American fantasy sports and betting operator DraftKings has met the 2021 Q3 revenue expectations it had announced in August. The company’s operations for the third quarter of the year have earned it a total of $213 million.
DraftKings Reports a 60% Q3 Revenue Increase
The aforementioned sum marks a 60% year-to-year increase, considering that DraftKings earned about $133 million for the same period last year.
The operator’s chief financial officer, Jason Park, spoke on the favorable Q3 results. He revealed that DraftKings has had an outstanding “fundamental user acquisition, retention and engagement” throughout all of its offerings. Park continued by mentioning that the operator has seen a 31% increase in monthly unique players and that the revenue from the monthly unique players has increased by 38%. The number of unique customers that Park mentioned was estimated at 1.3 million.
The chief financial officer added that should outcomes from the National Football League season have been different, DraftKings’ third-quarter revenue might have been as much as $40 million higher.
Jason Robins is Excited by the Results
Jason Robins, the co-founder, chief executive officer, and board chairman of DraftKings, spoke on the operator’s Q3 results. According to him, the strong third-quarter attests to the team’s “unique ability to drive engagement with its core customers while simultaneously launching new states and verticals and completing the complex migration of the company’s in-house technology ahead of schedule.”
Indeed, DraftKings has seen some major market expansion during the third quarter of the year. The operator’s offerings were launched on Arizona and Wyoming’s fresh betting market in September – just in time for the National Football League season. DraftKings also joined the Connecticut market, where online betting was just launched, totaling up the number of states where it operates to 15. Taking the states’ population into consideration, DraftKings’ offerings are currently available to a third of the United States’ total populace.
Robins is excited by the company’s new growth initiatives, such as the DraftKings Marketplace and the operator’s content and media business. He is glad to see the two of them show promising results despite being on an early stage.
The Annual Revenue Has Doubled Up
The great results of the third quarter of the year mirror the company’s second-quarter performance. In August, DraftKings revealed a remarkable 297% year-to-year growth of its revenue.
DraftKings’ strong momentum has led it to recalculate its vision for the end of the fiscal year. Currently, DraftKings forecasts total revenue between $1.24 billion and $1.28 billion (previously it estimated a wider range between $1.21 billion and $1.29 billion). This number is almost double what DraftKings reported at the end of the previous fiscal year.
The company’s 2022 revenue guidance currently estimates between $1.7 billion and $1.9 billion, or 43% growth compared to this year.