Executives at DraftKings touted the company’s bright future after announcing Q2 2022 revenue of $466 million during a recent call with shareholders. That’s a future that includes solid customer retention and the prospect of increased revenue as emerging markets like Ontario continue to develop.
Of course the star of the show was the $466 million that DraftKings took in during the three-month period prior to June, 2022. That marks an astonishing 57 percent leap from the $298 million in revenue DraftKings reported for Q2 2021.
But running a sportsbook is an expensive operation with huge amounts of money going out the door to lure new customers and retain the old ones. That’s why DraftKings is also reporting a quarterly net income loss of $217 million. While that may sound pretty bad to the layman, it does mark a considerable drop from the $305 million in losses the company reported for Q2 2021.
In a statement to the press, Jason Robins, DraftKings’ co-founder, Chief Executive Officer and Chairman of the Board commented on DraftKings’ Q2 results saying, “DraftKings had an excellent second quarter, exceeding expectations for revenue and Adjusted EBITDA. Customer engagement remains strong, and we continue to see no perceivable impact from broader macroeconomic pressures. Due to our ongoing investments in core online gaming technologies, we are in a strong position from a competitive perspective as we approach the beginning of the NFL season. We remain well capitalized, ready to enter new markets as they become live, and confident in our ability to compete and win with customers.”
Analysts are predicting that DraftKings will wind up 2022 with somewhere near $2.13 billion in revenue, up from $2.115 billion in 2021.