DraftKings Beats 2Q Earnings Projections
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DraftKings announced second quarter earnings Friday, reporting $298 million in revenue, up 297 percent from the same period a year ago.
The numbers from the quarter were optimistic enough for the company to raise guidance to a fiscal year revenue range of $1.21 billion to $1.29 billion.
While the quarter beat analyst projected revenues of $245 million, DraftKings missed on projected monthly unique payers growth. That was up 286 percent on the quarter compared to what analysts thought would be 345 percent.
DraftKings CEO Jason Robbins confirms $DKNG is pursuing, as expected, a New York online sports betting license. The company already operates a retail sportsbook in the state.
— Ryan Butler (@ButlerBets) August 6, 2021
The market responded positively to the numbers, with pre-open trading up more than seven percent, as of 8:40 am ET. At open, DraftKings was up six percent.
Those monthly unique payers averaged revenue of $80 in the quarter, up 26 percent as compared to the second quarter of 2020.
DraftKings is currently in 12 states, representing 25 percent of the population.
The company recently announced a new vertical called Marketplace, where it will offer users to buy and sell digital collectibles.