Draftkings shares surged 15% as Q4 results top estimates.
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.
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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