DraftKings eyes prediction market with new business registration
An American gambling company offering sportsbooks and daily fantasy sports services, DraftKings, announced its debut in the prediction markets space by registering a new...
DraftKings reports record $4.7B revenue in 2024
An American gambling company offering sportsbooks and daily fantasy sports services, DraftKings, reported strong performance for 2024, highlighting revenues of $4.77 billion, significantly more than $3.67 billion from 2023.
In the last quarter alone, revenue grew 13% to $1.39 billion. But what makes 2024 even more unique is the fact that DraftKings turned a profit in terms of adjusted EBITDA for the first time, bringing in $181.3 million, compared to a $151 million loss in 2023.
Smart customer acquisition, sportsbook expansion to new markets, and modifications to betting operations largely impacted the growth. Moreover, in 2024, DraftKings bought a lottery app, Jackpocket, via which revenues increased despite negative NFL results.
In Q4 2024, DraftKings saw its user base expand, with 4.8 million monthly unique players, which is 36% more than in 2023. However, average revenue per player dropped to $97, largely due to lower-spending Jackpocket users and those NFL losses.
Jason Robins, Chief Executive Officer and Co-Founder of DraftKings, said:
“We continued to efficiently acquire and engage customers, expand structural sportsbook hold percentage, and optimize promotional reinvestment in fiscal year 2024, while we simultaneously experienced customer-friendly sport outcomes.”
DraftKings forecasts strong 2025
DraftKings is raising its 2025 revenue forecast to $6.45 billion and expects EBITDA between $900 million and $1 billion.
Jason Robins commented:
“Looking ahead to 2025 and beyond, I am excited to further enhance our customer economics through new initiatives, such as extending our lead in live betting and advancing cross-sell efforts to and from new verticals. Our focus remains on driving sustainable growth in revenue and profitability.”
Despite different regulatory challenges and concerns, DraftKings remains optimistic and considers potential expansions into event contracts and crypto betting.
DraftKings extortion lawsuit moves forward
A New York federal court is allowing VIP player Steven Jacobs' lawsuit against DraftKings to move forward.Jacobs sued DraftKings last June, claiming the company worked...
