Today’s video focuses on DraftKings (NASDAQ:DKNG) and an update on its earnings reported on Nov. 5 before the market opened. Here are some highlights from the video.
- DraftKings’ third-quarter revenue was $213 million, up 60% year over year (YOY). The revenue increase was driven by monthly unique players, which rose to 1.34 million, up 31% YOY and 19% quarter over quarter.
- Online sports betting and online casinos are still in their early stages in the US. Online sports betting is only live in 15 states, representing only 29% of the US population. Online casinos are live in only five states, representing only 11% of the total US population. New York has recently legalized online sports betting, and sportsbooks are expected to launch in early 2022.
- For the fiscal year 2021, DraftKings expects revenue growth of at least 90% YOY, and for 2022 it expects growth of roughly 40% YOY.
Click the video below for my full thoughts and analysis.
*Stock prices used were the premarket prices of Nov. 5, 2021. The video was published on Nov. 5, 2021.
