May 15, 2020 Sports Betting, Online

DraftKings revenue up 30% for Q1


DraftKings reported a 30% year-on-year growth in net revenue for Q1 2020 amid the effects of COVID-19.

In its Q1 report, DraftKings generated $89m in revenue compared to $68m for Q1 2019. 

DraftKings reported its first earnings since merging with SB Tech to become a public company. DraftKings went public on April 23.

DraftKings lost 18 cents per share, worse than Wall Street’s projection. 

Jason Robins, CEO of DraftKings, said that the current environment of sports league closures won’t affect long term growth. Robins touted the $450m+ of cash on the company’s balance sheet.

“Certainly the current environment of major sports leagues and major sporting events has created short term revenue headwinds for the business,” Robins said. “Our long term growth expectations remain unchanged and under certain scenarios may even accelerate.

“While no one can predict exactly how COVID-19 will affect the world and for how long, we are confident that when sports return, DraftKings will be ready.” 

DraftKings stock jumped more than 14% on Friday, an indication that investors are bullish on the company’s long term potential.

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