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DraftKings' Earnings Point Up
Plus: Sportradar cuts 10% of staff and Seminoles announce Florida launch.
Welcome to your weekly roundup! This week: DraftKings’ beat leads a slew of earnings this week, Sportradar cuts 10% of its workforce, and the Seminoles announce a Florida launch. If you liked reading this, please subscribe or share it with a friend. Have a great week!
DraftKings beats expectations: DraftKings’ revenue jumped 57% to $790 million in the third quarter on expansion to new geographies, new customers and retention of existing customers. Net loss was 61 cents per share, down from a net loss of $1 a year ago. Monthly unique payers rose 40% to 2.3 million. DraftKing shares rose 16% on Friday. Last month DraftKings passed FanDuel for largest online sports betting and casino revenue, according to Eilers & Krejcik Gaming. One analysts sees DK as “one of the best (if not the best) growth stories in gaming today.”
BetMGM reports 18% market share: BetMGM’s net gaming revenue rose by 15% to $458 million, per its parent company Entain on NFL strength. BetMGM has a 18% share in sports betting and igaming but a 26% share in igaming alone. The company has added new features such as same game parlays, elevated first-bet offers and team-partner-hometown odds boosts.
Sportradar cuts 10% of workforce: Sportradar has data rights deals with the NBA and ATP. But the high costs of official sports data rights is hard for some companies to handle. Sportradar’s revenue €201 million ($211 million) missed analysts’ expectations, and the company cut its 2023 guidance.
Florida Seminoles announce launch: The tribe announced a Dec. 7 launch of in-person sports betting (as well as craps and roulette) at casinos after a recent Supreme Court decision that declined to block an agreement between Florida and the tribe. The tribe has not (yet) announced anything about the Hard Rock Bet digital service.
What we’re reading
Mobile sports betting launches in Maine with Caesars and DraftKings.
Bally’s to cut 300 jobs on outsourcing to Kambi and White Hat Gaming.
Colorado appears poised to ban pick’em DFS games.
The NHL said Shane Pinto didn’t bet on NHL games but hasn’t said what he did to merit a 41-game suspension.
“Decisions driving the future of tribal governments should be made by tribal governments. While the sponsors of these initiatives may believe they know what is best for tribes, we encourage them to engage with Indian Country and ask, rather than dictate.” —California Nations Indian Gaming Association, responding to two ballot California initiatives recently filed.
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