Strong Michigan Performance Helps DraftKings’ Q3 Revenue Growth
September was a particularly successful month for DraftKings Casino in Michigan. Record performances were seen in its Michigan online sportsbooks and casino operations.
On a nationwide level, DraftKings had a strong third quarter, reporting sales of $790 million, above experts’ projections.
DraftKings is Quite Strong in Established States like Michigan
While DraftKings is growing into new states that permit sports betting, its established market states, like Michigan, contribute quite a lot to their quarterly income.
DraftKings CFO Jason Park expressed the company’s satisfaction with the outcomes in the more developed states for iGaming and OSB (online sports betting) during Friday’s Q3 investor call. DraftKings continues to generate major handle and revenue growth in the states where it started between 2018 and 2021, along with a corresponding increase in the Adjusted Gross Margin rate. At the same time, external marketing expenditures are declining at a double-digit pace.
The Bay Mills Casino’s online operator enjoyed a fantastic quarter in Michigan. In the third quarter, DraftKings Casino Michigan’s iGaming revenue was a little under $94 million. This includes September’s record-breaking $37.1 million. DraftKings Casino MI has seen its best quarter since its launch.
In Q3 2023, DraftKings Sportsbook Michigan brought in $22.8 million in revenue and $250.5 million in wagers from online sports betting. With $218.2 million in handling and $21.5 million in revenue, both these figures surpass that of Q3 of 2022.