Sports-betting platform DraftKings reported fourth quarter earnings that exceeded analysts’ expectations. It also boosted its 2021 sales guidance on better than expected sports betting activity amid the pandemic.
The company reported an adjusted loss of - 24 cents a share, compared to the loss of -42 cents a share anticipated by analysts polled by FactSet.
Revenue rose to $322.2 million from $162.6 million, also beating analysts expectations of $235.3 million.
Monthly unique payers (MUPs) climbed +44% year-over-year to 1.5 million on average engaged with DraftKings each month during the fourth quarter.
MUPs increased 29% for 2020, which includes COVID-19 impact on MUPs for Sportsbook and DFS primarily during the second quarter and early in the third quarter, according to the company.
For the full fiscal year 2021, the company boosted its revenue guidance to a range of $900 million to $1 billion from a range of $750 million to $850 million.