DraftKings improves Q3 losses; while revenue soars
DraftKings has posted its third-quarter results, showing a 136% increase in revenue growth – totalling $502m.
The amount the operator made in Q3 vastly outweighs the same period last year, when it reported revenue of $213m.
However, it is worth noting that DraftKings has continued its trend of making significant losses, reporting $450m as a net loss for Q3 2022 – although this is an improvement on the same period last year, which saw the brand lose $545m.
Annual losses per quarter are steadily decreasing for DraftKings this year, as its Q2 report posted a $217m loss – compared to $305m for the same quarter in 2021; meaning a second successive quarter for DraftKings where its losses have improved (Q1 saw losses widen).
In total, for the first nine months of 2022, DraftKings lost a total of $1.13bn – however, this is again less than 2021, which saw it post losses of $1.19bn for the same period.
Jason Robins, DraftKings’ Co-founder, CEO and Chairman of the Board, commented on the fiscal results: “DraftKings had a very strong third quarter. Our team continued to drive top-line growth through highly effective customer engagement and compelling product and technology enhancements while remaining focused on our path to profitability.
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