DraftKings raises FY24 revenue view to $4.65B-$4.9B from $4.5B-$4.8B

Consensus $4.69B. Raises FY24 adjusted EBITDA view to $410M-$510M from $350M-$450M. The company said, “DraftKings is raising its fiscal year 2024 revenue guidance to a range of $4.65 billion to $4.90 billion from the range of $4.50 billion to $4.80 billion, which the Company previously announced on November 2, 2023. The Company’s updated 2024 revenue guidance range equates to year-over-year growth of 27% to 34%. DraftKings is also increasing its fiscal year 2024 Adjusted EBITDA guidance. The Company now expects fiscal year 2024 Adjusted EBITDA of between $410 million and $510 million compared to its prior fiscal year 2024 Adjusted EBITDA guidance of between $350 million and $450 million, which the Company previously announced on November 2, 2023. The Company’s revenue and Adjusted EBITDA guidance for fiscal year 2024 includes all of its existing jurisdictions as well as mobile sports betting in Puerto Rico and North Carolina, which have authorized mobile sports betting and collectively represent approximately 4% of the U.S. population. DraftKings expects to launch its Sportsbook product in North Carolina on March 11, 2024 pending market access, licensure, regulatory approvals, and contractual approvals where applicable.”