On August 1, 2024, DraftKings Inc. announced its financial results for the second quarter ended June 30, 2024, reporting a significant revenue increase of 26% to $1.104 billion compared to the same period in the previous year. The company attributed the revenue growth to robust customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. on May 22, 2024. DraftKings' CEO, Jason Robins, highlighted the efficient acquisition of new customers and continued engagement as key drivers for the quarter's performance. The company also raised its 2024 revenue guidance midpoint to $5.15 billion and revised its 2024 Adjusted EBITDA guidance midpoint from $500 million to $380 million, while maintaining its 2025 Adjusted EBITDA expectation in the range of $900 million to $1.0 billion. Additionally, DraftKings' Board of Directors authorized a...Show More

On August 1, 2024, DraftKings Inc. announced its financial results for the second quarter ended June 30, 2024, reporting a significant revenue increase of 26% to $1.104 billion compared to the same period in the previous year. The company attributed the revenue growth to robust customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. on May 22, 2024. DraftKings' CEO, Jason Robins, highlighted the efficient acquisition of new customers and continued engagement as key drivers for the quarter's performance. The company also raised its 2024 revenue guidance midpoint to $5.15 billion and revised its 2024 Adjusted EBITDA guidance midpoint from $500 million to $380 million, while maintaining its 2025 Adjusted EBITDA expectation in the range of $900 million to $1.0 billion. Additionally, DraftKings' Board of Directors authorized a $1.0 billion share repurchase program, reflecting confidence in the company's long-term outlook and financial health. The repurchase program does not obligate the company to acquire any specific number of shares and can be terminated at any time. DraftKings reported an increase in Monthly Unique Payers (MUPs) by 50% year-over-year and a decrease in Average Revenue per MUP (ARPMUP) by 15% due to factors including the Jackpocket acquisition and increased promotional investments. The company's financial statements showed a net income of $63.822 million for the quarter, a turnaround from the net loss of $77.270 million in the same period last year. DraftKings is live with mobile sports betting in 25 states and Washington, D.C., representing about 49% of the U.S. population, and with iGaming in 5 states, representing about 11% of the U.S. population. The company plans to launch its Sportsbook product in Puerto Rico and is monitoring legislative developments in other jurisdictions that could further expand its market presence.