Business
DraftKings Reports First Quarter 2021 Results and Raises 2021 Revenue Guidance
Reports First Quarter Revenue of $312 million; Increases 2021 Revenue Guidance to $1.05 billion to $1.15 billion; Announces upcoming rollout of social
About this update from Draftkings Inc.
[{"type":"text","content":"Reports First Quarter Revenue of $312 million; Increases 2021 Revenue Guidance to $1.05 billion to $1.15 billion; Announces upcoming rollout of social functionality to DFS and mobile sportsbook apps\nBOSTON, May 07, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today reported first quarter 2021 financial results. First Quarter 2021 Highlights For the three months ended March 31, 2021, DraftKings reported revenue of $312 million, an increase of 253% compared to $89 million during the same period in 2020. After giving pro forma effect to the business combination with SBTech (Global) Limited (“SBTech”) and Diamond Eagle Acquisition Corp. which was completed on April 23, 2020, as if it had occurred on January 1, 2019, revenue grew 175% compared to the three months ended March 31, 2020. “DraftKings is off to an outstanding start in 2021,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “We continued to make progress and remain on track with the migration to our own in-house proprietary sports betting engine, strengthened our content and technology capabilities with the acquisitions of VSiN and BlueRibbon Software, and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS and mobile Sportsbook apps.” Jason Park, DraftKings’ Chief Financial Officer, added, “Our $312 million in first quarter revenue, 114% increase in MUPs and 48% growth in ARPMUP reflect solid customer acquisition and retention as well as successful launches of mobile sports betting and iGaming in new states. We are raising our revenue outlook for 2021 due to the outperformance of our core business in the first quarter and our expectation for continued healthy growth.” Strong Customer Retention and Acquisition Drove Q1 Results Monthly Unique Payers (“MUPs”) for our B2C segment increased 114% compared to the first quarter of 2020. On average, 1.5 million monthly unique paying customers engaged with DraftKings each month during the first quarter. The increase reflects strong unique payer retention and acquisition across Daily Fantasy Sports, Online Sports Betting and iGaming.Average Revenue per MUP (“ARPMUP”) was $61 in the first quarter representing a 48% increase versus the same period in 2020. Our ARPMUP was positively impacted by increase...