DraftKings has published its third quarter financial results for 2022. The operator said it remained committed to profitability throughout the quarter while “driving top-line growth” during Q3.
Overall revenue in the third quarter climbed by 136% year-over-year to reach $502m. DraftKings said it is raising FY2022 guidance to a range of $2.16bn to $2.19bh.
However, net loss was still around the $450m mark for Q3 – although this did mark the second consecutive quarter in which DraftKings' losses improved.
The company stated in its report that it both exceeded and improved upon its adjusted EBITDA and FY2022 expectations and projects positive numbers for next year.
Company CEO Jason Robins commented: “DraftKings had a very strong third quarter. Our team continued to drive top-line growth through highly effective customer engagement and compelling product and technology enhancements while remaining focused on our path to profitability.
“Throughout 2022, we’ve struck the right balance between delivering differentiated top-line growth and driving operating efficiencies. We continue to be confident that we will achieve positive adjusted EBITDA in the fourth quarter of 2023 based on the visibility we have into expected state launches.”
In addition to ending the third quarter on a strong financial foundation, DraftKings gained ground within the digital frontier. The operator has grown its online footprint to reach 18 US states with its mobile sports betting products and is live with iGaming in five.
DraftKings added Kansas to its online sportsbook family during the month of September, after a successful launch in the Canadian province of Ontario earlier in the quarter.
Robins noted the importance of mobile sportsbook availability during the NFL season and said was a key company focus during the third quarter.
He said in closing: “For the NFL season, we made investments in our mobile Sportsbook product, creating a differentiated and fun customer experience, and also realized unique marketing optimization benefits as an operator with truly national scale.”
