DraftKings reports 60% growth in Q3
The number of monthly unique players also saw a boost, growing 31%.
DraftKings, the US-based sports betting juggernaut, has today confirmed its financial results for the period ending September 30, 2021, citing user acquisition, retention and engagement as key growth factors.
Overall, DraftKings grew 60% in Q3, reporting revenue of $213, compared to the $133m reached during the same period in 2020.
“DraftKings had a strong third quarter that highlights our team’s unique ability to drive engagement with our core customers while simultaneously launching new states and verticals and completing the complex migration to our own in-house technology ahead of schedule,” said Jason Robins, DraftKings’ co-founder, chief executive officer and chairman of the board.
A key factor for DraftKing’s growth during this period has undoubtedly been an increase in monthly unique players, with the sportsbook’s B2C segment growing 31% year-on-year. Approximately 1.3 million monthly paying customers used the DraftKings platform during each month of Q3.
Concurrently, average revenue per customer shot to $47, which represents a 38% increase compared to 2020.
“Since migrating, we have rapidly added innovative features and functionality to our top-ranked mobile sports betting app. We are also excited that our new growth initiatives, including DraftKings Marketplace and our content and media business, demonstrated promising early results in the quarter,” added Robins.
During the period, the sportsbook continued to expand its presence in both the sports betting and iGaming markets, launching in Wyoming, Arizona and Connecticut.
“Fundamental user acquisition, retention and engagement trends in the third quarter were outstanding across all of our online gaming products. We delivered $213m in third quarter revenue which represents a 60% year-over-year increase,” Jason Park, DraftKings’ Chief Financial Officer, added.
“On a same state basis and taking into consideration lower than expected hold primarily due to NFL game outcomes, third quarter revenue would have been $40m higher. Our key performance indicators also continued to grow, as Monthly Unique Payers increased by 31% and Average Revenue Per Monthly Unique Payer grew by 38%. We are increasing the midpoint of our 2021 revenue guidance and introducing 2022 revenue guidance which points to another year of strong growth in existing states for DraftKings.”
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