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Draftkings to Go Public

Written by:

Aaron Goldstein

Published on:

Dec/23/2019

Draftkings is set to go public through a triple-merger deal with SBTech and acquisition firm Diamond Eagle.

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The combined firm will result in a market cap of roughly $3.3 billion. $300 million of new investment dollars will be coming from Capital Research and Management, Wellington Management, and Franklin Templeton.

Goldman Sachs will serve as Diamond Eagle's financial adviser while Rain Group will serve on DraftKings' behalf and Stifel for SBTech.

DraftKings co-founder and CEO Jason Robins will continue in her current role following the merger while SBTech management will also remain in place.

"DraftKings is already a premier online fantasy sports and betting platform," Diamond Eagle founding investor Harry Sloan said in the statement. "With the full integration of SBTech's technology and innovative product expertise coupled with the right capitalization, DraftKings will be in a great position to continue its ambitious expansion plans in the United States."

- Aaron Goldstein, Gambling911.com

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