Sports betting in the US is booming, says one of the country’s two largest operators, DraftKings, heralding a whopping 136 per cent revenue increase in its third quarter.
The total was $502m, compared with $213m in its comparison quarter of last year. Revenue for the B2C segment grew to $493m, up 151 per cent, mainly through "robust customer acquisition and retention, the successful launches of its sportsbook and igaming products in additional jurisdictions."
Said CEO Jason Robins: “DraftKings had a very strong third quarter. Our team continued to drive top-line growth through highly effective customer engagement and compelling product and technology enhancements while remaining focused on our path to profitability.
“For the NFL season, we made investments in our mobile sportsbook product, creating a differentiated and fun customer experience, and also realised unique marketing optimisation benefits as an operator with truly national scale.
"Throughout 2022, we’ve struck the right balance between delivering differentiated top-line growth and driving operating efficiencies. We continue to be confident that we will achieve positive adjusted EBITDA in the fourth quarter of 2023 based on the visibility we have into expected state launches.”
DraftKings is raising its fiscal year 2022 revenue guidance to a range of $2.16bn to $2.19bn from the range of $2.08bn to $2.18bn previously announced in the company’s second quarter earnings. This updated 2022 revenue guidance range equates to year-over-year growth of 67 per cent to 69 per cent.
