DraftKings has published its fourth-quarter financial results for 2020, noting that revenues grew during the period.
Key financial indicators for the year ending December 31st, 2020 were:
- Full-year revenues up 49% when compared to the same period last year
- Revenues for the fourth-quarter ending December 31st were up 146.1% to $322.2 million
- A posted net loss of $268.3 million, due largely to increases in marketing spend of $192 million and cost of revenue up 142.9% to $159.3 million
Commenting on the results DraftKings CEO Jason Robins said, “In the fourth quarter of 2020, we saw [Monthly Unique Players (MUPs)] increase 43.9% to 1.5m and [average revenue per monthly unique player (ARPMUP)] increase 54.8% to $65.”
The company has been spending money to acquire partnerships and sponsorships in order to broaden exposure in new markets like Pennsylvania and Michigan. These costs have paid off though, as sportsbetting revenues in these markets have made DraftKings one of the largest operators