🔹 Revenue: $1.41B (Est. $1.44B) 🔴; UP +20% YoY
🔹 Adj. EPS: $0.12 (Est. $0.22) 🔴
🔹 MUPs: 4.3M; UP +28% YoY
🔹 Avg. Revenue per MUP: $108; -5% YoY
FY25 Guide (Lowered)
🔹 Revenue: $6.20B–$6.40B (Prior: $6.30B–$6.60B) 🔴; vs. Est. $7.61B
🔹 Adj. EBITDA: $800M–$900M (Prior: $900M–$1.0B)
Product & Geographic Highlights
🔹 Live with mobile sports betting in 25 U.S. states + D.C. (~49% of U.S. population)
🔹 iGaming live in 5 states (~11% of U.S. population)
🔹 Active in Ontario, Canada (~40% of Canadian population)
🔹 Missouri legalization passed; launch pending regulatory approval
Management Commentary
🔸 CEO Jason Robins: “If not for customer-friendly outcomes in March, we would be raising guidance. Product enhancements are driving outperformance and strong customer engagement.”
🔸 CFO Alan Ellingson: “Healthy balance sheet supported share repurchases in Q1.”
🔹 Share Repurchase: 3.7M shares in Q1 under existing buyback program