FanDuel Looking for a $1 Billion Valuation: Wants to Go Public Next Year
FanDuel.com, one of the two largest daily fantasy sports sites, is looking to raise another $100 million over the next few months in order to reach a $1 billion valuation.
Fortune learned of the new round of fundraising from various sources. A spokesperson from the company declined comment.
From Fortune.com
FanDuel’s board of directors has not yet approved a new stock sale, but is talking about a round that likely would add at least another $100 million to the company’s coffers. The goal would be to accelerate customer acquisition and pro sports partnership efforts, with an eye toward going public in 2016.
FanDuel claims it has paid out an average of $10 million in winnings per day. The company offers one-day or - in the case of football - one-week fantasy contests as opposed to the season long commitments previously offered by big name firms like ESPN, Yahoo and CBS Sports.
The daily fantasy sports industry has exploded with the first ever DFS conference planned in Miami Beach the first week in August.
- Aaron Goldstein, Gambling911.com
