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Velimir Velichkov February 17, 2023 3 min read
DraftKings CEO Hails Strong 2022 and Predicts Stronger 2023
Acknowledging the strong results posted by DraftKings in 2022, the company's CEO, Jason Robins, predicted further growth for the company in 2023 and beyond
In a letter to DraftKings’ shareholders, the CEO and co-founder acknowledged that the company enjoyed a stellar 2022. He pointed out that for the fiscal year 2022, DraftKings’ revenue hit $2.2 billion. This result represented a significant 73% year-over-year increase. What’s more, the revenue result even surpassed the expectations of $1.85 billion to $2 billion the company had for the year.
Robins said that adjusted EBITDA for the fiscal year 2022 was $722 million, also showing an improvement compared to the initial guidance between $825 million and $925 million. Additionally, focusing on EBITDA once again, he explained that the company’s result “outperformed by even more when adjusting for jurisdictions that were not included in our initial guidance.”
According to the CEO and co-founder of DraftKings, 2022 marked an important moment for the company that went through streamlining of organizational structures, improved internal processes and retained top talent. All those efforts helped DraftKings optimize its internal efficiency.
“Over the past 12 months, we have also focused inward. We improved retention of top talent, fixed internal processes that had not scaled, and streamlined organizational structures so we can accomplish more with the same resources. We established measurement systems to optimize internal efficiency.“Jason Robins CEO and co-founder of DraftKings
At the same time, DraftKings implemented a “rapid escalation” method that helped identify and reduce inefficiencies. It is safe to say that those strategic processes also contributed positively to the financial results reported by the company. Still, Robins explained that DraftKings remains committed to constantly upgrading its internal processes and deemed this a long-term goal for the company.
Q4 Results Were Good, Outlook about 2023 Is Positive
Speaking about the Q4, 2022 results, Robins said that they too surpassed expectations. He pointed out that both adjusted EBITDA and revenue outperformed the initially set expectations and contributed positively to the yearly results.
“Revenue for the fourth quarter increased 81% year-over-year, we generated positive Adjusted EBITDA in October, and Adjusted EBITDA was positive for the entire fourth quarter after adjusting for investments related to our launches in Maryland and Ohio,“explained Robins
Looking into 2023, Robins predicted that DraftKings will continue to enjoy an outstanding performance. He said that the company raised its fiscal year 2023 guidance for adjusted EBITDA and revenue. Moreover, Robins said that this year, DraftKings will remain focused on improving internal processes related to talent acquisition and retention and improving different operational strategies. Finally, he thanked the company’s employees for their dedication and hard work and predicted further growth of the business in 2023 and beyond.