As known from:
The SunFootball365Sportskeeda
Alerts
Latest Deals
Write a Review
Write a Review
Nothing Found
About betting.net
  • Betting.net on YouTube
  • About betting.net
  • The betting.net Crew
  • How We Rate
  • Play Responsibly
  • Contact us
  • Writers Wanted
  • Content Disclaimer
  • Affiliate Disclosure
Alerts
Latest Deals
Write a Review
Write a Review
Nothing Found
About betting.net
  • Betting.net on YouTube
  • About betting.net
  • The betting.net Crew
  • How We Rate
  • Play Responsibly
  • Contact us
  • Writers Wanted
  • Content Disclaimer
  • Affiliate Disclosure
Betting.net / News / Draftkings Enjoys Stock Bounce After Positive Second Quarter

Draftkings Enjoys Stock Bounce After Positive Second Quarter

Publish Date: August 10, 2023
Fact checked by: David Genge

The stock price of DraftKings rose by as much as 15% after the announcement of positive second quarter figures. While the value of DKNH stock settled down to just a 6% increase by the end of trading on Friday, it still marks yet another success period for the sports betting brand.

Draftkings Stock

The total DraftKings earnings before interest, taxes, depreciation was $73 million from the second quarter of 2023. It marks the first time that DraftKings have released a quarterly report without a loss, and the second-quarter revenue of $875 million was up 88% compared to the same quarter in 2022.

The brand also released an improved end-of-year guidance summary. This means that fourth quarter revenues for the sports betting brand are expected to be nearly $1.2 billion.

DraftKings is expected to have a loss in the third quarter of 2023 due to the launch of its Kentucky sportsbook as well as the release of a host of new promotions to coincide with the start of the NFL season.

What’s behind DraftKings newfound profitability

DraftKings CEO, Jason Robins, said that much of the revenue growth was down to the brand’s, ‘focus on operational efficiency.’ However, it was the impressive performances in some of the brand’s oldest states that was behind much of the revenue bump.

While DraftKings has been quick to enter new markets, those states where DraftKings was operating in in 2018 and 2019 saw an increase of around 80% in revenues. While there was a 10% drop in marketing spend in these states, the total number of unique customers actually grew by 25% in the ‘vintage’ states.

What next for DraftKings?

One thing is for sure and this is that DraftKings is growing at an impressive rate. The brand enjoyed a 35% share of the online sports betting handle and 32% of the gross gaming revenue in the second quarter of 2023. This marked its best figures in these areas since the second quarter of 2020.

DraftKings is showing no signs of taking it easy despite the hugely impressive figures. The brand has stepped up its commitment to build live same-game parlays for a variety of sporting events ranging from the MLB, NFL and NBA to college sports. DraftKings also added live betting for other sports such as tennis and golf in the second quarter.

However, there could be even bigger plans afoot. DraftKings offered $195 million to purchase the US operations of PointsBet, despite eventually being outbid by Fanatics. As a result, there remains speculation about what further acquisitions DraftKings could be making as it aims to strengthen its hold on the US sports betting market.

While Robins was tight-lipped about such speculation, the fact that DraftKings is launching in Kentucky as well as Puerto Rico in the third quarter shows that this brand is not going to be relying on just its vintage states. All of this means that big things could be expected from this huge sports betting brand throughout the remainder of the year.

Read Also
Caesars Posts Positive Quarterly Earnings Figures
This week saw Caesars Digital post its earnings report for the third-quarter ...
Arizona Enjoys 11.3% Year on Year Sports Betting Boost
Sports betting in Arizona is more popular than ever before. Online sportsbooks ...
BetMGM Promo
New Jersey Enjoys 47% Year On Year Betting Revenue Boost
It’s been yet another massive month for sports betting in New Jersey. ...
Nevada Enjoys Bounce In Sports Betting Revenues
Nevada posted a year-on-year increase of 36% in sports betting revenues during ...
Positive Trends For Sports Betting In Pennsylvania
It’s been yet another great month for sports betting in Pennsylvania. Recently ...
Latest News
Nevada Casinos kick off 2024 with record-breaking start
The gaming industry in Nevada started 2024 with ...
North Carolina Gubernatorial Candidates: their stances on casinos
As the North Carolina gubernatorial race heats up, ...
Gates of Bitcasino grants a max win, worth $2.5 million
A lucky player won $2.5 million on Gates ...
Thunderkick partners with Betway, strengthening foothold in UK
Independent slot developer Thunderkick signed a partnership deal ...
Delaware Park re-opens with new Vegas glamor after $10M upgrade
The Delaware Park Casino recently unveiled its upgraded ...
Top Betting Sites
Top Betting Bonuses
Bet365
Bet365
Bet365 Review
4.6/5
BetMGM
BetMGM
BetMGM Review
4.6/5
FanDuel
FanDuel
FanDuel Review
4.5/5
Caesars
Caesars
Caesars Review
4.5/5
BetRivers.com
BetRivers.com
BetRivers.com Review
4.5/5
Bet365
Bet365 Bonus
First Bet Safety Net up to $1000 OR Bet $5 and Get $150
T&Cs apply
4.6/5
At bet365 we don't do ordinary, that's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $150 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling Problem? Call 1-800-Gambler 21+
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.6/5
FanDuel
FanDuel Bonus
Bet $5 Get $200 in Bonus Bets if your bet wins
T&Cs apply
4.5/5
Caesars
Caesars Bonus
100% up to $1000
T&Cs apply
4.5/5
BetRivers.com
BetRivers.com Bonus
Second chance bet: Get up to $500 in Bonus Bets
T&Cs apply
4.5/5
Get the latest updates in Sports and Casino via our Newsletter
Poker & Bingo

Full coverage of poker and bingo, from reviews of providers to guides and much more besides!

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

Virginia Town HallCloudflareSSLco² neutral
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Copy
Play now
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: BETCRYPTO
  • Drake loves this social casino!
  • Play for free with Gold Coins!
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site