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DraftKings

“Can DraftKings become the dominant full-stack digital sports entertainment platform — combining sportsbook, casino, DFS, and player-loyalty products — while expanding internationally and generating sustainable free cash flow at scale?”

Founded2012
HQBoston, Massachusetts, USA
FoundersJason Robins, Matt Kalish, Paul Liberman
Total raised$715M+ (pre-IPO)
Latest roundSPAC merger via Diamond Eagle Acquisition Corp, 2020
Valuation~$3.3B at SPAC close (2020); publicly traded on Nasdaq: DKNG
IndustryFintech / Gaming & Sports Betting
The story

Founded in 2012 as a daily fantasy sports platform, DraftKings pivoted aggressively into regulated online sports betting and casino gaming after the 2018 Supreme Court ruling legalizing sports betting. The 2020 SPAC merger with Diamond Eagle and acquisition of SBTech made DraftKings the only vertically integrated pure-play US sports betting and gaming company. DraftKings has since expanded into NFT/digital collectibles (Marketplace/Reignmakers), layered in player-protection products (Early Exit), and built a substantial capital structure with $1.1B+ in facilities to fund ongoing market expansion and M&A.

Last 12 months
2024-11
2025-03
2025-04
Product timeline
2012
Founded as a daily fantasy sports (DFS) platform offering cash-prize contests in major sports leagues.· pivot
2018
Launched regulated mobile sportsbook product following the Supreme Court's Murphy v. NCAA decision legalizing sports betting across US states.· banking
2020
Went public via SPAC (Diamond Eagle Acquisition Corp), acquiring SBTech to become a vertically integrated sports betting and gaming company. Market cap ~$3.3B at close.· ipo
2021
Launched DraftKings Marketplace for NFT/digital collectibles trading (Reignmakers), entering the blockchain/NFT vertical.· pivot
2024
Replaced $125M revolving credit facility with a new $500M revolving credit facility led by Morgan Stanley.· lending
2025
Closed $600M upsized Term Loan B (increased from $500M due to strong demand), maturing March 2032 at SOFR +1.75%.· lending
2025
Launched 'Early Exit' insurance-like product that voids/refunds parlay bets when a featured player exits early due to injury; reached 1 million beneficiaries by April 2026.· banking
Regulated entities
Gaming/Sports Betting License
US (multiple states) · 2018
DraftKings Inc.
Malta Gaming Authority License
MT · 2020
Crown DFS Malta Limited d/b/a DraftKings
Gaming/Sports Betting License
CA · 2021
Crown DK CAN Ltd.
The stack
Open banking
Trustly
KYC
Socure
Accounting gap: none