{"id":172983,"date":"2021-05-07T08:28:04","date_gmt":"2021-05-07T15:28:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=172983"},"modified":"2021-05-07T13:46:46","modified_gmt":"2021-05-07T20:46:46","slug":"draftkings-stock-extends-slide-despite-q1-beat-upped-guidance","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/","title":{"rendered":"DraftKings Extends Slide Following Q1 Beat, Raised 2021 Revenue Guidance"},"content":{"rendered":"

Shares of DraftKings (NASDAQ:DKNG) are trading lower early Friday after the sportsbook operator delivered better-than-expected first quarter results while raising its 2021 revenue guidance.<\/p>\n

\"DraftKings
A bettor places a bet at a DraftKings sportsbook. The stock is slumping again despite impressive quarterly results. (Image: Associated Press<\/em>)<\/figcaption><\/figure>\n

The Boston-based company said it lost 36 cents a share on revenue of $312 million in the first three months of the year. Analysts expected a loss of 45 cents on sales of $237.02 million. Monthly unique players (MUPs) surged 114 percent, while spending per MUP was $61, a 48 percent year-over-year increase. Despite those impressive numbers, DraftKings is off 1.55 percent in early trading, extending a slide<\/a> of 16.43 percent over the past month, one that’s taken the stock down 30 percent from its March highs.<\/p>\n

That MUP spend beat the consensus estimate of $47 and DraftKings upped its 2021 revenue forecast to $1.05 billion to $1.15 billion from prior guidance of $900 million to $1 billion. Analysts are expecting $1.05 billion.<\/strong><\/p>\n

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,\u201d said the company in a statement.<\/p><\/blockquote>\n

DraftKings adds the 2021 revenue outlook pertains to the states in which it’s currently operational, assumes no departures from those states, and that the domestic collegiate and professional sports calendars will not be dramatically altered.<\/p>\n

Sports Betting, iGaming in Focus<\/h2>\n

Much of the near- to medium-term thesis for DraftKings stock revolves around the expansion of internet casinos and online sports betting<\/a>, meaning the shares are sensitive to political headwinds and tailwinds.<\/p>\n

\n

DraftKings now offers online sports betting in a dozen states covering a quarter of the US population. That’s after rolling out mobile sports betting and iGaming in Michigan and mobile sports betting in Virginia in the January through March period. Its online casino platform is live in four states, representing 10 percent of the population.<\/p>\n<\/div>\n

Already this year, Arizona<\/a>, New York, and Wyoming passed mobile sports wagering legislation.<\/p>\n

\u201cIn 2021, 25 state legislatures have introduced legislation to legalize mobile sports betting, five state legislatures have introduced legislation to expand their existing sports wagering frameworks, and one state legislature has introduced legislation to legalize sports betting limited to retail locations,\u201d according to the company. \u201cIn addition, four states have introduced iGaming legislation and three states have introduced online poker legislation.\u201d<\/p>\n

DraftKings Still Has DFS Leverage<\/h2>\n

With iGaming and regulated sports betting being the shiny new objects in the gaming industry and the investment world, it’s not surprising that some novice investors may forget how DraftKings got its start.<\/p>\n

That being daily fantasy sports (DFS). It’s been almost a decade since DraftKings became DFS pioneers — a status it leveraged into sports betting success — and that segment is still growing.<\/strong><\/p>\n

For example, the operator said entry fees for this year’s Super Bowl surged 66 percent, while active users for that event increased by 60 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of DraftKings (NASDAQ:DKNG) are trading lower early Friday after the sportsbook operator delivered better-than-expected first quarter results while raising its 2021 revenue guidance. The Boston-based company said it lost 36 cents a share on revenue of $312 million in the first three months of the year. Analysts expected a loss of 45 cents on […]<\/p>\n","protected":false},"author":46,"featured_media":172984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nDraftKings Stock Extends Slide Despite Q1 Beat, Upped Guidance<\/title>\n<meta name=\"description\" content=\"DraftKings stock continues dipping even as the sportsbook operator raised its full-year sales outlook.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Stock Extends Slide Despite Q1 Beat, Upped Guidance\" \/>\n<meta property=\"og:description\" content=\"DraftKings stock continues dipping even as the sportsbook operator raised its full-year sales outlook.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-07T15:28:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-07T20:46:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/dkng.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1396\" \/>\n\t<meta property=\"og:image:height\" content=\"1047\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/\",\"name\":\"DraftKings Stock Extends Slide Despite Q1 Beat, Upped Guidance\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/dkng.jpg\",\"datePublished\":\"2021-05-07T15:28:04+00:00\",\"dateModified\":\"2021-05-07T20:46:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings stock continues dipping even as the sportsbook operator raised its full-year sales outlook.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-extends-slide-despite-q1-beat-upped-guidance\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/dkng.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/dkng.jpg\",\"width\":1396,\"height\":1047,\"caption\":\"A bettor at a DraftKings sportsbook. 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