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Feb 17 2023, 16:10 GMT
DraftKings updated guidance for FY23 after the close last night, upgrading its revenue expectations slightly, and reduced its expected loss to $400m, c.$125m better at the mid-point. Importantly, on an adjusted basis it now expects to be profitable in 2024 – which helps to alleviate concerns on cash flows. On the call, management spoke at length about increasing efficiency in the business, a message we believe will be well received. Its commentary on the momentum in the overall US online betting market was also encouraging.
Feb 17 2023, 16:10 GMT