DraftKings Revenues Grow, Losses Widen

DraftKings has announced its first-quarter 2021 financial results, noting that revenues surged but losses widened due to the huge marketing efforts that the company is undertaking in the United States.

Key financial indicators for the quarter ending March 31st, 2021 were:

• Revenues up 252.7% to $312.3 million
• Full-year revenue outlook up to between $1.05 billion and $1.15 billion from $900 million to $1 billion
• Online gaming revenues of $272.7 million, up 225.8%
• $31.4 million in online software licensing
• $8.2 million from retail betting
• Costs grew 322% to $183.2 million
• $31.7 million due to the purchase
• $19.7 million in amortization costs
• Sales and revenue expenses of $226.7 million, up 325.8% from last year
• Taxes paid of $4.6 million
• Net loss of $346.3 million, up 404.7% from last year

Commenting on the results DraftKings CEO Jason Robins said, "DraftKings is off to an outstanding start in 2021."

"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."