Summary by Moomoo AI
DraftKings reported strong Q2 2024 financial results with revenue increasing 26.2% year-over-year to $1.1 billion, driven by healthy customer engagement and expansion into new jurisdictions. The company achieved its first quarterly profit of $63.8 million, compared to a $77.3 million loss in Q2 2023, benefiting from a $75.8 million tax benefit and improved operational efficiency.Monthly Unique Payers grew 50% year-over-year, reflecting strong user retention and acquisition across Sportsbook and iGaming offerings, as well as the impact of the Jackpocket acquisition completed in May 2024. Average Revenue Per Monthly Unique Payer decreased 15% due to lower revenue from Jackpocket customers and increased promotional investments, partially offset by structural improvements in Sportsbook hold percentage.The company continues to expand its market presence, now operating Sportsbook in 25 jurisdictions and iGaming in 6 jurisdictions. Looking ahead, DraftKings announced a $1 billion stock repurchase program and discontinued its Reignmakers and NFT Marketplace operations. The company maintains a strong liquidity position with $815.9 million in cash and cash equivalents as of quarter-end.
