Draftkings Inc · Q3 2023 earnings

Briefing

DraftKings reported revenue of $790 million, a 57% increase year-over-year, driven by customer engagement and efficient acquisition.

DraftKings reported strong third quarter results with revenue of $790 million, a 57% increase compared to the same period in 2022. The company is raising its fiscal year 2023 revenue guidance to a range of $3.67 billion to $3.72 billion and improving its fiscal year 2023 Adjusted EBITDA guidance to between ($95) million and ($115) million.

• Revenue increased by 57% year-over-year to $790 million.
• Average monthly unique payers increased by 40% year-over-year to 2.3 million.
• Average revenue per monthly unique payer increased by 14% year-over-year to $114.
• The Company expects to generate approximately $200 million of positive Adjusted EBITDA in the fourth quarter of 2023.

Headline financials

Revenue & EPS history

DraftKings is raising its fiscal year 2023 revenue guidance to a range of $3.67 billion to $3.72 billion and improving its fiscal year 2023 Adjusted EBITDA guidance to between ($95) million and ($115) million. DraftKings is introducing a fiscal year 2024 revenue guidance range of $4.50 billion to $4.80 billion and fiscal year 2024 Adjusted EBITDA guidance of between $350 million and $450 million.