In this photo illustration, the American daily fantasy sports competition and sports betting company DraftKings logo is displayed on a smartphone screen.
Budrul Chukrut | Lightrocket | Getty Images
shares draft kings Shares rose Friday morning after the sports-betting company reported higher-than-expected revenue and raised its outlook for 2023.
The stock closed up 15% at $20.54, giving it a market value of $8.39 billion.
bump came after DraftKings Most downloaded sportsbook app In the US on Super Bowl Sunday, according to the company. States where sports betting is newly legal are also boosting sales.
For its fiscal fourth quarter, DraftKings said revenue of $855 million is an 81% increase compared to the $473 million it took in during the same period in 2021. It reported a loss of 53 cents per share on revenue of $855 million. Analysts polled by Refinitiv had estimated a loss of 59 cents per share on revenue of $800 million.
The company attributed the results to continued customer retention, acquisition and engagement in existing states as well as the successful launch of its sportsbook and iGaming products in additional jurisdictions.
“I’m very pleased with the way we finished 2022, with continued top-line growth and a strong focus on expense management,” said the DraftKings CEO. Jason Robbins said in a release.
DraftKings is raising its fiscal 2023 revenue guidance to a range of $2.85 billion to $3.05 billion from the $2.8 billion to $3 billion it announced in November. The company said its updated guidance equates to year-over-year growth of 27% to 36%.
DraftKings recently launched in Maryland, Kansas and Ohio.
-CNBC jessica golden contributed to this report.