DraftKings Earns Over $1 Billion in Three Months

DraftKings Inc. has reported strong results for the second quarter of 2024. The company's revenue reached $1.104 billion over the three-month period, marking an increase of $230 million or 26% compared to the same quarter in 2023.

CEO and co-founder Jason Robins expressed satisfaction with the firm’s performance, stating, "We will continue to thrive in a favourable environment, acquiring new customers throughout the remainder of 2024, which will position us to achieve adjusted EBITDA of $900 million to $1.0 billion by 2025."

The report also highlighted a notable rise in the number of monthly unique payers (MUP), which climbed to 3.1 million in Q2 2024, reflecting a 50% increase from the same quarter a year earlier.

In light of this robust performance, DraftKings has revised its fiscal 2024 projections, raising its revenue forecast to between $5.05 billion and $5.25 billion, up from its February estimate of $4.80 billion to $5.00 billion.

Additionally, on July 30, 2024, the company's board of directors approved a plan to repurchase up to $1 billion of DraftKings Class A common stock. Chief Financial Officer Alan Ellingson expressed optimism regarding this decision, stating, “The authorisation of the $1.0 billion share repurchase underscores our confidence in the company’s promising long-term prospects and solid balance sheet.”

DraftKings continues to exhibit substantial growth and strategic vision, reinforcing its position as a leader in the sports betting and digital entertainment sectors.