Business
DraftKings Co., Ltd. announced its financial results. First quarter of 2024Post solid revenue growth and, optimistic outlook For the rest of this year. The company also shared an update on its business performance and strategic outlook. make it more uppercase About the spread of regulated sports betting and iGaming across the United States.
Customer engagement and retention efforts pay off
In the first quarter of 2024, DraftKings reported the following revenues. $1.175 billionshows a significant increase in 53% compared to the same period in 2023, when revenues were higher. $770 million. Healthy customer engagement, efficient customer acquisition, Expansion of sportsbook products Entry into new jurisdictions has helped foster sustained growth.
jason robbinsCEO and Co-Founder of DraftKings, expressed satisfaction Announcing the company’s results for the first quarter; Maximizing shareholder value Through innovation, operational excellence, and disciplined capital allocation.draft kings recently appeared upon Energage’s Top Workplaces in the US 2024 We’ve created a list that emphasizes our people-centered culture and positive environment.
“DraftKings’ performance in the first quarter of 2024 was outstanding, reflecting healthy revenue growth and a fixed cost structure of scale that allows it to drive rapid improvement in adjusted EBITDA.“
Jason Robbins, DraftKings CEO and Co-Founder
Average monthly unique paying customers increased 3.4 million In the first quarter of 2024, 23% growth compared to previous year.This increase is Robust acquisition and retention Across DraftKings’ sportsbook and iGaming products.Moreover, the average revenue per MUP was achieved $114 In the first quarter of 2024, 25% growth year over year This was supported by higher structural sportsbook hold rates and improved promotional reinvestment.
Company management remains very optimistic
Alan Ellingson, DraftKings’ CFO announced the company’s latest fiscal year 2024 revenue and adjusted EBITDA guidance. The midpoint of earnings guidance has been raised to: $4.9 billion from $4.775 billionthe midpoint of adjusted EBITDA guidance has increased to . 500 million dollars from $460 million. These revisions are Great first quarter results And customer acquisition and engagement expectations improve.
Looking ahead, DraftKings is live streaming mobile sports betting. 25 states With iGaming, 5 states. The company also offers products in the following areas: ontario, canadaIt is scheduled to be released on. puerto rico Pending regulatory approval. Legislation in 2024 will introduce legislation in several jurisdictions. Legalize Mobile Sports Betting and iGamingrepresenting future growth opportunities.
DraftKings’ first quarter financial results show that Solid momentum and growth prospects, driven by strategic initiatives and expansion efforts across its product and geographic markets. We remain focused on delivering value to our shareholders as we continue to innovate and innovate. Take advantage of new opportunities across the sports betting and iGaming industry.
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“DraftKings Inc. announced first-quarter 2024 financial results, posting strong revenue growth and providing an optimistic outlook for the rest of the year. The company…”
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