{"id":318998,"date":"2024-05-02T16:32:43","date_gmt":"2024-05-02T21:32:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=318998"},"modified":"2024-05-03T09:04:03","modified_gmt":"2024-05-03T14:04:03","slug":"draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/","title":{"rendered":"DraftKings Posts Surprise Q1 EPS Profit, Again Lifts 2024 Guidance"},"content":{"rendered":"

DraftKings (NASDAQ: DKNG) delivered first-quarter results Thursday, telling investors it posted an unexpected first-quarter earnings per share (EPS) profit while again lifting 2024 revenue guidance.<\/p>\n

\"New
A DraftKings Sportsbook advertisement above the Grand Central subway station in New York City. The company reported impressive Q1 results and again boosted 2024 EBITDA and sales guidance. (Image: Crain Communications<\/em>)<\/figcaption><\/figure>\n

On the basis of non-generally accepted accounting principles (non-GAAP), the sportsbook operator earned three cents per share in the first three months of 2024 on sales of $1.18 billion. Analysts expected a loss of 11 cents per share on revenue of $1.174 billion. As has become commonplace with the company\u2019s earnings updates, DraftKings also boosted its 2024 guidance for the second time<\/a> since the start of the year.<\/p>\n

\n

The gaming company lifted the midpoint of its revenue guidance for this year to $4.9 billion from $4.775 billion with the updated outlook exceeding the consensus estimate of $4.82 billion. Boston-based DraftKings, citing its strong start to 2024 and expectations of improved customer acquisition and engagement over the remainder of the year, also increased its earnings before interest, taxes, depreciation, and amortization (EBITDA) midpoint forecast to $500 million from $460 million.<\/p>\n<\/div>\n

New CFO Alan Ellingson<\/a> said the operator\u2019s EBITDA flow-through margin could exceed 50% this year as gross margins improve and cost-controlling efforts pay dividends. The company concluded the quarter with $1.19 billion in cash and cash equivalents, down from $1.27 billion at the end of 2023. Total liabilities declined to $2.96 billion from $3.10 billion.<\/p>\n

DraftKings Adding More Players, Bettors Spending More<\/h2>\n

Across both iGaming and sports wagering, DraftKings is bringing more clients into the fold. In the first quarter, monthly unique players (MUPs) surged by 3.4 million, good for a 23% year-over-increase. Data indicate those bettors are also wagering more.<\/p>\n

Average Revenue per MUP (\u2018ARPMUP\u2019) was $114 in the first quarter of 2024, representing a 25% increase compared to the same period in 2023,\u201d according to a statement issued by the firm. \u201cThis increase was primarily due to an increase in the Company\u2019s structural sportsbook hold percentage and improved promotional reinvestment for Sportsbook and iGaming.\u201d<\/p><\/blockquote>\n

Those gains could support more upside for DraftKings stock<\/a>, which is up 22% year to date and 95.3% over the past year, easily making it one of the best-performing gaming equities over those periods.<\/p>\n

Recent data indicate DraftKings is adding online sports wagering market share in large states, including Michigan and Pennsylvania<\/a>. The company also possesses one of the most valuable brands<\/a> in the industry, and its mobile application is among bettors\u2019 favorites due to the operator\u2019s investments in technology.<\/p>\n

DraftKings Regional Outlook<\/h2>\n

With four months of 2024 in the books, barring any surprises, it appears unlikely that any states of note will add iGaming or online sports betting. DraftKings noted that since the start of the year, 11 states have introduced sports betting bills while another five considered internet casino legislation. In terms of new regional launches, DraftKings expects to debut in Puerto Rico at some point this year.<\/p>\n

Following the launch of its Sportsbook product in North Carolina on March 11, 2024, DraftKings is live with mobile sports betting in 25 states that collectively represent approximately 49% of the U.S. population,\u201d according to the operator.<\/p><\/blockquote>\n

The company also offers iGaming services in five states and sports wagering in Ontario, Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings (NASDAQ: DKNG) delivered first-quarter results Thursday, telling investors it posted an unexpected first-quarter earnings per share (EPS) profit while again lifting 2024 revenue guidance. On the basis of non-generally accepted accounting principles (non-GAAP), the sportsbook operator earned three cents per share in the first three months of 2024 on sales of $1.18 billion. Analysts […]<\/p>\n","protected":false},"author":46,"featured_media":301930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81871,80968],"acf":[],"yoast_head":"\nDraftKings Notches Q1 Profit, Lifts 2024 EBITDA, Sales Outlook<\/title>\n<meta name=\"description\" content=\"DraftKings Posts Surprise Q1 EPS Profit, Again Lifts 2024 Guidance.\" \/>\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-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Notches Q1 Profit, Lifts 2024 EBITDA, Sales Outlook\" \/>\n<meta property=\"og:description\" content=\"DraftKings Posts Surprise Q1 EPS Profit, Again Lifts 2024 Guidance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/\" \/>\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=\"2024-05-02T21:32:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-03T14:04:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/DraftKIng-sports-betting-ad-8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/\",\"name\":\"DraftKings Notches Q1 Profit, Lifts 2024 EBITDA, Sales Outlook\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/DraftKIng-sports-betting-ad-8.jpg\",\"datePublished\":\"2024-05-02T21:32:43+00:00\",\"dateModified\":\"2024-05-03T14:04:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings Posts Surprise Q1 EPS Profit, Again Lifts 2024 Guidance.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-notches-q1-profit-lifts-2024-ebitda-sales-outlook\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/DraftKIng-sports-betting-ad-8.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/DraftKIng-sports-betting-ad-8.jpg\",\"width\":1200,\"height\":800,\"caption\":\"A DraftKings Sportsbook advertisement above the Grand Central subway station in New York City. 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