Alongside a revenue increase of 60% from the $133m posted for Q3 2020, the US sports betting brand saw an average of 1.3 million monthly unique paying customers throughout the quarter, which it attributes to efforts made regarding player retention as well as the expansion of its sportsbook and iGaming offerings.
Jason Park, DraftKings’ CFO, commented: “Fundamental user acquisition, retention and engagement trends in the third quarter were outstanding across all of our online gaming products.”
A key driver of the company’s Q3 growth was the expansion of its American footprint, launching mobile sports betting in Wyoming, Arizona and Connecticut to bring its total number of states to 15. DraftKings also went live with iGaming in Connecticut, with the New England jurisdiction joining four others where its online gambling offering is already up and running.
“DraftKings had a strong third quarter that highlights our team’s unique ability to drive engagement with our core customers while simultaneously launching new states and verticals and completing the complex migration to our own in-house technology ahead of schedule,” said Jason Robins, DraftKings’ Co-founder, CEO and Chairman of the Board.
“Since migrating, we have rapidly added innovative features and functionality to our top-ranked mobile sports betting app. We are also excited that our new growth initiatives, including DraftKings Marketplace and our content and media business, demonstrated promising early results in the quarter.”
As a result of its healthy performance, DraftKings has revised its outlook for the 2021 fiscal year, increasing its average revenue estimate to $1.26bn with a range of $1.24bn to $1.28bn, which equates to year-over-year growth of 93% to 99%. Its 2022 revenue projection has also been raised to between $1.7bn and $1.9bn for an average of 43% year-over-year growth.
