DraftKings Surpasses Expectations with Strong Q2 Earnings and Raised Forecasts

DraftKings reported revenue of $875 million in the second quarter of 2023, an 88% increase compared to the same period last year. The company raised its 2023 revenue guidance midpoint by $315 million to $3.5 billion and improved its 2023 adjusted EBITDA guidance midpoint by $110 million to ($205) million. DraftKings also highlighted continued growth in customer retention, acquisition, and engagement, with an increase in monthly unique paying customers and average revenue per customer. The company expects to generate $150 million to $175 million of adjusted EBITDA in the fourth quarter of 2023 and plans to launch its sportsbook product in Kentucky this fall.