DraftKings releases Q4 earnings report
A better performance than expected has led the company to update its 2022 earnings prediction.
DraftKings quarterly results are in and are better than expected. The Boston-based group – the second-largest sportsbook in America by market share – has shown itself adept at capturing the explosion in popularity that sports betting has seen in the last several years.
The company reported revenue of $473m, signaling 47% in year-on-year growth.
Monthly Unique Players (MUP) grew by 32% when compared to Q4 2020, amounting to an average of 2 million unique visitors betting on the platform for every month of the quarter. Per MUP, an average of $77 in revenue was generated, signaling a 19% increase from 2020.
This was also 8% better than had been predicted in the company’s Q3 earnings report. As a result, the company has updated its 2022 earnings prediction from $1.7bn to $1.9bn, meaning year-over-year growth will be 54% rather than the 43% that was previously expected.
Other highlights from the quarter include an expansion of its footprint in the overall American market. With successful debuts in New York and Louisiana, DraftKings is now operational in 17 states and cover 36% of the population.
The company expanded its product range, launching parlay features and expanding its in-play offerings. In an innovative move, it launched the industry’s first peer-to-peer network that allows bettors to interact with fellow fans.
Altogether, it was a worthy performance. As group CEO Jason Robins commented: “DraftKings’ strong fourth quarter performance exceeded our expectations on the top and bottom line.”
Chief Financial Officer Jason Park echoed these sentiments: “We grew revenue 47% year-over-year to $473m in the fourth quarter despite lower-than-expected hold in October primarily due to NFL game outcomes.”
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