Business
DraftKings Reports First Quarter Revenue of $1,409 Million
BOSTON, May 08, 2025 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its first quarter 2025 financial
About this update from Draftkings Inc.
[{"type":"text","content":"BOSTON, May 08, 2025 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its first quarter 2025 financial results. The Company also posted a letter to shareholders and an earnings presentation on the Investor Relations section of its website at investors.draftkings.com. First Quarter 2025 HighlightsFor the three months ended March 31, 2025, DraftKings reported revenue of $1,409 million, an increase of $234 million, or 20%, compared to $1,175 million during the same period in 2024. The increase in the Company’s first quarter 2025 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, higher structural Sportsbook hold percentage, and the impact of the acquisition of Jackpocket Inc. (“Jackpocket”), which closed on May 22, 2024, partially offset by customer-friendly sport outcomes. “Recent product enhancements are driving outperformance in our core value drivers, and our customer metrics continue to be strong through an evolving macroeconomic environment,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder. “If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance.” “We have a healthy balance sheet and repurchased 3.7 million shares in the first quarter under our existing stock repurchase program,” said Alan Ellingson, DraftKings’ Chief Financial Officer. Continued Healthy Growth in Customer Retention, Acquisition, and Engagement Monthly Unique Payers (“MUPs”) increased to 4.3 million average monthly unique paying customers in the first quarter of 2025, representing an increase of 28% compared to the first quarter of 2024. This increase reflects strong unique payer retention and acquisition across DraftKings’ Sportsbook and iGaming product offerings and the impact of the acquisition of Jackpocket. Excluding the impact of the acquisition of Jackpocket, MUPs increased by approximately 11% compared to the first quarter of 2024.Average Revenue per MUP (“ARPMUP”) was $108 in the first quarter of 2025, representing a 5% decrease compared to the same period in 2024. The decrease was primarily due to lower ARPMUP for Jackpocket customers, when compared to customers of DraftKings’ existing product offerings prior to the acquisition. Excluding the i...