DraftKings' second-quarter revenue declined as sports bettors won their wagers and the company implemented promotions to attract new customers. The online sports betting company reported a loss of $67.6 million, or 14 cents a share, for the quarter ending June 30. This contrasts with a profit of $157.9 million, or 30 cents a share, in the same period last year.

Analysts surveyed by FactSet had anticipated earnings of 2 cents a share. The company's loss was attributed to both reduced revenue and increased expenses, particularly in sales and marketing.

Adjusted earnings per share also fell short of expectations, coming in at 9 cents compared to the 17 cents predicted by FactSet analysts. The decline highlights the impact of promotional activities and betting outcomes on DraftKings' financial performance.