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DraftKings Notches First Profitable Qtr. as a Public Company

Posted on August 5, 2023 | Comments Off on DraftKings Notches First Profitable Qtr. as a Public Company

Shares of DraftKings spiked in Thursday’s after hour trading session after the online sportsbook operator delivered its first profitable quarter as a public company. DraftKings, which is based in Boston, said its non-general accepted accounting principles earnings per share in the second quarter were 14 cents. This was well ahead of the 14 cent loss analysts predicted. DraftKings generated positive adjusted earnings in the June quarter as revenue surged 88% to $875 million. Analysts had estimated just under $773 million. The strong showing appears to be setting the stage for more of the same later this year, in 2024, and beyond.

When it comes to live or in game betting in the US, 3 sportsbook operators are separating themselves from the others. They are FanDuel, DraftKings, and Bet365. That’s according to new rankings released by research firm Eilers & Krejcik Gaming. FanDuel top the ranks scoring 17.0 out of a possible 20 points. DraftKings came in second scoring 16.4 points while the global in play betting leader, Bet365, came in third with a score of 16.0 points. FanDuel, which is 95% owned by Dublin based Flutter entertainment, and Bet365 may have organic live betting advantages over US based betting competitors because in game wagering has long been popular in Europe.

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