DraftKings, the sports betting company, has posted third-quarter revenue of $790 million, beating analysts’ expectations. The company reported a net loss of $283.1 million, or 61 cents per share, compared to a loss of $450.5 million, or $1 per share, in the same period a year earlier. The reported loss per share wasn’t immediately clear if it was comparable to the 69-cent loss expected by analysts.
DraftKings’ revenue for the quarter increased 57%, driven by its expansion into new jurisdictions, which led to an increase in new customers, while existing customers were more engaged and spent more money on the platform. The company reported 2.3 million monthly unique payers in the third quarter, a 40% increase year over year, with average revenue per monthly unique payer increasing 14% to $114.
DraftKings also expanded into Kentucky and is planning additional launches in Maine and North Carolina, pending regulatory approvals. Currently, the company is live with mobile sports betting in 22 states and live with iGaming in five states, with a sports betting and iGaming presence in Ontario, Canada.
Last month, DraftKings overtook rival sportsbook FanDuel for the first time in market share to become the leader in the U.S. online gambling market, according to market research firm Eilers & Krejcik Gaming. DraftKings accounted for about 31% of online gambling revenue in the third quarter, through Aug. 23, while FanDuel’s market share fell to 30%.
DraftKings raised its revenue guidance for the full fiscal year 2023 to a range of $3.67 billion to $3.72 billion, up from a previously stated range of $3.46 billion to $3.54 billion. For fiscal 2024, DraftKings expects revenue of $4.50 billion to $4.80 billion.
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