The company’s strategic expansion in new jurisdictions, boosted “hold” percentage, and acquisition of Jackpocket Inc.
DraftKings delivered an exceptional Q3 performance, with revenue surging nearly 40% year-over-year to reach $1.095 billion (£848.45m). Alongside these results, the Massachusetts-based sports betting leader released its fiscal projections for 2024, estimating revenue of up to $6.3 billion (£4.85bn) and Adjusted EBITDA between $900 million (£694.21m) and $1 billion (£771.35m).
“With the return of NFL and college football, [we] delivered strong results in Q3,” stated CEO and Co-founder Jason Robins, underscoring DraftKings’ momentum.
The company’s strategic expansion in new jurisdictions, boosted “hold” percentage, and acquisition of Jackpocket Inc. in May for $750 million (£578.43m) further drove growth. Monthly Unique Payers (MUP) reached 3.6 million—a 55% year-over-year increase—though Average Revenue per MUP dipped by about 10%.
DraftKings, competing fiercely with Flutter’s FanDuel, has raised its full-year 2024 revenue forecast to $4.95 billion (£3.81bn), with Adjusted EBITDA now projected between $240 million and $280 million (£185.14m-£216m).
Operating in 25 U.S. states plus Washington, D.C., DraftKings covers half of the U.S. population, while also providing sports and iGaming in Ontario, Canada. With approvals pending, the company aims to launch its online sportsbook in Missouri and Puerto Rico, solidifying its stronghold in North American markets.