---- DraftKings Meets Guidance with Third Quarter Revenue Growth of 60%; Exceeds 2.1 Million MUPs in September; Increases Midpoint of 2021 Revenue Guidance to $1.26 Billion; Introduces 2022 Revenue Guidance of $1.7 Billion to $1.9 Billion
2021-11-05 07:00:07 AM ET (GlobeNewswire)
DraftKings Inc. (Nasdaq: DKNG) ("DraftKings" or the "Company") today reported third quarter 2021 financial results.
Third Quarter 2021 Highlights
For the three months ended September 30, 2021, DraftKings reported revenue of $213 million, an increase of 60% compared to $133 million during the same period in 2020. Third quarter 2021 revenue was in-line with the guidance the Company previously provided during its second quarter earnings conference call on August 6, 2021.
"DraftKings had a strong third quarter that highlights our team's unique ability to drive engagement with our core customers while simultaneously launching new states and verticals and completing the complex migration to our own in-house technology ahead of schedule," said Jason Robins, DraftKings' co-founder, Chief Executive Officer and Chairman of the Board. "Since migrating, we have rapidly added innovative features and functionality to our top-ranked mobile sports betting app. We are also excited that our new growth initiatives, including DraftKings Marketplace and our content and media business, demonstrated promising early results in the quarter."
Jason Park, DraftKings' Chief Financial Officer, added, "Fundamental user acquisition, retention and engagement trends in the third quarter were outstanding across all of our online gaming products. We delivered $213 million in third quarter revenue which represents a 60% year-over-year increase. On a same state basis and taking into consideration lower than expected hold primarily due to NFL game outcomes, third quarter revenue would have been $40 million higher. Our key performance indicators also continued to grow, as Monthly Unique Payers increased by 31% and Average Revenue Per Monthly Unique Payer grew by 38%. We are increasing the midpoint of our 2021 revenue guidance and introducing 2022 revenue guidance which points to another year of strong growth in existing states for DraftKings."
Continued Healthy Growth in Player Retention, Acquisition and Engagement
Increasing Midpoint of 2021 Revenue Guidance and Introducing 2022 Revenue Guidance
DraftKings' Expanded Mobile Sports Betting and iGaming Footprint
Product Developments, Content Initiatives and Commercial Agreements
Commitment to Environmental, Social and Governance Continues
Webcast and Conference Call Details
DraftKings will host a conference call and audio webcast today at 8:30 a.m. EST, during which management will discuss the Company's second quarter results and provide commentary on business performance. A question and answer session will follow the prepared remarks.
The conference call may be accessed by dialing (833) 644-0686 for domestic callers or (918) 922-6762 for international callers. Once connected with the operator, please provide the conference ID of 1588846.
A live audio webcast of the earnings conference call may be accessed on the Company's website at investors.draftkings.com, along with a copy of this press release, the Company's Form 10-Q filing, and a slide presentation. The audio webcast and accompanying presentation will be available on the Company's investor relations website until 11:59 p.m. EST on December 14, 2021.
About DraftKings
DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. DraftKings' Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Arizona, Connecticut, Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming. DraftKings' daily fantasy sports product is available in 7 countries internationally with 15 distinct sports categories. DraftKings is the offic ial daily fantasy partner of the NFL, MLB, NHL, NASCAR, PGA TOUR and UFC as well as an authorized gaming operator of the NBA, an official sports betting partner of the NFL, MLB and NHL an official betting operator of PGA TOUR and the official betting operator of UFC. Launched in August 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. DraftKings also owns Vegas Sports Information Network, Inc. (VSiN), a multi-platform broadcast and content company.
