Gambling in the USA
DraftKings Reports Third Quarter Results and Raises 2020 Revenue Guidance
Reports Third Quarter Revenue of $133 million; Increases 2020 Pro Forma Revenue Guidance to $540 million to $560 million; Introduces 2021 Revenue Guidance of $750 million to $850 million
Boston, MA – November 13, 2020— DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today reported its financial results for the third quarter of 2020. For the three months ended September 30, 2020, DraftKings reported revenue of $133 million, an increase of 98% compared to $67 million during the same period in 2019. After giving pro forma effect to the business combination with SBTech (Global) Limited and Diamond Eagle Acquisition Corp., as if it had occurred on January 1, 2019, revenue grew 42% compared to the three months ended September 30, 2019.
“The resumption of major sports such as the NBA, MLB and the NHL in the third quarter, as well as the start of the NFL season, generated tremendous customer engagement,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “In addition to our year-over-year pro forma revenue growth of 42%, DraftKings recorded an increase in monthly unique payers of 64% to over 1 million, demonstrating the effectiveness of our data-driven sales and marketing approach. Our product offerings and scalable platform provide a distinctive and personalized experience for customers across the ten states where we operate mobile sports betting today, and we look forward to entering additional jurisdictions at the earliest opportunity.”
Return of Major Sports and Unique Sports Calendar Drive Growth and Attractive Customer Acquisition Opportunities
- Monthly Unique Payers (“MUPs”) for our B2C segment increased by 64% compared to the third quarter of 2019. On average, more than a million monthly unique paying customers engaged with DraftKings each month during the third quarter. This improvement reflected continued growth of our core DFS product spurred by on-going product innovation, strong engagement from existing Sportsbook and iGaming players, and expansion of our player base in several new states.
- Average Revenue Per Monthly Unique Payer (“ARPMUP”) for our B2C segment was $34 due to limited sports activity in July and atypical hold rates from NFL wagering through the third week of the season, which was partially offset by increased engagement with our iGaming product offering.
- GAAP sales and marketing expense increased to $203 million in the three months ended September 30, 2020. The increase over the third quarter of 2019 was primarily due to being live in seven more states, including Illinois, for Week 1 of the NFL season this year versus Week 1 of 2019. DraftKings experienced strong returns on its marketing spend due in part to pent-up demand, the unique sports calendar, and the stay-at-home nature of the COVID-19 pandemic.
Increasing 2020 Revenue Guidance and Introducing 2021 Revenue Guidance
- DraftKings is raising its fiscal year 2020 pro forma revenue guidance from a range of $500 to $540 million to a range of $540 to $560 million, which equates to year-over-year pro forma revenue growth of 25% to 30% in 2020, despite COVID-19’s impact on the major sports calendar. This guidance assumes that all announced sports calendars are maintained through the end of the year and that we continue to operate in states in which we are live today.
- DraftKings is also introducing 2021 revenue guidance of $750 million to $850 million, which equates to 45% year-over-year growth based on the mid-points of the Company’s 2020 pro forma revenue guidance range and the Company’s 2021 revenue guidance range. This range is based on the same assumptions used for the Company’s 2020 guidance, in particular that all professional and college sports calendars that have been announced come to fruition, including the commencement of their 2020 to 2021 seasons, 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, as well as in a slide presentation that can be accessed through the “Investors” section of the Company’s website at investors.draftkings.com.
DraftKings Grows Its Nation-Leading Mobile Sports Betting Footprint
During the third quarter, DraftKings launched mobile sports betting in Illinois and iGaming in West Virginia.
- As a result of Illinois Governor J.B. Pritzker’s suspension of the in-person registration requirement, DraftKings was able to effectively acquire new Illinois customers to the platform as well as cross-sell from its existing product offerings. Illinois has quickly become the Company’s fastest-growing state as well as one of its largest states in terms of handle.
- Following its successful launch in Tennessee, DraftKings is now live with mobile sports betting in 10 states, which is more than any other company in the industry. These 10 states together represent 20% of the U.S. population, a position that DraftKings has achieved just two and a half years after the Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992.
- The Company continues to work with state officials on regulations and licensing in Michigan for sports betting and iGaming and in Virginia for sports betting and expects to launch in these states at the earliest practicable opportunity. Michigan and Virginia together account for 6% of the U.S. population and have already legalized these offerings.
- Maryland (with 67% voter approval), South Dakota (with 58% voter approval) and 55 of 64 parishes in Louisiana (representing approximately 97% of the state’s population) recently passed referendums in favor of sports betting. These states together account for 3.5% of the U.S. population.
- In addition, Ontario’s government recently presented its annual budget, which included language that would modify the long-standing statutory internet gaming framework in order to allow private operators to join the province in offering sports betting and iGaming products. Ontario’s population would make it the fifth largest U.S. state by population. DraftKings has offered its DFS product in Canada since 2012.
Commercial and Strategic Agreements
DraftKings announced several advantageous commercial and strategic agreements in the quarter that are expected to provide the Company with access to unique and valuable content, intellectual property and marketing assets, including:
- an expansion of a multi-year content and marketing relationship with the PGA TOUR to become the first Official Betting Operator of the PGA TOUR.
- an exclusive multi-year extension to remain the Official Daily Fantasy Sports Partner of Major League Baseball.
- an exclusive multi-year deal with the Chicago Cubs, making DraftKings the Official Sports Betting Operator and Official Daily Fantasy Partner of the Cubs, including a plan to pursue a first-of-its-kind sportsbook at Wrigley Field.
- a multi-year agreement with ESPN to collaborate in a variety of areas including becoming a co-exclusive sportsbook link-out provider and exclusive daily fantasy sports link-out provider.
- an exclusive, multi-year agreement with the New York Giants, making DraftKings the official sports betting, gaming & casino and daily fantasy partner of the team.
- an agreement with the Colorado Rockies to be named both the franchise’s Official Daily Sports Partner and the franchise’s first Official Sports Betting Partner.
Product and Technology
DraftKings unveiled several technology enhancements and new product features during the third quarter:
- launched standalone casino app in Pennsylvania and West Virginia, offering users a more holistic product suite and dynamic gaming experience in a DraftKings-created casino app.
- launched Best Ball, a new season-long DFS game variant, featuring snake drafts. The streamlined draft format enables the Company to engage with customers long before the traditional pre-NFL period. DraftKings will launch Best Ball versions for fantasy basketball and hockey in the near future.
- introduced several new DraftKings-created games for online casino, including new versions of blackjack, roulette and baccarat.
- made various improvements to the mobile and online Sportsbook to further differentiate the customer experience including the addition of dark mode and shifting of main navigation (online) to the left rail.
Environmental-Social-Governance Initiatives
DraftKings had several notable ESG-related highlights during the quarter, including:
- strengthened our corporate governance foundation by appointing two new Board members, Jocelyn Moore and Valerie Mosley. The two directors each bring unique skills, experiences and ideas, and will play an important role in shaping the future of DraftKings and helping us achieve our long-term goals.
- welcomed Michael Jordan as a special advisor to the Board. Jordan will provide strategic and creative input to the Board on brand strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives.
- donated all of the Company’s daily fantasy sports revenue from the NBA and WNBA games on August 28 and 29, totaling approximately $340,000, to organizations promoting racial justice.
- announced Election Day as an official DraftKings company holiday; employees at all DraftKings offices worldwide will now receive their respective election day as a holiday.
- raised $20,000 through charity DFS contests in support of the Company’s Tech for Heroes initiative, which provides recent and returning veterans and their spouses with free, high-tech skills training in areas like front end web development and cybersecurity.
Webcast and Conference Call Details
DraftKings will host a conference call and audio webcast today at 8:30 a.m. EDT, during which management will discuss the Company’s third quarter results and provide commentary on business performance. A question and answer session will follow the prepared remarks.
The conference call may be accessed by dialing (833) 644-0686 for domestic callers or (918) 922-6762 for international callers. Once connected with the operator, please provide the conference ID of 2644858.
A live audio webcast of the earnings conference call may be accessed on the Company’s website at investors.draftkings.com, along with a copy of this press release, the Company’s Form 10-Q filing, and a slide presentation. The audio webcast and accompanying presentation will be available on the Company’s investor relations website until 11:59 p.m. EDT on December 14, 2020.
Gambling in the USA
Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion
Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.
The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.
Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.
“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.
In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.
One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.
In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.
Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.
Gambling in the USA
Wind Creek Chicago Southland to Open to the Public on November 11
Wind Creek Chicago Southland has announced that it will open to the public on November 11. The state-of-the-art casino represents the first step toward delivering a full-scale integrated resort experience, scheduled for completion in spring 2025.
Spanning an impressive 70,000 square feet, Wind Creek Chicago Southland features over 1400 slot machines, 56 table games, high-limit slot areas, a high-limit table games salon, a poker room, a dynamic sportsbook, and 4 “Hidden Gems” throughout the casino floor–offering visitors a unique and customizable private gaming and event microenvironment. Designed with an emphasis on curated entertainment spaces, this new offering aims to redefine leisure and hospitality for the entire region.
“The opening of Wind Creek Chicago Southland underscores our dedication to making a positive economic impact in the communities we serve. We’re committed to create opportunities that support the region, offer competitive benefits for Team Members, and further strengthen the vibrant Southland community,” said Jay Dorris, President and CEO of Wind Creek Hospitality.
Wind Creek Chicago Southland is expected to create more than 1000 full-time jobs in fields ranging from hospitality to technology. Roles will include security, gaming attendants, food service, IT technicians, and environmental services, reinforcing Wind Creek’s commitment to strengthening the local economy. Additionally, Homewood and East Hazel Crest will benefit from gambling revenue, along with 42 other south suburban communities—funding essential local services within the immediate and surrounding communities.
“Wind Creek Chicago Southland is more than a casino—it’s a community-driven destination. The Tribe and Wind Creek will continue to prioritize the Villages of Homewood and East Hazel Crest as we are committed to uplifting our neighbors,” said Stephanie Bryan, Tribal Chair and CEO, Poarch Creek Indians.
On Nov. 6th and Nov. 7th, the Illinois Gaming Board visited the casino for two mandatory test days, which also included an extended invitation to family friends and local dignitaries. Wind Creek Hospitality received notice of approval on Nov. 8th to operate on Monday, Nov. 11th at approximately 11:00 a.m.
The Nov. 11th opening marks only the beginning of what will become a flagship destination. High-limit gaming rooms, a hotel, spa, poker room, a sportsbook and more will be available for Guests seeking diverse experiences. Wind Creek’s partnership with Fabio Viviani Hospitality Group will also introduce an exceptional range of signature restaurants and food & beverage offerings to the highly anticipated property.
“Whether you’re looking for elevated dining, quick-service eateries, or something in between—you won’t be disappointed as we’re creating something truly unforgettable,” said Fabio Viviani.
“From the start, our mission has been to create jobs, spur economic growth, and offer the ultimate entertainment escape. We’re thrilled to welcome our Guests on Nov. 11th to experience the excitement firsthand,” said Roger Kuehn, EVP and General Manager of Wind Creek Chicago Southland.
Gambling in the USA
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