efficiency – demonstrates that this is a company positioned for sustained success.”

Robins said the company delivered highly successful online sportsbook launches in Ohio and Massachusetts, its home state, and continued “to create meaningful product differentiation driven by in-house innovations.”

“We acquired customers faster and more efficiently and, importantly, saw healthy retention across cohorts. Looking at the remainder of 2023, I am confident DraftKings is well-positioned to achieve profitability on an adjusted EBITDA basis in the near term and deliver long-term value for our shareholders,” he said. 

DraftKings is now live with mobile sports betting in 21 states, which collectively represents approximately 44 per cent of the US population, following its launch in Massachusetts in March. DraftKings also run igaming in five states, home to 11 per cent of the US population, and has sports betting and igaming products in Ontario, Canada.

See also: DraftKings launches DK Horse app in 12 states

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