DraftKings has reported its Q4 2022 revenue jumped 81 per cent year-on-year, with expansion across the US a key driver.
The operator made US$855m in revenue across the three months to December 31, compared to $473m in the equivalent period in 2021.
DraftKings has also increased its fiscal year 2023 revenue and adjusted EBITDA guidance. The company expects a latter figure of between $350m and $450m compared to its November 2022 estimates of between $475m and $575m.
Its revenue guidance has changed from the November estimates of between $2.8bn to $3bn up to between $2.85bn and $3.05bn.
Jason Park, DraftKings’ chief financial officer, said: “We executed very well in the fourth quarter and drove better than expected sportsbook hold due primarily to our investments in product innovation.
“Our fiscal year 2023 adjusted EBITDA guidance reflects a meaningful slowdown in the growth rate of our fixed costs as we continue to capture efficiency opportunities and optimise our organizational productivity.”
Jason Robins, chief executive officer and co-founder of DraftKings, said: “Moving into 2023, we will continue to drive revenue growth and focus on expense management to accelerate our adjusted EBITDA growth.
“We have already taken several actions that resulted in an increase to our revenue guidance and significant improvement in our adjusted EBITDA guidance.”
