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Draftkings lifts guidance as Q4 results top estimates; Shares surge

By Yasin Ebrahim

Investing.com -- Draftkings reported Thursday better-than-expected fourth-quarter results and the sports betting company lifted its annual guidance as an ongoing ramp-up in legalizing sports betting across the country bolstered demand. 

DraftKings (NASDAQ:DKNG) was up 5% in after-hours following the report.

The company reported a Q4 loss per share of $0.53 on revenue of $855.1 million, compared with estimates for a loss of $0.61 on revenue of $798.2M.

Looking ahead, the company lifted its outlook for 2023, forecasting revenue in a range of $2.85 billion to $3.05B, up from $2.8B to $3.0B, previously. The updated 2023 revenue guidance range equates to year-over-year growth of 27% to 36%. 

"In 2023, 10 states that collectively represent approximately 19% of the U.S. population have either introduced legislation to legalize mobile sports betting or introduced bills that may result in sports wagering referendums during an upcoming election," the company said.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.