Business
DraftKings Reports Second Quarter Revenue of $298 Million; Increases 2021 Revenue Guidance to $1.21 Billion to $1.29 Billion
Drives back-end migration progress; Reveals Plans to Launch DraftKings Marketplace BOSTON, Aug. 06, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG)
About this update from Draftkings Inc.
[{"type":"text","content":"Drives back-end migration progress; Reveals Plans to Launch DraftKings Marketplace\nBOSTON, Aug. 06, 2021 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today reported second quarter 2021 financial results. Second Quarter 2021 Highlights For the three months ended June 30, 2021, DraftKings reported revenue of $298 million, an increase of 320% compared to $71 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 297% compared to the three months ended June 30, 2020. “DraftKings had a particularly strong second quarter of 2021, maintaining our impressive financial performance while also advancing into new areas, such as media and NFTs. We believe these expansion opportunities will enable us to further grow our customer base and generate additional revenues through cross-selling to our existing players,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “We also are excited that the migration to our proprietary in-house online sports betting technology is substantially complete, with only one state remaining pending approval.” Jason Park, DraftKings’ Chief Financial Officer, added, “We delivered strong growth in new customers and revenue. Our $298 million in second quarter revenue represents a 297% increase year-over-year. Additionally, we grew Monthly Unique Payers by 281% and Average Revenue Per Monthly Unique Payer by 26%. We are again raising our revenue outlook for 2021 as we continue to expect robust growth in the states where we are currently live today.” Strong Customer Retention and Acquisition Drove Q2 Results Monthly Unique Payers (“MUPs”) for our B2C segment increased 281% compared to the second quarter of 2020. On average, 1.1 million monthly unique paying customers engaged with DraftKings during each month of the second quarter. The increase reflects strong unique payer retention and acquisition across DFS, OSB and iGaming, the expansion of our OSB and iGaming product offerings into new states, and the lack of traditional sports for much of the second quarter of 2020 due to the negative impact of COVID-19.Average Revenue per MUP (“ARPMUP”) was $80 i...