DraftKings Lowers Outlook After March Madness Dents Sales

Dow Jones

09 May

By Katherine Hamilton

DraftKings lowered its outlook for the year as customer-friendly outcomes during the March Madness basketball tournament weighed down revenue.

The sports-betting operator on Thursday posted a loss of $33.9 million, or 7 cents a share, compared with a loss of $142.6 million, or 30 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 12 cents, ahead of the 7 cents forecast of analysts, according to FactSet.

Revenue rose 20% to $1.41 billion. Analysts surveyed by FactSet forecast revenue of $1.43 billion.

DraftKings said customer-friendly sport outcomes weighed on revenue. During March Madness, many of the teams that dominated the tournament were favored to win, meaning many customers won bets.

"If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance," Chief Executive Jason Robins said.

DraftKings instead lowered its full-year outlook. It is now expecting revenue between $6.2 billion and $6.4 billion, down from previous guidance of $6.3 billion to $6.6 billion.

Flutter Entertainment, which owns rival FanDuel, on Thursday missed estimates for sales and profit. The company raised its outlook for the year based on improving foreign-exchange rates and expected benefits from mergers and acquisitions.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

May 08, 2025 16:48 ET (20:48 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www-web.itiger.com/news/2534816256"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2534816256\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2534816256?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-05-09 04:48","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2534816256","market":"us","top_or_hot":-1,"title":"DraftKings Lowers Outlook After March Madness Dents Sales","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<p>\n  DraftKings lowered its outlook for the year as customer-friendly outcomes during the March Madness basketball tournament weighed down revenue. \n</p>\n<p>\n  The sports-betting operator on Thursday posted a loss of $33.9 million, or 7 cents a share, compared with a loss of $142.6 million, or 30 cents a share, a year earlier. \n</p>\n<p>\n  Stripping out certain one-time items, adjusted per-share earnings were 12 cents, ahead of the 7 cents forecast of analysts, according to FactSet. \n</p>\n<p>\n  Revenue rose 20% to $1.41 billion. Analysts surveyed by FactSet forecast revenue of $1.43 billion. \n</p>\n<p>\n  DraftKings said customer-friendly sport outcomes weighed on revenue. During March Madness, many of the teams that dominated the tournament were favored to win, meaning many customers won bets. \n</p>\n<p>\n  \"If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance,\" Chief Executive Jason Robins said. \n</p>\n<p>\n  DraftKings instead lowered its full-year outlook. It is now expecting revenue between $6.2 billion and $6.4 billion, down from previous guidance of $6.3 billion to $6.6 billion. \n</p>\n<p>\n  Flutter Entertainment, which owns rival FanDuel, on Thursday missed estimates for sales and profit. The company raised its outlook for the year based on improving foreign-exchange rates and expected benefits from mergers and acquisitions. \n</p>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 08, 2025 16:48 ET (20:48 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>DraftKings Lowers Outlook After March Madness Dents Sales</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDraftKings Lowers Outlook After March Madness Dents Sales\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-05-09 04:48</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<p>\n  DraftKings lowered its outlook for the year as customer-friendly outcomes during the March Madness basketball tournament weighed down revenue. \n</p>\n<p>\n  The sports-betting operator on Thursday posted a loss of $33.9 million, or 7 cents a share, compared with a loss of $142.6 million, or 30 cents a share, a year earlier. \n</p>\n<p>\n  Stripping out certain one-time items, adjusted per-share earnings were 12 cents, ahead of the 7 cents forecast of analysts, according to FactSet. \n</p>\n<p>\n  Revenue rose 20% to $1.41 billion. Analysts surveyed by FactSet forecast revenue of $1.43 billion. \n</p>\n<p>\n  DraftKings said customer-friendly sport outcomes weighed on revenue. During March Madness, many of the teams that dominated the tournament were favored to win, meaning many customers won bets. \n</p>\n<p>\n  \"If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance,\" Chief Executive Jason Robins said. \n</p>\n<p>\n  DraftKings instead lowered its full-year outlook. It is now expecting revenue between $6.2 billion and $6.4 billion, down from previous guidance of $6.3 billion to $6.6 billion. \n</p>\n<p>\n  Flutter Entertainment, which owns rival FanDuel, on Thursday missed estimates for sales and profit. The company raised its outlook for the year based on improving foreign-exchange rates and expected benefits from mergers and acquisitions. \n</p>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 08, 2025 16:48 ET (20:48 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2534816256","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2534816256","pubTimestamp":1746737280,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"DraftKings lowered its outlook for the year as customer-friendly outcomes during the March Madness basketball tournament weighed down revenue.The sports-betting operator on Thursday posted a loss of $33.9 million, or 7 cents a share, compared with a loss of $142.6 million, or 30 cents a share, a year earlier.Stripping out certain one-time items, adjusted per-share earnings were 12 cents, ahead of the 7 cents forecast of analysts, according to FactSet.DraftKings said customer-friendly sport outcomes weighed on revenue. During March Madness, many of the teams that dominated the tournament were favored to win, meaning many customers won bets.\"If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance,\" Chief Executive Jason Robins said.DraftKings instead lowered its full-year outlook. It is now expecting revenue between $6.2 billion and $6.4 billion, down from previous guidance of $6.3 billion to $6.6 billion.Flutter","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"三月份的疯狂行为削弱了销售后，DraftKings下调了前景","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DKNG":0.9},"content_text":"By Katherine Hamilton \n\n\n  DraftKings lowered its outlook for the year as customer-friendly outcomes during the March Madness basketball tournament weighed down revenue. \n\n\n  The sports-betting operator on Thursday posted a loss of $33.9 million, or 7 cents a share, compared with a loss of $142.6 million, or 30 cents a share, a year earlier. \n\n\n  Stripping out certain one-time items, adjusted per-share earnings were 12 cents, ahead of the 7 cents forecast of analysts, according to FactSet. \n\n\n  Revenue rose 20% to $1.41 billion. Analysts surveyed by FactSet forecast revenue of $1.43 billion. \n\n\n  DraftKings said customer-friendly sport outcomes weighed on revenue. During March Madness, many of the teams that dominated the tournament were favored to win, meaning many customers won bets. \n\n\n  \"If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance,\" Chief Executive Jason Robins said. \n\n\n  DraftKings instead lowered its full-year outlook. It is now expecting revenue between $6.2 billion and $6.4 billion, down from previous guidance of $6.3 billion to $6.6 billion. \n\n\n  Flutter Entertainment, which owns rival FanDuel, on Thursday missed estimates for sales and profit. The company raised its outlook for the year based on improving foreign-exchange rates and expected benefits from mergers and acquisitions. \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 08, 2025 16:48 ET (20:48 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}