DraftKings’ chief financial officer Alan Ellingson said achieving a first year of positive adjusted EBITDA made 2024 a “milestone year” for the North American gaming and betting operator.
Company revenue for the 12-month period rose to US$4.77bn, up from $3.67bn, with Q4 contributing revenue of $1.39bn – up 13 per cent from Q4 2023’s $1.23bn.
Adjusted EBITDA for 2024 was therefore $181.3m, increasing from a loss of $151m across 2023.
DraftKings said that despite customer-friendly results, which impacted the operator’s Q3 results, Q4 showed “continued healthy customer engagement” amid the impact of the $750m acquisition of Jackpocket.
CEO and co-founder Jason Robins said: “Looking ahead to 2025 and beyond, I am excited to further enhance our customer economics through new initiatives such as extending our lead in live betting and advancing cross-sell efforts to and from new verticals.
“Our focus remains on driving sustainable growth in revenue and profitability.”
The Q4 results have led DraftKings to raise its 2025 revenue guidance. The minimum revenue now expected is $6.3bn, up from minimum guidance of $6.2bn published in Q3. The maximum of the expected range, $6.6bn, is unchanged.
DraftKings has also reaffirmed its 2025 adjusted EBITDA guidance of between $900m and $1bn.
The company reported a loss of $609m, which is an improvement from 2023’s loss of $789.2m.
