DraftKings reports revenue of 466m and net loss of 217m for Q2

DraftKings has reported revenue of $466m for Q2, an increase of 57% compared to $298m during the same period in 2021

DraftKings has reported revenue of $466m for Q2, an growth of 57% compared to $298m during the same point inward 2021.

The company’s B2C segment also grew to $455m, a 68% increase year-on-year. This comes amid something the operator claims was a less favourable sports calendar inwards Q2 2022 compared to Q2 2021.

Owing to its growth, DraftKings says it has outperformed the midpoints of its Q2 counsel ranges. As such, the manipulator testament increase the midpoint of its fiscal twelvemonth 2022 revenue steering past $15m, to a mountain chain of $2.08bn to $2.18bn.

Furthermore, the manipulator testament erect the midpoint of its familiarized Earnings Before Interest Taxes Depreciation and Amortization by $60m. Its red run testament live lowered to betwixt $765m and $835m, compared to a deprivation guide of betwixt $810m to $910m before the proclamation of its Q2 report.

However, the troupe recorded a sack loss of $217.1m this quarter. Although this is non as high a red as inward Q1 2021, when losses topped $305.5m, the company's meshing red was greater inward H1 2022 than inwards H1 2021. H1 2022 saw the operator enter a nett red of $684.8m, compared to a deprivation of $651.9m inwards H1 2021.

DraftKings Co-Founder, CEO and Chairman of the Board Jason Robins said: “DraftKings had an first-class indorse quarter, exceeding expectations for revenue and adjusted EBITDA.

“Due to our on-going investments inward magnetic core online gaming technologies, we are inward a strong office from a free-enterprise(a) perspective as we approaching the first of the NFL season” Jason Robins, DraftKings Co-Founder, CEO and Chairman

“Customer engagement remains warm and we bear on to see to it no perceivable impact from broader macroeconomic pressures. Due to our ongoing investments inward nucleus online gaming technologies, we are in a strong attitude from a competitory linear perspective as we draw near the first of the NFL season.”

Monthly unique players (MUPS) at DraftKings increased to 1.5 1000000 young paying customers, a 30% increase inwards the keep down of MUPs recorded for Q2 2021.

Revenue per unique participant also rosebush 30% year-on-year to $103. DraftKings attributes this increase to stronger customer engagement, a continued commixture immingle of DraftKings’ Sportsbook and iGaming products, and rock-bottom promotional intensity.

The quarterly account also elaborated DraftKings’ expansion into Ontario, Canada. The operator is now unrecorded with wandering sports betting inwards 17 US states, cover 36% of the American population.

The manipulator is live inward cinque states with iGaming, which represents 11% of the US.

Although DraftKings' revenue figures are impressive, existence I of the leading operators inwards the US, its sack up losses remain high. Far higher than a competitor inwards the descriptor of Rush Street, which reported a mesh red of $28.3m for Q2. Penn National's losses were nowhere nigh as high up for Q2 either.

The operator's investments inwards technology and other byplay areas cannot go on forever. Surely a clip must come in when DraftKings' shareholders must kibosh investing – if only to pee the operator self-sustaining. Its be after to make out this, and when it looks to starting line turning a profit, remains unknown.

Biggest online competitor FanDuel, owned by Flutter Entertainment, is yet to cover its Q2 figures.

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