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DraftKings | ARS: Annual Report to Security Holders

SEC announcement ·  Mar 22 16:29
Summary by Moomoo AI
DraftKings Inc. reported a significant increase in revenue for the fiscal year ended December 31, 2023, with total revenue rising to $3.7 billion, a 63.6% increase from the previous year. The growth was primarily driven by the company's online gaming revenues, which saw a 68.9% increase due to strong user retention and acquisition across Sportsbook and iGaming offerings, as well as expansion into new jurisdictions. Despite the revenue growth, DraftKings reported a net loss of $802.1 million, an improvement from the $1.4 billion net loss in 2022. The company's cash and cash equivalents stood at $1.3 billion, and it believes this amount is sufficient to fund operations for at least the next twelve months. DraftKings also completed the acquisition of Golden Nugget Online Gaming, Inc. in an...Show More
DraftKings Inc. reported a significant increase in revenue for the fiscal year ended December 31, 2023, with total revenue rising to $3.7 billion, a 63.6% increase from the previous year. The growth was primarily driven by the company's online gaming revenues, which saw a 68.9% increase due to strong user retention and acquisition across Sportsbook and iGaming offerings, as well as expansion into new jurisdictions. Despite the revenue growth, DraftKings reported a net loss of $802.1 million, an improvement from the $1.4 billion net loss in 2022. The company's cash and cash equivalents stood at $1.3 billion, and it believes this amount is sufficient to fund operations for at least the next twelve months. DraftKings also completed the acquisition of Golden Nugget Online Gaming, Inc. in an all-stock transaction valued at $603.5 million, which contributed to the company's growth. The company's stock-based compensation expense decreased by 20.6% to $606.6 million. DraftKings remains subject to various legal proceedings, including a class action lawsuit related to its Daily Fantasy Sports contests and an SEC inquiry following a report by Hindenburg Research.

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