DraftKings Inc. announced third-quarter 2024 revenue of $1,095 million, marking a 39% increase compared to $790 million in the same period of 2023. This growth was primarily driven by sustained customer engagement, efficient new customer acquisition, expansion into new Sportsbook jurisdictions, a higher structural sportsbook hold percentage, and the acquisition of Jackpocket Inc.
Despite the strong top-line performance, the company reported a net loss of $293.7 million, or $0.60 per share, for the quarter. DraftKings also revised its full-year 2024 revenue guidance downwards, citing 'customer-friendly sports outcomes early in the fourth quarter of 2024,' which resulted in gamblers winning more than anticipated.
Looking ahead, DraftKings introduced fiscal year 2025 revenue guidance of $6.2 billion to $6.6 billion, representing 31% growth at the midpoint. The company reiterated its fiscal year 2025 Adjusted EBITDA guidance of $900 million to $1.0 billion, signaling confidence in future profitability despite the near-term headwinds from sport outcomes.
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