DraftKings Reduces Net Loss

American betting operator DraftKings has revealed its second-quarter 2022 financial results, showing that its net loss declined for the first time since DraftKings went live as a publicly traded company.

Key financial indicators for the second-quarter ending June 30th, 2022 were:

  • Revenues of $466.2 million, up 57.1% from last year
  • $454.7 million of revenues came from B2C operations
  • $11.5 million in revenue came from
  • Costs of revenue were up 67.2% to $312.8 million
  • Sales and marketing costs were up 15.7% to $197.5 million
  • Product and technology costs were up to $77.2 million
  • General and administrative costs were down to $187.6 million
  • Pre-tax loss of $298.3 million, down 1.5% from last year
  • EBITDA of -$118.1 million

Commenting on the results DraftKings CEO Jason Robins said, "DraftKings had an excellent second quarter, exceeding expectations for revenue and adjusted EBITDA. Customer engagement remains strong, and we continue to see no perceivable impact from broader macroeconomic pressures.

"Due to our ongoing investments in core online gaming technologies, we are in a strong position from a competitive perspective as we approach the beginning of the NFL season. We remain well capitalized, ready to enter new markets as they become live, and confident in our ability to compete and win with customers."

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.

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