The third quarter financial figures for 2024 were revealed by DraftKings Sportsbook, which showed strong revenue growth in spite of persistent net losses. In Q3, the company’s total revenue jumped 39% year over year to about $1.1 billion. Net losses, on the other hand, kept growing, climbing to $293.7 million, a minor rise from the $283.1 million recorded in Q3 2023. In Q2 2024, DraftKings recorded its first profitable quarter, with a net income of $63.8 million.
DraftKings attributes its impressive revenue surge primarily to expanding into new jurisdictions, the Jackpocket acquisition, higher hold percentages, and improved promotional reinvestments for sportsbook and iGaming. Jason Robins, DraftKings Co-Founder and CEO, expressed optimism about the results, stating, “DraftKings delivered strong performance in the third quarter with the return of NFL and college football.” Robins added, “With major sports converging on the calendar, we are well-positioned to build on this momentum as we further enhance our top-ranked sportsbook app with additional live betting features and exciting new NBA markets.”
Despite the overall net loss, DraftKings reduced its adjusted EBITDA loss from $153.4 million in Q3 2023 to $58.5 million in Q3 2024. Alan Ellingson, DraftKings CFO, emphasized the company’s operational improvements, noting, “We achieved healthy results across our core value drivers in the third quarter with efficient customer acquisition and promotional reinvestment.”
Looking ahead, DraftKings is preparing to extend its sportsbook operations into Missouri and Puerto Rico, pending regulatory approvals. The company’s revenue forecast for 2025 remains optimistic, with expectations of reaching between $900 million to $1 billion in adjusted EBITDA.