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DraftKings (DKNG) posted first-quarter earnings results, showing revenue increased over 50% year-over-year. According to the report, part of their success is due in part to stronger-than-expected customer acquisition and retention.
When it comes to gambling, over a long enough time frame, the house always wins. And that appears to be the case with daily fantasy sports contest and sports betting company DraftKings, which on Friday (May 3) reported that its revenue had grown 53% year-over-year in the first quarter of 2024.
DraftKings Inc (NASDAQ:DKNG) shares moved higher in premarket trade after the fantasy sports betting business upped its full-year revenue guidance on the back of a strong first quarter. The company raised its fiscal 2024 revenue guidance for $4.9 billion from $4.78 billion at the midpoint and its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) projection to $500 million from $460 million.
DraftKings NASDAQ: DKNG is a prominent player in the online sports entertainment and gaming industry. Draft Kings' earnings report for the first quarter of 2024 was recently released, showcasing impressive financial performance and solidifying its position as a leader in the rapidly expanding consumer discretionary market.
DraftKings (DKNG) came out with a quarterly loss of $0.30 per share versus the Zacks Consensus Estimate of a loss of $0.28. This compares to loss of $0.87 per share a year ago.
Sports wagering has skyrocketed in popularity since the U.S. Supreme Court struck down a federal ban in 2018. Total revenues on sports betting have grown 11x in only four years, and 38 U.S. states now permit legal sports betting.
DraftKings Inc (NASDAQ:DKNG) steps into the earnings confessional after the stock market closes on Thursday, May 2.
DraftKings' (DKNG) first-quarter 2024 performance is likely to have benefited from robust demand for mobile sports betting and heightened customer acquisition, engagement and retention strategies.
DraftKings (DKNG) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Legalized betting could be quite the motor of growth for online wagering operators like this one. That's why the pundit in question thinks the shares could zoom roughly 46% higher.