DraftKings CEO Jason Robins had plenty of things to say about his company in a shareholder letter and the company’s earnings call last week, both of which discussed the company’s positives from 2024.
Robins focused on the following: The company increased revenue by 30%, had positive free cash flow for the first time in company history, and increased its sports betting and iGaming handle by 21%.
“We have encountered numerous challenges along the way, yet we have consistently found ways to overcome obstacles and emerge stronger on the other side,” he wrote to shareholders. “Today, I am more confident than ever in our growth trajectory and ability to capitalize on the substantial opportunity ahead of us.”
The news had an impact on Wall Street, as well, with DraftKings stock jumping to a new 52-week high on the earnings release.
DraftKings surpassed key milestones in 2024
This past year was a significant one for DraftKings for several reasons. The company boosted its customer base by 42% year over year and saw multiple milestones on Super Bowl Sunday:
- The DraftKings sportsbook app reached No. 1 in Apple’s App Store sports category and was No. 3 overall.
- Betting handle reached a single-day high of $436 million.
- DraftKings’ same-game parlay handle jumped 40% year over year for the Super Bowl.
DraftKings CFO Alan Ellingson specifically called out the company’s SGP results, saying the increased handle “ultimately resulted in the highest sportsbook gross gaming revenue day in the history of the company.”
DraftKings sets its focus on iGaming in 2025
Company executives stated several times that iGaming will play a key role in the company’s growth.
“We are hoping to see an acceleration in legislative momentum now that the 2024 elections are behind us,” Ellingson noted in the company’s investors letter. “It is encouraging that more than a dozen mobile sports betting and iGaming bills have already been proposed in 2025.”
Robins stated in the earnings call that DraftKings has laid the groundwork to pursue growth in online casinos.
“I think the DraftKings brand is incredibly strong, not just with sports, but with iGaming as well,” he said. “I think we made a ton of headway building our brand in the iGaming market.”
Robins then pointed out that DraftKings’ efforts to improve its growing Golden Nugget online casino brand might be something the company could replicate with other iGaming assets.
“I don’t see any reason we couldn’t plug [the Golden Nugget model] into other front ends in terms of iGaming,” he said. “It’s not something we’re actively looking at, at the moment, but I do think we’ve built that capability and proven out that model.”
