DraftKings announced its 2021 second quarter financial results reaching revenue of $298 million, increasing its revenue guidance from $1.21 billion to $1.29 billion.

The second quarter report illustrates its highlights for the three months ending June 30, 2021; reported revenue of $298 million was a 320% increase compared to $71 million during the same period in 2020.

For its second quarter report, DraftKings discussed the progress it has made in driving the back-end migration, given the software companies it has acquired in recent years. It also recently announced plans to launch the ‘DraftKings Market’.

Jason Robins, co-founder of DraftKings, CEO and Chairman of the Board, said: “DraftKings had a particularly strong second quarter of 2021, maintaining our impressive financial performance while advancing into new areas such as media and NFTs. We believe these expansion opportunities will allow us to further increase our customer base and generate additional revenue through cross-selling to our current players.”

“We are also thrilled that the migration to our proprietary online sports betting technology is substantially complete, with only one status pending approval,” concludes Robins.

A semester with several highlights for DraftKings

One of the key highlights for the second quarter was the multi-year sports data provider agreement from Genius Sports and DraftKings. The agreement gave DraftKings access to Genius Sports’ complete portfolio of global sports data and content, including official NFL data and content, player acquisition and retention solutions.

“Our customers are at the forefront of everything we do and we are always working to improve their experience and our products,” added Ezra Kucharz, CBO of DraftKings.

DraftKings increased its revenue guidance from $1.05 billion to $1.15 billion, to $1.21 billion and $1.29 billion for fiscal year 2021. This equates to 88% annual growth to 100 %, with an increase of 14% compared to what was projected previously.

Other second quarter highlights for DraftKings were its mobile sports betting and iGaming, being real-time with online sports betting in 12 states (representing 25% of the US population and iGaming in four states, and representing 10% of the US population ).

Six states have already authorized mobile sports betting this year, including Arizona, Connecticut, Louisiana, Maryland, New York and Wyoming. This represents 13% of the population, bringing the total percentage with legal mobile betting to 39%. In addition to these states, Connecticut has also authorized iGaming.

Jason Park, DraftKings CFO, added: “We are also thrilled that the migration to our proprietary online sports betting technology is substantially complete, with only one status pending approval.”

“We delivered strong growth in new customers and revenue. In addition, we grew monthly single payers by 281% and average monthly revenue per single payer by 26%. We are again increasing our revenue prospects for 2021 as we continue to expect growth robust in the states where we currently live,” concludes Park.