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DraftKings Raises $153 Million
$153 MILLION IN NEW CAPITAL FOR DRAFTKINGS
US sports-oriented Revolution Growth leads new investment.
Daily fantasy sports operator DraftKings has announced the achievement of a new capital infusion of $153 million following a funding round led by Revolution Growth, a US sports-oriented investment group founded by Ted Leonsis.
The new cash is available just in time for the US NFL football season, which starts next week.
Announcing the new investment, DraftKings CEO Jason Robins commented in a statement Thursday:
"The round was oversubscribed and participants include several new investors, such as Revolution Growth. Revolution Growth is a tremendous new partner for DraftKings, with an entrepreneurial outlook and spirit of innovation that meshes perfectly with the culture of our company. They also have deep expertise in sports, technology, and policy."
Steve Murray, a partner at Revolution Growth, will be joining the board of directors at DraftKings.
“Online fantasy sports are just one of the many ways technology has disrupted the sports industry in recent years,” Murray said in a statement. “Building a business is never easy, especially one that is leading the creation of a new marketplace, but Revolution has the expertise to help entrepreneurs execute on their ideas, especially where sports and policy intersect.”
DraftKings has been coy about how in intends to deploy the new capital, but there have been recent reports that the company is now valued "substantially lower" than the $2 billion the company was worth when it raised $300 million in a funding round in July last year.
Since then, the DFS industry has been under siege from political and enforcement bodies following an insider betting scandal, necessitating heavy legal and lobbying costs in addition to the high marketing budgets DraftKings has been accustomed to spending.
Revolution Growth led a similar funding round last year that raised $44 million for Sportradar, a supplier of sports and betting-related live data, odds solutions and fraud detection services.
$75K Win on Mobile Slot @ CafeCasino -
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2017 Punta Cana Poker Classic Results -
The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.
NHL Odds: Winnipeg Jets vs. Minnesota Wild -
Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.
Historic weekend at Americas CardRoom -
ACR ran two $1,000,000 guaranteed tournaments last Sunday for the first time in their history; a $2,100 high roller for the BOSS Main Event and a $540 buy-in Million Dollar Sunday. They were both on the last day of the $14 Million OSS Cub3d.
WPN Affiliates Headed to Berlin Affiliate Conference -
With the Berlin Affiliate Conference just over a week away, WPN Affiliates is making a bold statement. The online poker affiliate network announced that they are eager to buy traffic and ready to make deals with affiliates looking to capitalize on some big innovations.
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