Draft Kings merges with Diamond Eagle and expects busy sports season
- DraftKings has combined with Diamond Eagle, a SPAC (special-purpose acquisition company) that went public last May, which will resume trading on the Nasdaq on Friday under the DraftKings name and the new ticker DKNG.
- “It’s a big milestone for us, and I think in many ways some of the things we went through, the different ups and downs and curveballs, make it that much more special,” says DraftKings co-founder and CEO Jason Robins
- The combined company will have around $500 million in cash on hand.
- Since many sports are being moved to May it will create an extremely crowded September sports schedule. Draft Kings is hoping that it will work in their favor.
- Draft kings CEO Jason Robins remarked that it will be adding additional server capacity and extra staff members for the anticipated busy season.
About Draft Kings
DraftKings Inc. provides online gaming. The Company designs and develops online fantasy sports applications for daily fantasy sports play options in major league fantasy baseball. DraftKings operates in the United Kingdom.