DraftKings' revenue and customers soar in the fourth quarter, 2021 guidance raised

DraftKings on Friday reported fourth-quarter results, with revenue of $322 million, an increase of 146% compared to $131 million during the same period in 2019, and a loss of 24 cents per share on an adjusted basis.

Comparisons with the same period in 2019 are inexact because the company formed and went public last April. On a pro forma basis, the revenue figure rose 98%, the company said. Wall Street analysts had expected a loss of 47 cents a share.

Furthermore, the company reported having 1.5 million monthly unique paying customers during each month in the quarter ending December 31, up 44% from the same period a year earlier.

DraftKings raised its guidance for revenue in 2021, as it now expects to take in $900 million to $1 billion, up from $750 million to $850 million, which equates to year-over-year growth of 40% to 55% and a 19% increase compared to the midpoint of the company's previous guidance. This is under the assumption that college and pro seasons unfold as expected. Although attendance will continue to be restricted, college basketball’s March Madness, followed by the NBA and NHL playoffs, lie ahead as highlights on the sports calendar.

DraftKings CEO Jason Robins said in a press release that the upward adjustment in revenue forecasts was prompted by “our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in our previous guidance.”