DraftKings Q2 Earnings Soar—Record Revenue & Net Income, Plus A Prediction Market Tease?

Sports betting and online gaming company DraftKings Inc (NASDAQ:DKNG) announced second-quarter financial results after market close Wednesday.

Here are the highlights.

What Happened: DraftKings reported second-quarter revenue of $1.51 billion, up 37% year-over-year. The revenue total beat a Street consensus estimate of $1.39 billion according to data from Benzinga Pro.

The company said the higher revenue, which is a company record, was helped by customer engagement, acquisition of new customers, higher sportsbook hold percentage and sportsbook-friendly outcomes.

Earnings per share of 38 cents beat a Street consensus estimate of 12 cents per share.

DraftKings said that along with revenue, net income and adjusted EBITDA were also company records in the quarter.

The company had 3.3 million Monthly Unique Payers in the quarter, up 6% year-over-year. The company's average revenue per Monthly Unique Payer was $151, up 29% year-over-year. The increase was attributed to sportsbook hold percentage and improved promotional reinvestment for sportsbook.

"We set records for revenue, ...