DraftKings improves Q3 losses; while revenue soars

DraftKings has posted its third-quarter results, showing a 136% increase in revenue growth – totalling $502m.

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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.

DraftKings’ sizeable net profit this year comes from its growth in the US market, which has seen several states legalise and launch the gambling vertical. DraftKings is one of the biggest sportsbook operators in the US and recently offered $200 in free bets to customers prior to the launch of sports betting in Maryland.

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