DraftKings to go public at $3.3 billion

Reuters Videos

Updated December 23, 2019 at 11:41 AM

Soon, you'll be able to place a bet on DraftKings itself. The popular fantasy sports and mobile gaming company plans to go public in 2020.

It's teaming up with Hollywood to do the deal. Diamond Eagle, an acquisition company founded by former MGM CEO Harry Sloan and ex-CBS Entertainment president Jeff Sagansky, is merging with DraftKings and sports betting technology firm SBTech. The deal values DraftKings at $3.3 billion.

DraftKings co-founder and CEO Jason Robins will lead the combined company.

The deal comes amid a consolidation of the sports gaming market. Last year, DraftKing's archrival, FanDuel, merged with Irish bookmaker Paddy Power Betfair. FanDuel had earlier scrapped its plans to merge with DraftKings after the Federal Trade Commission sought to block it.

Shares of Diamond Eagle rose 5% in early trading Monday.

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DraftKings to go public at $3.3 billion

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