DraftKings (NASDAQ:DKNG) reported first-quarter (Q1) revenue of $1.646 billion on Thursday, up 17% year over year and ahead of Wall Street estimates of $1.644 billion, according to Benzinga Pro.

"We are off to a fantastic start to the year as our first quarter results exceeded our expectations," DraftKings CEO Jason Robins said.

Customer acquisition and healthy customer engagement contributed to the revenue growth. The company also reported earnings of 20 cents per share in the first quarter. It beat a Street consensus estimate of 2 cents per share.

DraftKings ended Q1 with 4.2 million monthly unique payers (MUP), down 4% year-over-year. Excluding the exit of Lottery in Texas, monthly unique payers were up 2% year-over-year.

Average revenue per MUP was $131 in the first quarter, up 21% year-over-year.

The company was live for mobile sports betting in 27 states, Washington D.C. and Puerto Rico in the first quarter, representing around 53% of the U.S. population. DraftKings also has iGaming in five states, representing around 11% of the U.S. population.

In Canada, DraftKings is live in Ontario with sportsbook and iGaming, serving around 40% of the country's population.

What's Next For DraftKings

The company reaffirmed its full-year revenue guidance of $6.5 billion to $6.9 billion, versus a Street consensus estimate of $6.82 billion.

The company is guiding for adjusted EBITDA to be in a range of $700 million to $900 million for the full fiscal year.

"Our core business is strong, and profitability is inflecting," Robins said. "That gives us the firepower to press our advantage in Predictions. With our Super App, market making capabilities, proprietary exchange, and combos coming together, we intend to establish a leadership position in Sports Predictions before year-end."

Price Action

DraftKings stock is down 1.3% to $24.90 in after-hours trading Thursday versus a 52-week trading range of $20.46 to $48.78.

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