DraftKings Inc.’s quarterly loss widened, but the company raised its 2021 revenue outlook as the legalization of sports betting gains momentum.

The Boston-based sports-betting platform posted a net loss of $266.4 million compared with a loss of $29.15 million the year prior. The adjusted loss of 24 cents per share was better than the 47-cent loss that analysts surveyed by Refinitiv were expecting.

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Revenue rose 98% to $322.2 million on a pro-forma basis, accounting for the combination with SBTech Ltd. and Diamond Eagle Acquisition Corp. that was completed on April 23, 2020, as if it had occurred on Jan. 1, 2019. Analysts were expecting revenue of $233.2 million.

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“With a favorable fourth quarter sports calendar and strong marketing execution, DraftKings was able to generate tremendous customer acquisition and engagement,” co-founder and CEO Jason Robins said in a statement.

The combination helped boost the number of monthly unique players by 44% to 1.5 million. Average revenue per monthly unique player increased 55% to $65.

Looking ahead, DraftKings raised its 2021 revenue outlook to between $900 million and $1 billion, up from $750 million to $850 million, assuming college and professional sports schedules proceed as announced.

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The improved outlook is due to the company’s strong fourth-quarter performance, the effectiveness of its 2020 marketing spend and the launch in Michigan and Virginia.

DraftKings shares were up 24% this year through Thursday, outperforming the S&P 500’s 1.95% gain.

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https://www.foxbusiness.com/markets/draftkings-boosts-outlook-as-sports-betting-gains-steam

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