DraftKings Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenue reaching $1.41 billion, a 19.9% increase from $1.17 billion in the same period last year. The company attributed this growth to enhanced customer engagement, efficient acquisition strategies, and the expansion of its Sportsbook product into new jurisdictions. The net loss for the quarter was $33.9 million, a notable improvement compared to a loss of $142.6 million in the prior year, reflecting a 76.2% reduction in losses.
The company's operational metrics also showed positive trends, with Monthly Unique Payers (MUPs) increasing by 26.5% year-over-year, driven by strong retention and acquisition across its Sportsbook and iGaming offerings. The average revenue per MUP (ARPMUP) decreased slightly due to the lower revenue contribution from Jackpocket customers, which was offset by improvements in promotional reinvestment and Sportsbook hold percentage. DraftKings' Sportsbook handle increased by 15.7% to $13.88 billion, indicating robust customer engagement.
Strategically, DraftKings completed the acquisition of Jackpocket, a digital lottery courier service, which is expected to enhance its customer acquisition capabilities and overall product offerings. The company also reported a significant increase in cash and cash equivalents, totaling $1.12 billion as of March 31, 2025, compared to $788.3 million at the end of 2024. This increase was bolstered by a $600 million Term B Loan secured in March 2025, which is part of a broader credit agreement that provides additional financial flexibility.
Looking ahead, DraftKings remains focused on expanding its product offerings and entering new jurisdictions while managing its cost structure to improve profitability. The company anticipates that as its revenue and gross profit grow, it will achieve profitability on a consolidated Adjusted EBITDA basis. DraftKings is also committed to maintaining a strong market presence and enhancing its competitive position in the digital sports entertainment and gaming industry.
About DraftKings Inc.
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