Business
DraftKings Reports Fourth Quarter and Fiscal Year 2024 Results
Raises 2025 Revenue Guidance Midpoint to $6.45 Billion; Reaffirms 2025 Adjusted EBITDA Guidance of $900 Million to $1.0 Billion BOSTON, Feb. 13, 2025 (GLOBE
About this update from Draftkings Inc.
[{"type":"text","content":"Raises 2025 Revenue Guidance Midpoint to $6.45 Billion; Reaffirms 2025 Adjusted EBITDA Guidance of $900 Million to $1.0 Billion BOSTON, Feb. 13, 2025 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its fourth quarter and fiscal year 2024 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. Fourth Quarter 2024 HighlightsFor the three months ended December 31, 2024, DraftKings reported revenue of $1,393 million, an increase of $162 million, or 13%, compared to $1,231 million during the same period in 2023. The increase in the Company’s fourth quarter 2024 revenue was driven primarily by continued healthy customer engagement, efficient acquisition of new customers, the expansion of the Company’s Sportsbook product offering into new jurisdictions, 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 outcomes throughout the NFL season. “We continued to efficiently acquire and engage customers, expand structural sportsbook hold percentage and optimize promotional reinvestment in fiscal year 2024, while we simultaneously experienced customer-friendly sport outcomes,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder. “Looking ahead to 2025 and beyond, I am excited to further enhance our customer economics through new initiatives such as extending our lead in live betting and advancing cross sell efforts to and from new verticals. Our focus remains on driving sustainable growth in revenue and profitability.” “2024 was a milestone year for DraftKings as we achieved our first year of positive Adjusted EBITDA. Additionally, we began executing on our inaugural share repurchase authorization,” said Alan Ellingson, DraftKings’ Chief Financial Officer. “With strong underlying health across our core value drivers, we are raising the midpoint of our fiscal year 2025 revenue guidance to $6.45 billion from $6.4 billion and reaffirming our fiscal year 2025 Adjusted EBITDA guidance range of $900 million to $1.0 billion.” Continued Healthy Growth in Customer Retention, Acquisition, and Engagement Monthly Unique Payers (“MUPs”) increa...