Sports betting and online gaming company DraftKings Inc (NASDAQ: DKNG) reported first-quarter financial results Friday before the market open. Here are the key highlights and why shares are trading higher.
What Happened: DraftKings reported first-quarter revenue of $417 million, up 34% year-over-year and ahead of a consensus $414.4 million estimate, according to data from Benzinga Pro.
“DraftKings delivered significant growth across our key revenue and performance metrics,” DraftKings CEO Jason Robins said. “We are not seeing any impact from inflationary pressures on customer demand.”
Monthly unique players hit 2 million in the first quarter, up 29% year-over-year. The increase was led by strong retention and acquisition from expansion in new states, according to the company. Average revenue per monthly unique player was $67, up 11% year-over-year.
In the first quarter, DraftKings launched in New York and Louisiana, which brings the company’s total operations to 17 states for mobile sports betting. DraftKings is …
Full story available on Benzinga.com