UPDATE 1-DraftKings posts 60% jump in revenue on online sports betting boom

Reuters · 11/05/2021 11:08
UPDATE 1-DraftKings posts 60% jump in revenue on online sports betting boom

Adds background, compared with estimates

- DraftKings Inc DKNG posted a 60% increase in quarterly revenue on Friday as betting firms enjoyed a boom in online gambling during the COVID-19 pandemic.

Demand for online betting soared during the lockdowns as casinos and shops were off limits for people forced to stay at home.

Betting firms have booked outsized benefits in recent months as the United States opens up to sports betting, with the return of live events such as Euro soccer tournament and the National Football League driving the boom.

Revenue for DraftKings rose to $213 million in the third quarter ended Sept. 30. Analysts on average had expected revenue of $236.6 million, according to IBES data from Refinitiv.


(Reporting by Praveen Paramasivam and Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri)

((Praveen.Paramasivam@thomsonreuters.com;))