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Jun 30, 2023
DraftKings Q2 2023 Earnings Report
DraftKings reported positive Adjusted EBITDA and increased revenue, driven by customer retention and engagement, efficient customer acquisition, product innovation, and improved promotional intensity.
Key Takeaways
DraftKings' Q2 2023 revenue grew 88% year-over-year to $875 million. The company generated positive Adjusted EBITDA, exceeding guidance, and raised its 2023 revenue and Adjusted EBITDA guidance.
Revenue increased by 88% year-over-year to $875 million.
Average Revenue per MUP (ARPMUP) increased by 33% year-over-year to $137.
Monthly Unique Payers (MUPs) increased by 44% year-over-year to 2.1 million.
The company expects to generate $150 million to $175 million of Adjusted EBITDA in Q4 2023.
DraftKings
DraftKings
Forward Guidance
DraftKings is raising its fiscal year 2023 revenue guidance to a range of $3.46 billion to $3.54 billion and improving its fiscal year 2023 Adjusted EBITDA guidance to between ($190) million and ($220) million.
Positive Outlook
- Fiscal year 2023 revenue guidance is raised to $3.46 billion to $3.54 billion.
- Fiscal year 2023 Adjusted EBITDA guidance is improved to ($190) million to ($220) million.
- The company expects to generate $150 million to $175 million of Adjusted EBITDA in the fourth quarter of 2023.
- Revenue and Adjusted EBITDA guidance includes existing jurisdictions plus Kentucky and Puerto Rico.
- DraftKings expects to launch its Sportsbook product in Kentucky on September 28, 2023.
Challenges Ahead
- Guidance is pending licensure and regulatory approvals in certain jurisdictions.
- Guidance requires securing market access in North Carolina and Vermont.
- Forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from forward-looking statements.
- The company makes no commitment to update forward-looking statements.