It was down 43% over the previous three months, and down 72% over the previous year. This prompted CEO Jason Robins to fire off an infamous tweet suggesting that people would regret selling the company’s stock.
“That was really meant more for my team than anything else,” Robins told MarketWatch on Friday morning. “We should be roughly break-even in Q2,” Robins told MarketWatch. “We think we’ll make almost $150 million in adjusted EBITDA in Q4, and 2024 will be fully profitable from an adjusted EBITDA basis.”
“Theres a pretty consistent theme that there is typically very little to no effect on this industry from economic cycles. And that’s true on both the positive side and on the recession side,” he said. There hasn’t been a major recession in the U.S. since the ban on sports betting was lifted by the Supreme Court in 2018.
But Robins lamented a major missed opportunity for the sports betting industry after California voters recently rejected Proposition 26 and Proposition 27, two separate ballot measures that would have legalized some forms of sports betting in the most populous state in the nation.