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Mar 31, 2023
DraftKings Q1 2023 Earnings Report
Reported an increase in revenue driven by efficient customer acquisition, product innovation, higher hold percentage, decreased promotional intensity and healthy customer retention.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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