DraftKings raises full-year 2021 guidance after 49% revenue rise for 2020
DraftKings has reported a 49% year-on-year revenue rise for full-year 2020, allowing it to raise its 2021 guidance by $150m.
The sports betting and fantasy sports operator saw its pro forma revenue rise to $643.5m for the year ending 31 December 2020, up from $431.8m posted in 2019.
However, adjusted EBITDA saw a loss of $395.9m, up from $78.2m posted a year prior. Net loss stood at $855.2m, a rise from $173.9m recorded in 2019.
For Q4, DraftKings saw its revenue rise 146% compared to the same period last year, up to $322m. This represents a 98% improvement on a pro forma basis, taking into consideration the operator’s acquisition of SBTech which was completed last April.
Adjusted EBITDA for Q4 saw a loss of $87.9m from the $4.9m loss recorded a year earlier. The Q4 revenue increase means the operator is raising its full-year 2021 revenue guidance from a range of $750m to $850m, to $900m to $1bn, which represents a yearly growth of 40% to 55%.
The operator also mentioned that its launches in Michigan and Virginia earlier this year means it’s now live with mobile sports betting in 12 states.
DraftKings co-founder, CEO and chairman Jason Robins said: “With a favorable fourth quarter sports calendar and strong marketing execution, DraftKings was able to generate tremendous customer acquisition and engagement.
“We are raising our revenue outlook for 2021 due to our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in our previous guidance.”
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