DraftKings logo. Source: FOX

DraftKings Elevates Full-Year Forecast Following Strong Q1 Performance

DraftKings CEO and co-founder Jason Robins hailed the operator's "outstanding" first-quarter results, reporting a remarkable 52.7% surge in revenue to $1.18 billion compared to the previous year.

The company's adjusted EBITDA also experienced a significant uptick to $22.4 million, a stark contrast to the $221.6 million loss reported in the same period last year. DraftKings attributed this growth to robust consumer engagement, successful acquisition of new customers, and expansion into fresh markets. Additionally, the operator saw its net loss narrow to $142.6 million from $397.1 million in the prior year.

Despite challenges posed by sports performance fluctuations throughout the quarter, analysts at JMP Securities noted that DraftKings delivered impressive results.

6 May 2024, 12:40

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