DraftKings Shows 30% Q1 Upswing In Sports Betting Revenue, Does Not Expect Long-Term COVID-19 Hit
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deadline.comBy Dade Hayes Finance Editor DraftKings reported a 30% upswing in first-quarter revenue from its core sports betting operations as wider legalization offset the impact of COVID-19.
Revenue hit $88.5 million as net losses widened to $68.7 million from $29.6 million in the year-ago quarter. The company is newly consolidated, so the numbers stem from previously separate technology and wagering operations, making year-to-year comparisons inexact.
On April 24, it went public after closing a three-way merger involving Draft Kings, SBTech and Diamond Eagle Acquisition Corp.
The last of the three was founded by Harry Sloan, onetime CEO of MGM, and Jeff Sagansky, former CBS entertainment chief. Sloan is now vice chairman of DraftKings.
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