DraftKings Q1 Revenue Up 175%, Paying Users Rise 114%

Online sports betting and iGaming company DraftKings Inc (NASDAQ: DKNG) reported first-quarter results before market open Friday.

What Happened: First-quarter revenue of $312 million was up 175% on a year-over-year pro forma basis.

DraftKings had 1.5 million monthly unique payers, up 114% year-over-year in the first quarter. The average revenue per monthly unique payer was $61, a 41% year-over-year increase.

In the first quarter, DraftKings launched sports betting and iGaming in Michigan and launched sports betting in Virginia.

At the end of the first quarter, DraftKings had online sports betting in 12 states representing 25% of the U.S. population and iGaming in four states, representing 10% of the U.S. population.

Related Link: Can DraftKings Keep Its Competitive Edge While Growing?

What’s Next: The company is working to add social functionality for its daily fantasy sports and mobile sports betting apps that will allow users to interact with each other and create friends lists.

The company said it remains on track to switch to its in-house back-end technology in the third quarter.

DraftKings raised its full-year revenue guidance from a range of $900 million to $1 billion to a range of $1.05 billion to $1.15 billion. New guidance represents a year-over-year increase of 63% to 79%.

DKNG Price Action: Shares of DraftKings are down 2% to $50.84 on Friday.

See also: How to Buy DraftKings, Inc. (DKNG) Stock