DraftKings reports second quarter revenue of $298 million, Increases 2021 revenue guidance to $1.21 billion to $1.29 billion

DraftKings Inc. [DKNG] (“DraftKings” or the “Company”) today reported second quarter 2021 financial results.

Second Quarter 2021 Highlights:

For the three months ended June 30, 2021, DraftKings reported revenue of $298 million, an increase of 320% compared to $71 million during the same period in 2020. After giving pro forma effect to the business combination with SBTech (Global) Limited (“SBTech”) and Diamond Eagle Acquisition Corp. which was completed on April 23, 2020, as if it had occurred on January 1, 2019, revenue grew 297% compared to the three months ended June 30, 2020.

“DraftKings had a particularly strong second quarter of 2021, maintaining our impressive financial performance while also advancing into new areas, such as media and NFTs. We believe these expansion opportunities will enable us to further grow our customer base and generate additional revenues through cross-selling to our existing players,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “We also are excited that the migration to our proprietary in-house online sports betting technology is substantially complete, with only one state remaining pending approval.”

Jason Park, DraftKings’ Chief Financial Officer, added, “We delivered strong growth in new customers and revenue. Our $298 million in second quarter revenue represents a 297% increase year-over-year. Additionally, we grew Monthly Unique Payers by 281% and Average Revenue Per Monthly Unique Payer by 26%. We are again raising our revenue outlook for 2021 as we continue to expect robust growth in the states where we are currently live today.”

Increasing 2021 Revenue Guidance:

•DraftKings is raising its fiscal year 2021 revenue guidance from a range of $1.05 billion to $1.15 billion to a range of $1.21 billion to $1.29 billion, which equates to year-over-year growth of 88% to 100% and a 14% increase compared to the midpoint of our previous guidance.

•The increase reflects strong performance in the second quarter of 2021 and continued user retention, engagement and acquisition due to the effectiveness of our marketing spend.

•This guidance also assumes that all professional and college sports calendars that have been announced occur as scheduled and that we continue to operate in states in which we are live today.

•Detailed financial data and other information is available in DraftKings’ Quarterly Report on Form 10-Q, being filed today with the Securities and Exchange Commission (the “SEC”), as well as in a slide presentation that can be accessed through the “Investors” section of the Company’s website at investors.draftkings.com.