Summary by Moomoo AI
DraftKings, a digital sports entertainment and gaming company, reported a significant increase in revenue for the first quarter of 2024, with figures reaching $1.175 billion, a 52.7% rise from the $769.7 million reported in the same period of 2023. The company's net loss improved markedly, decreasing by 64.1% to $142.6 million from the previous year's $397.1 million. Adjusted EBITDA also saw a positive shift, turning from a loss of $221.6 million in Q1 2023 to a profit of $22.4 million in Q1 2024. The growth in revenue is primarily attributed to the strong performance of DraftKings' Sportsbook and iGaming product offerings, bolstered by effective customer acquisition and retention strategies, as well as the successful expansion into new jurisdictions. The company's Monthly Unique Payers (MUPs) and Average Revenue per MUP (ARPMUP) both...Show More
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