By
Amelia Walker
Senior Content Writer Updated: 15 May 2021
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
Sports betting giant DraftKings recently released figures for its first-quarter revenues in 2021. The operator said that it has now raised its forecast for revenue over the course of this year based on the higher-than-expected figure for the first quarter of the year.
Figures were released at the end of last week and showed that there had been a big year-on-year increase in both revenue and its user numbers. This is partly down to the operator now going live in more states across the country, thus expanding its reach and bringing more sports fans on board.
Jason Robins, the co-founder and CEO of DraftKings, said that the operator had got off to a great start for 2021. This is something that the group will no doubt welcome after the chaos of the past year.
Robins said that the company had continued to make impressive progress, and that it continued to remain:
…on track with the migration to our own in-house proprietary sports betting engine, strengthened content and technology capabilities with the acquisitions of VSiN and BlueRibbon Software, and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS and mobile sportsbook apps.
The increase in revenue for the first quarter of this year was 253 percent higher than the same period last year. The Q1 earnings for the operator stood at $312 million, which compared to just $89 million for the first quarter of 2020.
Officials from the sportsbook operator believe that the return of normal schedules when it comes to sports events has helped to strengthen its position and boost revenue. This comes after the world of live sports ground to a halt last year because of the global pandemic.
As restrictions began to ease, there was huge pent-up demand for regular sports betting among fans across the nation. So, when live sports resumed and normalcy returned, there were huge numbers of fans that were eager to register for online sportsbook accounts and place their bets.
Another reason behind the success of the sportsbook, according to many officials, is the fact that it has now expanded into more states. Over the past year, a number of states have jumped on board after legalizing sports betting.
DraftKings is one of the top players in the field alongside its rival FanDuel, and as new markets open up, these are two of the names that are generally at the forefront of people’s minds.
The sportsbook operator is now looking forward to a very successful year based on the first-quarter results for this year. It now states that it expects revenues over the course of this year to smash through the $1 billion barrier. In fact, it has revised its guidance to predict revenues of $1.05-$1.15 billion.
As more and more states legalize sports betting, this is something that officials believe could well be achievable over the course of 2021.
ESPN BET Sportsbook Opens at Hollywood Casino in DetroitRead ArticleAmelia WalkerMay 11, 2024
DraftKings to Open New Sports Betting Venue in ColumbusRead ArticleAmelia WalkerMay 08, 2024
Colorado Could Increase Gambling Tax Allocated to Water ProjectsRead ArticleAmelia WalkerMay 06, 2024