DraftKings reported a 26% increase in revenue for the second quarter of 2024 and announced a $1 billion share buyback program

DraftKings has released its financial results for the second quarter of 2024, reporting a 26% increase in revenue, which reached $1.1 billion (₽94.36 billion). The company also posted a net profit of $63.8 million (₽5.47 billion). Adjusted EBITDA nearly doubled compared to the same period last year, rising from $73 million (₽6.26 billion) to $128 million (₽10.98 billion). These results are attributed to the expansion of its sports betting product into new jurisdictions and the acquisition of Jackpocket.
Despite these achievements, DraftKings recorded an operating loss of $32.4 million (₽2.78 billion) for the second quarter, reflecting ongoing investments in growth and market expansion. However, this figure represents a significant reduction, with losses down 53% compared to the previous year.
The number of monthly unique payers (MUP) surged by 50%, reaching 3.1 million, thanks to the company's efforts in attracting and retaining players on its platforms. However, the average revenue per MUP fell by 15% to $117 (₽10,036) due to increased advertising expenses.
DraftKings announced a $1.0 billion (₽85.78 billion) share buyback program, which has been approved by its board of directors. This initiative allows the company to repurchase its Class A common stock.
The company has also updated its revenue forecast for the 2024 fiscal year, raising it from $5.05 billion (₽433.2 billion) to $5.25 billion (₽450.36 billion), reflecting an expected growth rate of 38-43%. However, it revised its adjusted EBITDA guidance down from $460-$540 million (₽39.46-₽46.32 billion) to $340-$420 million (₽29.16-₽36.02 billion), citing ongoing investments and changing market dynamics as reasons for the adjustment.
DraftKings is confidently expanding its presence in the market, with its Sportsbook product currently available in 25 states and Washington, D.C., covering 49% of the U.S. population. Additionally, the company offers iGaming services in five states and operates in Ontario, Canada.
Looking ahead, DraftKings plans to launch its Sportsbook product in Puerto Rico, pending regulatory approval. The company is also monitoring legislative changes in several U.S. jurisdictions, where the legalization of mobile sports betting and iGaming is anticipated to potentially broaden its market reach.
Meanwhile, the UK Gambling Commission (UKGC) has reported record activity in slot games during the second quarter of 2024.