Sports betting company DraftKings Inc (NASDAQ:DKNG) reported fourth-quarter financial results after market close Thursday.
Here are the key highlights.
What Happened: DraftKings reported fourth-quarter revenue of $1.23 billion, which was up 44% year-over-year. The revenue total missed a Street consensus estimate of $1.24 billion according to data from Benzinga Pro.
The company cited healthy customer engagement, acquisition of new customers and new jurisdiction expansion as reasons for the revenue growth.
Earnings per share were 29 cents in the fourth quarter, which beat a Street consensus estimate of 8 cents per share.
“DraftKings ended 2023 with excellent performance across customer acquisition, retention and engagement as well as structural sportsbook hold percentage despite the worst stretch of sport outcomes we have seen as a public company in the fourth quarter,” DraftKings CEO Jason Robins said.
The company said its quarter, primarily the final two weeks of November, were negatively impacted by “customer-friendly sport outcomes.”
DraftKings ended the fourth quarter with 3.5 million average monthly unique paying (MUP) customers, which was up 37% year-over-year. The average revenue per MUP was $116 in the fourth quarter, which was up 6% year-over-year.
The company launched its sportsbook in Maine in November 2023 and in Vermont in January 2024. DraftKings is …
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