DraftKings reduces loss for first time in Q2
| By Daniel O'Boyle
DraftKings has raised its earnings guidance for the year after its net loss declined on a year-on-year basis for the first time since going public, as revenue continued to rise while costs began to plateau.
During the second quarter of 2022, revenue came to $466.2m, which was up by 57.1% year-on-year.
Almost all of this total – at $454.7m, up 68.2% – came from its B2C operations, with the remainder coming from the legacy SBTech B2B business, where revenue declined sharply.
The increase, DraftKings said, came despite “a less favorable sports calendar in the second quarter of 2022 compared to the second quarter of 2021”.
Almost all of DraftKings’ revenue came from the US, at $456.1m. The B2C business had 1.5 million monthly unique players during the quarter, up from 1.1 million a year earlier. These customers contributed an average of $103 worth of revenue, up from $80 in Q2 of 2021, and was much higher than the $67 recorded in Q1.