DraftKings has announced its first quarter 2021 earnings report, which reveals the company made a 175% year-on-year increase in revenue to $312m.
During the period, the company had 1.5 million monthly unique paying customers and on average they engaged with DraftKings each month during the fourth quarter, a 114% yearly increase.
Due to the successful start to the year, DraftKings will be raising its full year 2021 revenue guidance, from $900m/$1bn to $1.05bn/$1.15bn. This will be a 16% increase in comparison to the midpoint of its previous guidance.
DraftKings CEO, Jason Robins, said: “We continued to make progress and remain on track with the migration to our own in-house proprietary sports betting engine, strengthened our content and technology capabilities with the acquisitions of VSiN and BlueRibbon Software, and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS (daily fantasy sports) and mobile Sportsbook apps.”
DraftKings’ CFO, Jason Park, added: “Our $312m in first quarter revenue, 114% increase in MUPs and 48% growth in ARPMUP reflect solid customer acquisition and retention, as well as successful launches of mobile sports betting and online gaming in new states.
“We are raising our revenue outlook for 2021 due to the outperformance of our core business in the first quarter and our expectation for continued healthy growth.”
DraftKings will also be announcing the rollout of social functionality to its DFS and mobile sportsbook apps, allowing fans to interact with each other withing a peer-to-peer environment.