DraftKings Q1 results for 2024 have been revealed, with the betting company revealing an impressive start to the year compared to 2023 revenue figures.
DraftKings Q1 results
The operator reported a huge increase in year-on-year numbers, with DraftKings seeing a 52.7% rise in revenue to $1.18Billion compared to last year.
CEO of DraftKings, Jason Robins, was ecstatic with his company’s performance through Q1 as despite changes of senior management they continued to perform in 2024.
“DraftKings’ performance in the first quarter of 2024 was outstanding, reflecting healthy revenue growth and a scaled fixed cost structure that positions us to drive rapidly improving adjusted EBITDA,” Robins said.
“Looking ahead, we remain committed to maximising shareholder value through continued innovation, operational excellence and disciplined capital allocation.”
DraftKings reported that revenue was $405Million higher through Q1 in 2024 than it was in 2023 – with figures crossing the billion dollar mark to kick off this year for a first time.
DraftKings Profitable Deals in 2024
The Boston based bookmaker set up multiple deals at the beginning of this year that are likely to be big contributors to their revenue.
In February DraftKings agreed a deal to acquire lottery app ‘Jackpot’ for a whopping $750m. Jackpot is expected to bring in over $340m of revenue each year.
DraftKings sportbook also struck a profitable deal with the hugely popular Barstool sportsbook that is sure to get the operator much more exposure in the future of their multi-year deal.
Finally, sportsbooks were launched in both North Carolina and Vermont at the beginning of this year, which will both no doubt be big contributions to the $405million rise in Q1 revenue this year.
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