Premarket trading on Friday saw DraftKings shares rise more than 33% after it raised its FY revenue forecast.

DKNG’s Q1 revenues topped the consensus estimate of $414.9 millions. The monthly average revenue per payer was $67, which beat the expectation of $63.97.

According to analyst predictions, the number of unique monthly payers was 2 million. While analysts expected to see a loss at $327.5 million, the company suffered an EBITDA loss adjusted of $289.5 Million.

DKNG projects FY revenue between $1.93 billion and $2.03 billion. This is an increase from the previous forecasts of $1.85 million to $2billion, and analysts had expected $1.96 Billion.

According to fantasy contests company, the FY adjusted EBITDA loss will be between $760 million- $840 million. This compares to the loss previously predicted of $825million to $925million and an expected loss $912.9 million.

“We are pleased with our strong revenue and Adjusted EBITDA performance in the first quarter, which was driven by healthy underlying customer behavior and our ability to capture efficiencies,” said DraftKings CFO Jason Park.

Benchmark Co. analyst Mike Hickey said DKNG delivered “a solid beat.”

“We note updated guidance does not include Ontario, Canada, and the recent acquisition of Golden Nugget Online Gaming. DKNG does not see any inflationary pressures affecting customer demand. We are encouraged to see a reduced guided profit loss, but acknowledge losses remain significant, and does not include many new markets expected to open,” Hickey told clients.

Needham & Company analyst Bernie McTernan also noted better-than-expected results.

“The outperformance in both revenue and adj. EBITDA helps to increase guidance for both before adding Canada and GNOG. We expect the call to focus on the competitive intensity/promotional environment and any potential changes in necessary investment levels,” McTernan wrote in a note.

By Senad Karaahmetovic