Business
DraftKings Meets Guidance with Third Quarter Revenue Growth of 60%; Exceeds 2.1 Million MUPs in September; Increases Midpoint of 2021 Revenue Guidance to $1.26 Billion; Introduces 2022 Revenue Guidance of $1.7 Billion to $1.9 Billion
Successfully completed sports betting technology migration ahead of schedule; Continued user growth and engagement with new product offerings BOSTON, Nov. 05,
About this update from Draftkings Inc.
[{"type":"text","content":"Successfully completed sports betting technology migration ahead of schedule; Continued user growth and engagement with new product offerings\nBOSTON, Nov. 05, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today reported third quarter 2021 financial results. Third Quarter 2021 Highlights For the three months ended September 30, 2021, DraftKings reported revenue of $213 million, an increase of 60% compared to $133 million during the same period in 2020. Third quarter 2021 revenue was in-line with the guidance the Company previously provided during its second quarter earnings conference call on August 6, 2021. “DraftKings had a strong third quarter that highlights our team’s unique ability to drive engagement with our core customers while simultaneously launching new states and verticals and completing the complex migration to our own in-house technology ahead of schedule,” said Jason Robins, DraftKings’ co-founder, Chief Executive Officer and Chairman of the Board. “Since migrating, we have rapidly added innovative features and functionality to our top-ranked mobile sports betting app. We are also excited that our new growth initiatives, including DraftKings Marketplace and our content and media business, demonstrated promising early results in the quarter.” Jason Park, DraftKings’ Chief Financial Officer, added, “Fundamental user acquisition, retention and engagement trends in the third quarter were outstanding across all of our online gaming products. We delivered $213 million in third quarter revenue which represents a 60% year-over-year increase. On a same state basis and taking into consideration lower than expected hold primarily due to NFL game outcomes, third quarter revenue would have been $40 million higher. Our key performance indicators also continued to grow, as Monthly Unique Payers increased by 31% and Average Revenue Per Monthly Unique Payer grew by 38%. We are increasing the midpoint of our 2021 revenue guidance and introducing 2022 revenue guidance which points to another year of strong growth in existing states for DraftKings.” Continued Healthy Growth in Player Retention, Acquisition and Engagement Monthly Unique Payers (“MUPs”) for our B2C segment increased 31% compared to the third quarter of 2020. On average, 1.3 million monthly unique paying customers engaged with ...