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Friday, 05/07/2021 12:10:55 PM

Friday, May 07, 2021 12:10:55 PM

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DraftKings Lifts 2021 Revenue Outlook as Online Gaming Gains, Return of Sports Drive First-Quarter Growth
2021-05-07 12:06:10 PM ET (MT Newswires)
   
   
12:06 PM EDT, 05/07/2021 (MT Newswires) -- DraftKings (DKNG), an online sports and casino games betting operator, booked a first-quarter revenue surge well above analyst estimates and raised its 2021 outlook Friday after more states legalized online gambling and the full slate of sporting events depleted by the COVID-19 pandemic last year returned.

The Boston-based company said it now expects fiscal 2021 full-year revenue of $1.05 billion to $1.15 billion, from prior guidance of $900 million to $1 billion. The Capital IQ consensus is for $1.05 billion. In the first quarter, revenue surged 253% to $312 million, outstripping analysts' $237 million average estimate.

"DraftKings is off to an outstanding start in 2021," said Chief Executive Jason Robins. "We continued to make progress and remain on track with the migration to our own in-house proprietary sports betting engine, strengthened our content and technology capabilities with the acquisitions of VSiN and BlueRibbon Software, and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS and mobile Sportsbook apps."

Still, the company reported a net loss per share of $0.87 for the quarter ended March 31, widening from $0.37 a year earlier and missing the consensus for a $0.45 loss on a GAAP basis. In it earnings presentation, DiamondKings reported an adjusted loss of $0.36, with no year-ago comparison immediately available.

Monthly unique paid users increased 114% to more than 1.5 million and average revenue per user rose 48% to $61, aided by the rollout of mobile casino and sportsbook offerings in additional states.

DraftKings said it now offers online sports betting in 12 states with about 25% of US population after entering Michigan and Virginia during the quarter. Michigan also became one of four states to allow the company to offer online casino games.

"We believe the outlook for further legalization is very promising," Robins said on a conference call with analysts, according to a Capital IQ transcript.

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