DraftKings Reports Fourth Quarter Revenue of $855 Million, Raises 2023 Revenue Guidance Midpoint to $2.95 Billion

Key Highlights:

• Revenue for the three months ended December 31, 2022 increased by 47% year-over-year to $855 million.

• The company raised its 2023 revenue guidance midpoint to $2.95 billion, implying 25% to 30% growth year-over-year.

• Monthly Unique Payers (MUPs) grew 31% year-over-year to 2.6 million.

• Average Revenue Per Monthly Unique Payer (ARPUP) increased by 13% year-over-year to $111.

• The company's net loss narrowed to $246 million in the fourth quarter of 2022, compared to a net loss of $301 million in the fourth quarter of 2021.

Financial Performance:

In the fourth quarter of 2022, DraftKings reported revenue of $855 million, an increase of 47% year-over-year. The company's revenue growth was driven by strong performance in its online casino and sportsbook segments.

The company's net loss narrowed to $246 million in the fourth quarter of 2022, compared to a net loss of $301 million in the fourth quarter of 2021.

DraftKings raised its 2023 revenue guidance midpoint to $2.95 billion, implying 25% to 30% growth year-over-year.

Outlook:

DraftKings is optimistic about its growth prospects in 2023. The company expects to continue to benefit from the expansion of legal sports betting and online casino gaming in the United States.

The company also plans to invest in new products and marketing initiatives to drive growth.

Conclusion:

DraftKings reported strong fourth-quarter results and raised its 2023 revenue guidance. The company is well-positioned to continue to grow in the rapidly expanding online gambling market.