DraftKings Thursday reported revenue of $1.175 billion for the first quarter of 2024, a 53% increase over the $770 million generated during the same time period of 2023.
“DraftKings’s performance in the first quarter of 2024 was outstanding, reflecting healthy revenue growth and a scaled fixed-cost structure that positions us to drive rapidly improving adjusted EBITDA,” said DraftKings CEO and Co-founder Jason Robins in a statement. “We successfully launched our online sportsbook in Vermont and North Carolina with highly efficient customer acquisition. Looking ahead, we remain committed to maximizing shareholder value through continued innovation, operational excellence, and disciplined capital allocation.”
DraftKings is raising the midpoint of its fiscal year 2024 guidance to $4.9 billion from $4.78 billion and the midpoint of its adjusted EBITDA guidance to $500 million from $460 million as a result of the first-quarter results.
Fiscal-year 2024 revenue guidance is raised to a range of $4.8 billion to $5 billion from the range of $4.65 billion to $4.90 billion. The company’s updated 2024 revenue-guidance range equates to year-over-year growth of 31% to 36%.
Fiscal-year 2024 adjusted EBITDA guidance was raised to between $460 million and $540 million compared to its prior fiscal year 2024 adjusted EBITDA guidance of between $410 million and $510 million.
Average monthly unique payers increased to 3.4 million in the first quarter, a year-over-year jump of 23%. Average revenue per monthly unique player was $114 in the first quarter, a 25% increase compared to the same period in 2023.
Following the March 11, 2024, launch of its sportsbook in North Carolina, DraftKings is live with mobile sports betting in 25 states. DraftKings is also live with igaming in five states and is live with its sportsbook and igaming products in Ontario, Canada.
DraftKings expects to launch its sportsbook in Puerto Rico pending market access, licensure, regulatory approvals, and contractual approvals where applicable.
DraftKings closed at $43.03 on the Nasdaq, up $1.21 or 2.9%. After hours, the stock increased $0.22, or 0.51%, to $43.25.
Rege Behe is lead contributor to CDC Gaming. He can be reached at rbehe@cdcgaming.com. Please follow @RegeBehe_exPTR on Twitter.
