DraftKings 2021 Q2 report: 320% year-on-year revenue growth

DraftKings has announced its second quarter 2021 financial results. Reported revenue of $298m was achieved, increasing its 2021 revenue guidance from $1.21bn to $1.29bn.

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The Q2 report illustrates its highlights for the three months ending 30 June 2021; the reported revenue of $298m was an increase of 320% compared to $71m during the same period in 2020. For its Q2 report, DraftKings discussed the progress it made in driving back-end migration, given the software firms it has acquired in recent years. It also recently announced plans to launch the DraftKings Marketplace.
 
Jason Robins, DraftKings’ Co-founder, CEO and Chairman of the Board, said: “DraftKings had a particularly strong second quarter of 2021, maintaining our impressive financial performance while also advancing into new areas, such as media and NFTs. We believe these expansion opportunities will enable us to further grow our customer base and generate additional revenues through cross-selling to our existing players. 

“We also are excited that the migration to our proprietary in-house online sports betting technology is substantially complete, with only one state remaining pending approval.” 
 
One main highlight for the second quarter was Genius Sports and DraftKings' multi-year sports data supplier agreement. The deal gave DraftKings access to Genius Sports’ full portfolio of global sports data and content, including official NFL data and content, player acquisition and retention solutions.   
 
"Our customers are at the forefront of all we do and we are always working to better their experience and our products," said Ezra Kucharz, CBO at DraftKings. 
 
DraftKings raised its revenue guidance from the ranges of $1.05bn to $1.15bn, to $1.21bn and $1.29bn for the fiscal year 2021. This equates to a year-on-year growth of 88% to 100%, with a 14% rise on what was previously projected. Other Q2 highlights for DraftKings have been its mobile sports betting and iGaming footprint, being live with online sports betting in 12 states (representing 25% of the US population and iGaming in four states, and representing 10% of the US population).

Six states have already authorised mobile sports wagering this year, these include: Arizona, Connecticut, Louisiana, Maryland, New York and Wyoming. This represents 13% of the population, bringing the overall percentage with legalised mobile sports betting to 39%. In addition to these states, Connecticut has also authorised iGaming.  
 
Jason Park, DraftKings’ CFO, added: “We also are excited that the migration to our proprietary in-house online sports betting technology is substantially complete, with only one state remaining pending approval. 
 
“We delivered strong growth in new customers and revenue. Additionally, we grew monthly unique payers by 281% and average revenue per monthly unique payer by 26%. We are again raising our revenue outlook for 2021 as we continue to expect robust growth in the states where we are currently live today” 

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