DraftKings, a digital sports entertainment and gaming company, reported a significant increase in revenue for the third quarter of 2024, with a 38.7% rise to $1.095 billion compared to the same period in 2023. Despite this, the company experienced a net loss of $293.7 million, a slight increase from the $283.1 million loss in the previous year. Adjusted EBITDA showed improvement, with a loss of $58.5 million compared to a loss of $153.4 million in Q3 2023. The company attributes the revenue growth to customer engagement, new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. Monthly Unique Payers (MUPs) and Average Revenue per MUP (ARPMUP) were key performance indicators, with MUPs increasing significantly year-over-year, although ARPMUP saw a decrease due to lower revenue from...Show More

DraftKings, a digital sports entertainment and gaming company, reported a significant increase in revenue for the third quarter of 2024, with a 38.7% rise to $1.095 billion compared to the same period in 2023. Despite this, the company experienced a net loss of $293.7 million, a slight increase from the $283.1 million loss in the previous year. Adjusted EBITDA showed improvement, with a loss of $58.5 million compared to a loss of $153.4 million in Q3 2023. The company attributes the revenue growth to customer engagement, new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. Monthly Unique Payers (MUPs) and Average Revenue per MUP (ARPMUP) were key performance indicators, with MUPs increasing significantly year-over-year, although ARPMUP saw a decrease due to lower revenue from Jackpocket customers. DraftKings continues to invest in product offerings, technology, and market expansion, with plans to launch in new jurisdictions and improve profitability over time. The company's technology is scalable, allowing for efficient launches in new markets. DraftKings is also focused on responsible gaming and regulatory compliance. The company's financial position includes $877.8 million in cash and cash equivalents as of September 30, 2024, and it has entered into a new $500 million revolving credit facility. DraftKings believes it has sufficient funds to meet its capital requirements for at least the next twelve months.