Description
Overview of the 3rd quarter of DraftKings Inc for the year 2023.
Goals and objectives of the research
Research Objective: To perform a comparative analysis of the Q3FY23 quarterly report and those of previous periods.
Research Tasks:
- Gather comprehensive financial and corporate information pertaining to the company for Q3FY23;
- Analyze the collected information;
- Conduct a comparative assessment of the Q3FY23 report with the reports from previous quarters of the current fiscal year and Q3FY22;
- Formulate conclusions based on the analyzed data.
Disclaimers
The information collected in this report reflects data from the company's public reports and is not questioned or verified via other sources. In other words, information from the company's public reports is taken and used as is.
If additional information from other sources is used or if the data used is reflective of the researcher's personal opinion, this will be labeled accordingly.
The provided public company reports are unaudited.
Document markup
- FY - Financial Year;
- Q - Quarter;
- DK - DraftKings;
- OSB - Online Sportsbook;
- GGR - Gross Gaming Revenue;
- QoQ - Quarter-over-Quarter;
- This report uses the American number format: a period is used as the decimal separator, while commas separate thousands;
- Year-over-year (YoY) calculations of relative values were not performed in cases where last year's profit changed to a loss in the current year and vice versa within the scope of the current report;
- DraftKids Annual report period is from January 1, to Deсember 31, 2023;
- The specified financial year coincides with the calendar year.
Short Insights
- The structural sportsbook hold percentage was above 9.50%;
- Adjusted Gross Margin improved by almost 300 basis points compared to the Q3FY22;
- External marketing costs continued to decline at a double-digit rate, while the company continued to add new customers at a double-digit rate;
- The company ended the Q3FY23 with 1,111.596 million USD of cash and cash equivalents.
