- After the merger with Diamond Eagle, DraftKings will combine with SBTech and become a publicly-traded company.
- The deal is valued at approximately $2.7 billion.
- This will make DraftKings the first sportsbook on the New York Stock Exchange.
BOSTON, Mass. - DraftKings and SBTech will officially merge along with Diamond Eagle Acquisition to create the first publicly traded sportsbook on the New York Stock Exchange. The merger is valued at around $2.7 billion.
Once the deal is concluded, DraftKings will dawn the new symbol DKNG and become incorporated in Nevada.
The deal is described as creating the only vertically integrated US sports betting and online gambling company. This is a major step for the world of sports betting and online sportsbooks everywhere.
DraftKings Goes Public
DraftKings has been looking to purchase SBTech for quite some time. This merger now officially combines the nationally recognized bookmaker with the global sports betting technology provider.
“The combination of DraftKings’ leading and trusted brand, deep focus on customer experience and data science expertise and SBTech’s highly innovative and proven technology platform creates a vertically-integrated powerhouse,” said Jason Robins, DraftKings co-founder and CEO.
“I look forward to building significantly upon our goals of continuing our state-by-state rollout and creating the most entertaining and engaging customer experiences for sports fans globally.”
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Diamond Eagle's founding investor Harry Sloan has also expressed his excitement for being a part of the DraftKings union alongside SBTech.
“We are pleased to bring DraftKings and SBTech together as one public company,” said Sloan.
“DraftKings is already a premier online fantasy sports and betting platform. 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. I have known Jason Robins for four years, and consider him a true entrepreneur. I believe our investors share my utmost respect for his vision and leadership.”
There is a meeting with the investors scheduled on April 23. This will be the final hurdle before the company can officially go public.
With DraftKings leading the charge, the future of online sportsbooks is only sure to grow from this major business event.
After graduating from Florida State University with a degree in creative writing, Giovanni spent his professional career writing short stories for online journals. Now at USAOnlineSportsbooks, you can find him keeping fans up to date on their favorite teams best betting odds. Giovanni still tries to incorporate his passion for storytelling through the perspective of sports betting.
