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raftKings announced its second quarter results on Friday. The company reports revenue of $298 million, an increase of 320% compared to $71 million during the same period in 2020.
“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,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “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.”
Regarding the growing customer base, the Q2 report show an increase of 281% of Monthly Unique Players (MUPs) for the company’s B2C segment when compared to second quarter 2020. On average, 1.1 million monthly unique customers engaged with DraftKings during each month of the second quarter.
The company believes this increase reflects “strong unique payer retention” and acquisition across DFS, OSB and iGaming. These numbers also reflect the expansion of OSB and iGaming product offerings into new states, and the lack of traditional sports for much of the second quarter of 2020 due to the impact of COVID-19.
On the growing importance of online sports betting, DraftKings remarks it is live in 12 states, representing 25% of the U.S. population. The company’s iGaming offerings are live in 4 states, approximately 10% of the U.S. population.
Six of the states where DraftKings has the potential opportunity to participate via a market access agreement or direct license –Arizona, Connecticut, Louisiana, Maryland, New York and Wyoming– have already authorized mobile sports wagering this year
The report also describes as a key factor the return to a more normal sports schedule, which resulted in “stronger and more consistent” customer engagement in their DFS and Sportsbook offerings, including the launch of Sportsbook and iGaming products in additional states. As a consequence, Average Revenue per MUP was $80 in Q2 2021, up 26% versus same period in 2020.
Jason Park, the company’s Chief Financial Officer, added: “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.” DraftKings raised its fiscal year revenue guidance from a range of $1.05 billion to $1.15 billion to a range of $1.21 billion to $1.29 billion.
Original article: https://www.yogonet.com/international//noticias/2021/08/06/58721-draftkings-grows-user-base-in-q2-revenue-up-320por_ciento
