His company provides technology and services to some of the world’s leading sports betting and online gaming brands, according to the press release. The DraftKings-SBTech merger will unite “two tech-native companies with the customer at their cores,” SBTech chairman Gavin Isaacs said. The company also offers online and retail sports betting in seven states including New Jersey, where it said its revenue has multiplied 8.5 times year over year. Diamond Eagle shares were up about 11 percent in premarket trading at $11.75 as of 9:15 a.m.ĭraftKings said it has a 60 percent market share for daily fantasy sports, in which fans compete online for cash prizes. DraftKings co-founders Jason Robins, Paul Liberman and Matt Kalish will be on the new company’s management team, along with members of SBTech’s existing management, the firms said.ĭiamond Eagle plans to change its name to DraftKings and get a new Nasdaq ticker symbol once the deal closes, the companies said. Sloan, Diamond Eagle’s founding investor, said in a statement.Īll three companies’ boards of directors have approved the tie-up, which is expected to be completed in the first half of next year. “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,” Harry E. The move comes more than two years after the online sports gaming company scrapped plans to merge with FanDuel, another major player in the daily fantasy sports market.ĭraftKings will combine with Diamond Eagle Acquisition Corp., a blank-check company that is already publicly traded, and gaming technology firm SBTech to create the nation’s only vertically integrated “pure-play” sports betting and online gaming firm, according to a press release.

Michael Jordan is the richest basketball player in history as his net worth climbs to $3.5 billionįanatics agrees to $225 million deal to purchase PointsBet US betting businessĭraftKings, Fanatics vie for PointsBet - 2 years after scrapping $48B merger: sourcesĭraftKings will go public next year through a $3.3 billion merger with two other firms, the company announced Monday. DraftKings apologizes for exploiting 9/11 anniversary by encouraging customers to bet on NY sports teams

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