DraftKings (NASDAQ: DKNG) reports revenue of $ 70.93M and a loss of $ 160.44M for a quarter that included far fewer sports than expected.
“As sporting events began to recover, the company saw increased involvement in its sports-based product offerings, which contributed to sequential monthly revenue growth in the second quarter. This positive momentum has accelerated with the return of MLB, the NBA, WNBA, the NHL, and MLS. “
The company says it had $ 1.2B on its balance sheet at the end of the quarter after a follow-up bid.
Looking ahead, DraftKings sees revenue of $ 500M to $ 540M in FY20 on a pro forma basis. Growth is still on the agenda as DraftKings works to enter Virginia and Tennessee for sports betting and Michigan for sports betting and iGaming.
DraftKings will hold a conference call at 8:30 a.m. EDT. The impact of major college football conferences canceling their seasons may be a topic of discussion.
Shares of DraftKings are down 0.44% in premium action up to $ 35.89.
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