Robins: ‘Market is naturally consolidating’
Robins: ‘Market is naturally consolidating’DraftKings beats forecasts and looks to continue momentum +MoreGood afternoon. On today’s Earnings Extra agenda:
DraftKings ‘chasing down leaders’CEO Jason Robins says chasing FanDuel ‘gives us a target’. Centrifugal: Instead of consolidation being driven by M&A, CEO Jason Robins noted the process was taking place naturally, particularly in new states such as Massachusetts where DraftKings and its rival FanDuel were gaining greater market share from the off.
He added that having FanDuel ahead of it in OSB was “helpful”. “It gives us somebody on the OSB side to feel like we can chase down.” Similarly, in iCasino, Robins said DraftKings had been “chasing down” BetMGM and had passed it in that sector in Q1 with 26% share across all states.
Recall, DraftKings said overnight that Q1 revenues were up 84% to $770m while adj. EBITDA losses were trimmed back to $221m, meaning DraftKings beat forecasts.
Robins acknowledged DraftKings had been helped by better hold than was anticipated, contributing ~$15m of adj. EBITDA improvement. Part of this was down to the greater parlay mix, he added.
EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 200+ global Tier-1 operators and newer brands. The platform is modular, scalable, and compliant, allowing operators to choose the optimal solution depending on their needs. EveryMatrix empowers clients to unleash bold ideas and deliver outstanding player experiences in regulated markets. Momentum playTalking about tailwinds, Park said DraftKings had “optimized” its new state playbook while new markets also benefited from the effects of national advertising”.
Mass transit: Asked about whether he was pleased with the outcome in Massachusetts, where DraftKings narrowly missed out on gaining top spot on market debut, Robins said the company had very much played on its home state characteristics.
With the final question of the call, Park reiterated that the company had no need for further capital raises. Note, net losses for the quarter came in at $397m, down from $468m in Q122. ** SPONSOR’S MESSAGE ** The Huddle Journal The NBA Playoffs' initial five games are a wrap, and Huddle's got some slammin' stats to share!
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