DraftKings, a digital sports entertainment and gaming company, reported a significant increase in revenue for the quarter ended June 30, 2024. Revenue rose to $1.1 billion, a 26.2% increase from the $874.9 million reported in the same quarter of the previous year. The company also saw a turnaround in net income, posting a profit of $63.8 million compared to a loss of $77.3 million in the prior year's quarter. Adjusted EBITDA for the quarter was $127.9 million, up from $73 million in the previous year. The company attributed the revenue growth to strong customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. Despite the positive financial performance, DraftKings announced the discontinuation of Reignmakers and its NFT Marketplace as of July 30, 2024, stating...Show More

DraftKings, a digital sports entertainment and gaming company, reported a significant increase in revenue for the quarter ended June 30, 2024. Revenue rose to $1.1 billion, a 26.2% increase from the $874.9 million reported in the same quarter of the previous year. The company also saw a turnaround in net income, posting a profit of $63.8 million compared to a loss of $77.3 million in the prior year's quarter. Adjusted EBITDA for the quarter was $127.9 million, up from $73 million in the previous year. The company attributed the revenue growth to strong customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. Despite the positive financial performance, DraftKings announced the discontinuation of Reignmakers and its NFT Marketplace as of July 30, 2024, stating that the financial impact is not yet estimable but not expected to materially affect the company's financial condition. DraftKings' business development includes online sports betting, casino gaming, and daily fantasy sports offerings, as well as the design and development of gaming software. The company's future plans involve continued investment in product offerings and technology, expansion into new jurisdictions, and improving profitability through efficient customer acquisition and retention. Additionally, DraftKings' Board of Directors authorized a Stock Repurchase Program of up to $1.0 billion of its Class A common stock, signaling confidence in the company's financial health and future prospects.