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DRAFT KINGS DraftKings Reports First Quarter 2021 Results and Raises 2021 Revenue Guidance May 7 , 2021 Reports First Quarter Revenue of $ 312 million ; Increases 2021 Revenue Guidance to $ 1.05 billion to $ 1.15 billion ; Announces upcoming rollout of social functionality to DFS and mobile sportsbook apps BOSTON , May 07 , 2021 ( GLOBE NEWSWIRE ) -- DraftKings Inc. ( Nasdaq : DKNG ) ( " DraftKings " or the " Company " ) today reported first quarter 2021 financial results . First Quarter 2021 Highlights For the three months ended March 31 , 2021 , DraftKings reported revenue of $ 312 million , an increase of 253 % compared to $ 89 million during the same period in 2020. After giving pro forma effect to the business combination with SBTech ( Global ) Limited ( " SBTech " ) and Diamond Eagle Acquisition Corp. which was completed on April 23 , 2020 , as if it had occurred on January 1 , 2019 , revenue grew 175 % compared to the three months ended March 31 , 2020 . " DraftKings is off to an outstanding start in 2021 , " said Jason Robins , DraftKings ' co - founder , CEO and Chairman of the Board . " We continued to make progress and remain on track with the migration to our own in - house proprietary sports betting engine , strengthened our content and technology capabilities with the acquisitions of VSIN and Blue Ribbon Software , and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS and mobile Sportsbook apps . " Jason Park , DraftKings ' Chief Financial Officer , added , " Our $ 312 million in first quarter revenue , 114 % increase in MUPs and 48 % growth in ARPMUP reflect solid customer acquisition and retention as well as successful launches of mobile sports betting and iGaming in new states . We are raising our revenue outlook for 2021 due to the outperformance of our core business in the first quarter and our expectation for continued healthy growth . " Strong Customer Retention and Acquisition Drove Q1 Results • Monthly Unique Payers ( " MUPS " ) for our B2C segment increased 114 % compared to the first quarter of 2020. On average , 1.5 million monthly unique paying customers engaged with DraftKings each month during the first quarter . The increase reflects strong unique payer retention and acquisition across Daily Fantasy Sports , Online Sports Betting and iGaming . • Average Revenue per MUP ( " ARPMUP " ) was $ 61 in the first quarter representing a 48 % increase versus the same period in 2020. Our ARPMUP was positively impacted by increased engagement with our iGaming and mobile sports betting product offerings as well as successful cross - selling . Increasing 2021 Revenue Guidance • DraftKings is raising its fiscal year 2021 revenue guidance from a range of $ 900 million to $ 1 billion to a range of $ 1.05 billion to $ 1.15 billion , which equates to year - over - year growth of 63 % to 79 % and a 16 % increase compared to the midpoint of our previous guidance . • The increase reflects solid performance in the first quarter of 2021 , continued strong user activation due to the effectiveness of our marketing spend , well - executed launches of mobile sports betting and iGaming in Michigan and mobile sports betting in Virginia , and a modest contribution from our recently completed acquisitions . This guidance also assumes that all professional and college sports calendars that have been announced come to fruition and that we continue to operate in states in which we are live today . • Detailed financial data and other information is available in DraftKings ' Quarterly Report on Form 10 - Q , being filed today with the Securities and Exchange Commission ( the " SEC " ) , as well as in a slide presentation that can be accessed through the " Investors " section of the Company's website at investors.draftkings.com . DraftKings Grows Its Mobile Sports Betting and iGaming Footprint • In the first quarter of 2021 , DraftKings launched mobile sports betting and iGaming in Michigan and mobile sports betting in Virginia . • DraftKings is live with online sports betting in 12 states that collectively represent 25 % of the U.S. population . DraftKings is live with iGaming in 4 states , representing approximately 10 % of the U.S. population . • In 2021 , 25 state legislatures have introduced legislation to legalize mobile sports betting , 5 state legislatures have introduced legislation to expand their existing sports wagering frameworks and 1 state legislature has introduced legislation to legalize sports betting limited to retail locations . In addition , 4 states have introduced iGaming legislation and 3 states have introduced online poker legislation . • Three of the states that introduced legislation to legalize mobile sports betting this year - Wyoming , Arizona and New York - have already enacted mobile sports wagering laws . Maryland has made significant progress with a mobile and retail