DraftKings Q1 2023 Earnings Report
Key Takeaways
DraftKings reported a strong first quarter with revenue reaching $770 million, an 84% increase year-over-year. The company is raising its 2023 revenue guidance midpoint to $3.185 billion and improving its Adjusted EBITDA guidance midpoint to ($315) million.
Revenue increased 84% year-over-year to $770 million.
Monthly Unique Payers (MUPs) increased 39% year-over-year to 2.8 million.
Average Revenue per MUP (ARPMUP) increased 35% year-over-year to $92.
Increased fiscal year 2023 revenue guidance to a range of $3.135 billion to $3.235 billion and improved fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
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DraftKings Revenue by Geographic Location
Forward Guidance
DraftKings is raising its fiscal year 2023 revenue guidance to a range of $3.135 billion to $3.235 billion and improving its fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
Positive Outlook
- Increased fiscal year 2023 revenue guidance to a range of $3.135 billion to $3.235 billion.
- Improved fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
- Expects to be Approximately Breakeven on an Adjusted EBITDA Basis in the Second Quarter of 2023
- Strong unique payer retention.
- Expansion of Sportsbook and iGaming products into new jurisdictions.
Challenges Ahead
- The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof.
- Changes in applicable laws or regulations, particularly with respect to gaming
- General economic and market conditions impacting demand for DraftKings’ products and services
- Economic and market conditions in the media, entertainment, gaming, and software industries in the markets in which DraftKings operates
- Potential adverse effects of the global coronavirus pandemic (or the emergence of additional variants or strains thereof)