DraftKings reported a 30% upswing in first-quarter revenue from its core sports betting operations as wider legalization offset the impact of COVID-19. Revenue hit $88.5 million as net losses widen…
, NHL and Major League Baseball and the loss of NCAA March Madness, DraftKings had to get creative in the quarter. It established ways for customers to wager on eNASCAR as well as contests far outside the sports world, including Democratic presidential debates and TV shows likeManagement said it “does not anticipate an impact” from COVID-19 on its fiscal 2021 results or long-term plans.
After a Supreme Court ruling cleared the way for legalized betting in New Jersey in 2018, other states have followed and now 14 of them are actively considering sports betting legislation. Illinois, Michigan, Tennessee and Virginia have all legalized online betting in the past year. On a conference call with Wall Street analysts to discuss quarterly results, executives generally shied away from making predictions about the near-term decision-making happening in the sports world. Major League Baseball appears to be heading toward a possible summer restart, with the NBA possibly soon to follow.
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