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DraftKings Reports First Quarter 2021 Results and Raises 2021 Revenue Guidance
DraftKings Inc. reported first quarter 2021 financial results.
First Quarter 2021 Highlights
For the three months ended March 31, 2021, DraftKings reported revenue of $312 million, an increase of 253% compared to $89 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 175% compared to the three months ended March 31, 2020.
“DraftKings is off to an outstanding start in 2021,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “We continued to make progress and remain on track with the migration to our own in-house proprietary sports betting engine, strengthened our content and technology capabilities with the acquisitions of VSiN and BlueRibbon Software, and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS and mobile Sportsbook apps.”
Jason Park, DraftKings’ Chief Financial Officer, added, “Our $312 million in first quarter revenue, 114% increase in MUPs and 48% growth in ARPMUP reflect solid customer acquisition and retention as well as successful launches of mobile sports betting and iGaming in new states. We are raising our revenue outlook for 2021 due to the outperformance of our core business in the first quarter and our expectation for continued healthy growth.”
Strong Customer Retention and Acquisition Drove Q1 Results
Monthly Unique Payers (“MUPs”) for our B2C segment increased 114% compared to the first quarter of 2020. On average, 1.5 million monthly unique paying customers engaged with DraftKings each month during the first quarter. The increase reflects strong unique payer retention and acquisition across Daily Fantasy Sports, Online Sports Betting and iGaming.
Average Revenue per MUP (“ARPMUP”) was $61 in the first quarter representing a 48% increase versus the same period in 2020. Our ARPMUP was positively impacted by increased engagement with our iGaming and mobile sports betting product offerings as well as successful cross-selling.
Increasing 2021 Revenue Guidance
DraftKings is raising its fiscal year 2021 revenue guidance from a range of $900 million to $1 billion to a range of $1.05 billion to $1.15 billion, which equates to year-over-year growth of 63% to 79% and a 16% increase compared to the midpoint of our previous guidance.
The increase reflects solid performance in the first quarter of 2021, continued strong user activation due to the effectiveness of our marketing spend, well-executed launches of mobile sports betting and iGaming in Michigan and mobile sports betting in Virginia, and a modest contribution from our recently completed acquisitions. This guidance also assumes that all professional and college sports calendars that have been announced come to fruition 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.
DraftKings Grows Its Mobile Sports Betting and iGaming Footprint
In the first quarter of 2021, DraftKings launched mobile sports betting and iGaming in Michigan and mobile sports betting in Virginia.
DraftKings is live with online sports betting in 12 states that collectively represent 25% of the U.S. population. DraftKings is live with iGaming in 4 states, representing approximately 10% of the U.S. population.
In 2021, 25 state legislatures have introduced legislation to legalize mobile sports betting, 5 state legislatures have introduced legislation to expand their existing sports wagering frameworks and 1 state legislature has introduced legislation to legalize sports betting limited to retail locations. In addition, 4 states have introduced iGaming legislation and 3 states have introduced online poker legislation.
Three of the states that introduced legislation to legalize mobile sports betting this year – Wyoming, Arizona and New York – have already enacted mobile sports wagering laws. Maryland has made significant progress with a mobile and retail sports wagering bill passing the legislature and now pending action from the Governor. The three states that have enacted mobile sports wagering laws this year represent 8% of the U.S. population and bring the percentage of the population with legalized mobile sports betting to 35%.
Leadership and Board Updates
DraftKings announced the appointment of Gisele Bündchen, environmental activist and philanthropist, as a special advisor to the Company’s Chief Executive Officer and board of directors for environmental, social, and governance (“ESG”) initiatives.
We expanded our executive team with the addition of Brian Angiolet to oversee and optimize content creation and media strategy as the Company’s first Chief Media Officer.
Environmental, Social and Governance Initiatives Continue to Grow
We undertook a variety of internal and external efforts in honor of International Women’s Day to support women entrepreneurs and small business owners throughout March, while also recognizing the day as an official company holiday for our global employees. Customer participation in the Women’s History Month Sports Popularity Pool, which highlighted the greatest athletes and moments in women’s sports, helped generate $300,000 in total donations to several U.S. and global organizations focused on empowering and aiding women entrepreneurs and women-founded small businesses.
We raised $184,000 through charity DFS contests in support of Feeding Texas’ efforts to provide help to those impacted by the winter storms in Texas.
Product Developments, Content Initiatives and Commercial Agreements
The migration to our proprietary in-house back end and trading technology continues to be on-track for completion by the end of the third quarter of 2021.
We are announcing the upcoming rollout of social functionality to our DFS and mobile Sportsbook apps, marking an industry-first innovation to create an integrated social community across sports betting and daily fantasy sports, as fans can interact with each other within a shared, peer-to-peer environment. The product is particularly unique because it amplifies our ability to create an interconnected ecosystem across our consumer products. Features like universal profiles, friends lists, commenting and loyalty/rewards will allow DraftKings to connect users across products.
We acquired Vegas Sports Information Network, Inc. (VSiN), a multi-platform broadcast and content company delivering trusted sports betting news, analysis and data to U.S. sports bettors since 2017.
We acquired BlueRibbon Software Ltd., a leading global jackpot and gamification company that provides platform-agnostic, real-time gamification tools that allow for fully customizable jackpot promotions.
We announced an agreement with DISH Network to bring DraftKings’ sportsbook and daily fantasy experiences directly to DISH customers nationwide, beginning with a first-of-its-kind and patent-pending DraftKings app integration on the DISH TV Hopper platform. The agreement also provided for the subsequent launch of SLING TV’s new exclusive sports betting information channels in collaboration with DraftKings. SLING TV subscribers and SLING Free users can now view real-time game scores and betting odds on the DraftKings Basketball, Baseball and Hockey channels. SLING TV will continue to bring the DraftKings sports betting experience to customers with more sports and expanded offerings in the future.
DraftKings became UFC’s first-ever “Official Sportsbook and Daily Fantasy Partner” in the United States and Canada and will now be able to offer in-game promotions, activations, in-broadcast odds integrations and UFC branding across its daily fantasy and betting products and will possess rights to use official UFC marks and logos.
Latest News
Internet Vikings Provides VMware Cloud Hosting to Spinomenal in New Jersey, Supporting Their Entry into the U.S. Market
Internet Vikings, a licensed in-state hosting provider for iGaming and online sports betting, today announced a new partnership with Spinomenal, the B2B iGaming Software supplier. Internet Vikings will provide VMware Cloud Hosting services to Spinomenal in New Jersey, marking their first U.S. expansion as they enter the American market.
Spinomenal made the decision to begin their U.S. operations in mid 2024, selecting New Jersey as their starting point. Internet Vikings delivered the VMware infrastructure in record time, completing the setup within one day.
Additionally, Internet Vikings supported Spinomenal’s expansion by assisting with the environment configuration, complete with necessary licenses. The efficient turnaround time enabled the deal to close within a month from the initial request when the needs were identified.
Omer Henya, CEO of Spinomenal, shared his perspective on the collaboration: “The U.S. market is an ideal entrance for Spinomenal, and with Internet Vikings’ solutions, we feel confident in our ability to grow and succeed here.”
Rickard Vikström, Founder and CEO of Internet Vikings, expressed his thoughts: “The speed with which we delivered Spinomenal’s VMware infrastructure is a direct reflection of our team’s technical expertise and support offered to our clients. We’re here to help them make a strong start in the U.S.”
Compliance Updates
Booming Games’ premium content is now certified in Brazil
Booming Games has successfully obtained the required certification to operate in Brazil, fully complying with the regulations set by Brazil’s gambling regulator, the Secretariat of Evaluation, Planning, Energy, and Lottery (SECAP).
Booming Games became one of the first providers to get approval and be compliant. This milestone enables them to offer its wide array of gaming content to licensed operators in Brazil, allowing Brazilian players to dive into fan favourites like Burning Classics, Gold Gold Gold, TNT Bonanza 2, Cash Pig, Buffalo Hold and Win Extreme, and Ronaldinho Spins, enhancing their gaming experience.
Expanding into Brazil’s iGaming market represents a pivotal achievement for Booming Games, reinforcing its presence across Latin America and strengthening its position as a leading gaming content provider on the continent. Booming Games remains dedicated to delivering high-quality entertainment globally, with this Brazilian expansion highlighting its commitment to serving diverse gaming audiences worldwide.
Frederik Niehusen, Chief Commercial Officer at Booming Games, commented: “We’re excited to have achieved full certification in Brazil, marking an important step in strengthening our presence in this rapidly expanding market. We’re eager to build on this success, driving growth and bringing exceptional gaming experiences to players throughout Brazil. 2025 promises to be an exciting year, and we look forward to sharing more updates soon.”
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