Fantasy sports company DraftKings will go public after merging with Diamond Eagle Acquisition Corp. ($DEAC) and SBTech. When the bookmaker makes it official, the company will have a market cap of $3.3 billion and be listed on Nasdaq u.
DraftKings CEO Jason Robins said the company was looking to achieve three objectives: acquire SBTech, raise capital to fund launching in new states for sports betting, and go public. The deal got “all three of those objectives accomplished in one transaction,” he told Cheddar.
Diamond Eagle will change its name to DraftKings Inc. once the transaction closes, which is expected in the first half of 2020 and will create the first vertically integrated sports betting company. Through the merger with SBTech, which is a sports betting technology provider, and the already special purpose acquisition company Diamond Eagle Acquisition ($DEAC), DraftKings will become a publicly-traded company without undergoing a lenghthier, traditional IPO process.
According to the CEO, DraftKings uses a lot of its own homegrown technology, but he noted that "the one thing that’s not is the bets that are made and the systems and operations behind that.”
“We’re a tech company, we’re a product company and, for us, it’s absolutely critical to own and control that,” Robins said of SBTech.
Robins will lead the new DraftKings, and the company will remain headquartered in Boston, where it is one of the largest tech companies in the city, but will reincorporate in Nevada. The company was founded in 2012 and most recently had attempted to merge with its rival FanDuel, but the deal was abandoned after federal regulators sued.
AI, BNPL and new digital tools are reshaping holiday shopping. PayPal’s Michelle Gill shares survey insights, tech trends, and tips for smarter spending in 2025
'The Chair Company' blends sharp satire with workplace conspiracy. Lake Bell joins us to talk its corporate themes, quirky characters, and why viewers love it!
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
Nvidia smashes earnings with record-breaking revenue and soaring Blackwell demand as shares slip this morning, Barron’s senior writer Adam Levine unpacks it all
Jeff Wagoner, CEO of Outrigger Hospitality Group, discusses the company’s coral preservation initiatives and sustainable practices at their hotels and resorts.
Dena Jalbert, Head of M&A at Align Advisory, discusses the state of mergers and acquisitions in 2025 and beyond, highlighting key trends and opportunities.
Kim Perell, author and entrepreneur, shares actionable tips and tricks to help current and aspiring entrepreneurs kick off 2026 with confidence and momentum.
