Sports betting operator DraftKings lost nearly $348m in the third quarter as the cutthroat US customer acquisition frenzy more than tripled its sales and marketing costs.     

Figures released Friday show DraftKings generated revenue of $132.8m in the three months ending September 30, nearly twice the sum it earned in the same period last year, although revenue was up a more modest 42% if you assume the company’s acquisition of the SBTech wagering tech platform was a done deal at this time last year.

Despite the revenue surge, DraftKings reported a net loss of $347.7m in Q3, as sales & marketing costs more than tripled year-on-year to $203.3m as the company expanded into additional US betting states and fought furiously with rivals to sign up customers in time for the launch of a new NFL season.

DraftKings boasted just over 1m average monthly unique payers in Q3, which includes not just sports bettors but also daily fantasy sports and online casino customers. That represented a 64% rise from Q3 2019’s average.