DraftKings has announced its third quarter 2023 financial results as well as a business update and earnings presentation.
DraftKings reported revenue of $790m for the quarter, an increase of $288m, or 57 per cent, compared to $502m during the same period in 2022.
This 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, product innovation leading to increased parlay mix and thus higher hold percentage and improved promotional reinvestment for sportsbook and igaming.
“Our fantastic third quarter results demonstrate the positive impact of our product and technology investments as well as excellent preparation and execution by our entire organisation,” said Jason Robins, DraftKings’ CEO and co-founder.
“Our new and differentiated features and functionality have created an exceptional user experience that sustains engagement for our mobile sports betting and igaming customers.
"We also delivered another successful online sportsbook launch in Kentucky and look forward to additional launches in Maine and in North Carolina, pending licensure and regulatory approvals.
"We expect to generate approximately $200m of positive adjusted EBITDA in the fourth quarter of 2023 based on the midpoint of our updated fiscal year 2023 guidance and look forward to sharing our multi-year outlook at our Investor Day on November 14.”
