DraftKings reported a net income loss of $293.7 million in Q3 as the revenue costs reached $742.4 million, up 36.7% year-over-year.
Sports betting giant reported a net income loss of $293.7 million in Q3 as the revenue costs reached $742.4 million, up 36.7% year-over-year.The return of the NFL season drove a strong third quarter of growth for DraftKings, which reported a 39% year-over-year revenue increase. on Thursday that it hauled in $1.1 billion in Q3 2024, a year after producing $790 million in the same quarter.
Still, DraftKings attributed the yearly revenue increase to healthy customer engagement, efficient acquisition of new customers, the expansion of the sports betting operation in new jurisdictions, higher structural sportsbook hold percentage, improved promotional reinvestment, and the impact of the acquisition of Jackpocket Inc.
The company also expects 2024 Adjusted EBITDA to fall into the range of $240 million to $280 million, down from the earlier projection of $340 million to $420 million.
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