February 16, 2023— DraftKings Inc. (Nasdaq: DKNG) today announced its fourth quarter and fiscal year 2022 financial results.
Fourth Quarter 2022 Highlights
For the three months ended December 31, 2022, DraftKings reported revenue of $855 million, an increase of 81% compared to $473 million during the same period in 2021。
Monthly Unique Payers (“MUPs”) increased to 2.6 million average monthly unique paying customers in the fourth quarter of 2022, representing an increase of 31% compared to the fourth quarter of 2021.
Average Revenue per MUP (“ARPMUP”) was $109 in the fourth quarter of 2022, representing a 42% increase compared to the same period in 2021.
Q4 loss narrowed to $0.53 per diluted share from $0.80 a year earlier，Analysts polled by Capital IQ expected a loss of $0.58.
Revenue for the quarter ended Dec. 31 was $855.1 million, Analysts polled by Capital IQ expected $799.3 million.
The company said it now expects full-year 2023 revenue of $2.85 billion to $3.05 billion, compared with its previous outlook of $2.8 billion to $3 billion. Analysts polled by Capital IQ expect $2.92 billion.
The company also expects adjusted EBITDA loss of $350 million to $450 million, compared with its previous guidance of $475 million to $575 million loss for the year.
Raising 2023 Revenue Guidance and Significantly Improving 2023 Adjusted EBITDA Guidance
DraftKings is raising its fiscal year 2023 revenue guidance to a range of $2.85 billion to $3.05 billion from the range of $2.8 billion to $3.0 billion, which was previously announced on November 4, 2022. The Company’s updated 2023 revenue guidance range equates to year-over-year growth of 27% to 36%.
DraftKings is also significantly improving its fiscal year 2023 Adjusted EBITDA guidance. The Company now expects fiscal year 2023 Adjusted EBITDA of between ($350) million and ($450) million compared to its prior fiscal year 2023 Adjusted EBITDA guidance of between ($475) million and ($575) million, which was previously announced on November 4, 2022.
DRAFTKINGS INC. CONSOLIDATED STATEMENTS OF OPERATIONS
About DraftKings
DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games and betting experiences. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 22 states and in Ontario, Canada. The Company operates iGaming pursuant to regulations in 5 states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in 3 states under its Golden Nugget Online Gaming brand. DraftKings’ daily fantasy sports product is available in 44 states, certain Canadian provinces and the United Kingdom. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NHL, PGA TOUR and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. Launched in 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. In addition, DraftKings owns and operates Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company. DraftKings is committed to being a responsible steward of this new era in real-money gaming with a Company-wide focus on responsible gaming and corporate social responsibility.