DraftKings Inc., a digital sports entertainment and gaming company
known for its industry-leading daily fantasy sports and mobile
sports betting platforms, today announced that it has completed its
business combination (the “Business Combination”) with SBTech
(Global) Limited (“SBTech”), an international provider of
cutting-edge sports gaming technologies, and Diamond Eagle
Acquisition Corp. (“Diamond Eagle”) (Nasdaq: DEAC). The Business
Combination, which was approved on April 23, 2020, by DEAC’s
stockholders, creates the only vertically integrated pure-play
sports betting and online gaming company based in the United
States. Beginning April 24, 2020, DraftKings’ shares of Class A
common stock will trade on the Nasdaq Global Select Market under
the ticker symbol “DKNG” and its warrants will trade on Nasdaq
under the ticker symbol “DKNGW”.
“Today marks another milestone for DraftKings and the future of
digital sports entertainment and gaming in America,” said Jason
Robins, co-founder and CEO of DraftKings. “By bringing together our
leading consumer brand, data science expertise and industry-leading
products with SBTech’s proven technology platform, we will
accelerate our innovation, growth and scale. I am confident that
the new DraftKings will progress our goal of offering the best,
most innovative sports and gaming products to our
customers.”
In addition to Robins, DraftKings will continue to be led by its
highly experienced management team including co-founder and
President, North America, Matt Kalish; co-founder and President,
Global Technology and Product, Paul Liberman; Chief Legal Officer,
R. Stanton Dodge; and Chief Financial Officer Jason Park. Robins
will also serve as Chairman of the Board with Harry Sloan of
Diamond Eagle serving as Vice Chair.
DraftKings, which has approximately 2,300 worldwide employees,
will maintain its global headquarters in Boston, as well as
additional U.S.-based offices in Hoboken, Las Vegas, New York and
San Francisco, and international offices including Dublin, Kyiv,
Plovdiv, Sofia and Tel Aviv.
Raine Group acted as exclusive financial advisor to DraftKings.
Goldman Sachs & Co. LLC acted as exclusive financial advisor to
Diamond Eagle. Sullivan & Cromwell LLP acted as legal advisor
to DraftKings. Winston & Strawn LLP acted as legal advisor to
Diamond Eagle. Stifel acted as financial advisor and Herzog, Fox
& Neeman and Skadden, Arps, Slate, Meagher & Flom LLP acted
as legal advisors to SBTech. Deutsche Bank Securities Inc. and
Goldman Sachs & Co. LLC acted as capital markets advisors, and
Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC
acted as private placement agents to Diamond Eagle.
Conference Call Information
Investors may listen to a pre-recorded call from DraftKings
co-founder and CEO Jason Robins regarding the closing and
DraftKings’ entry to the public market at 8:00 am EDT on April 24,
2020. The live call may be accessed by dialing +1 833-644-0686 for
domestic callers or +1 918-922-6762 for international callers. Once
connected with the operator, please provide the conference ID of
“4525506.”
A replay of the call will also be available from 2:00 pm EDT on
April 24, 2020 to 11:59 pm EDT on May 1st, 2020. To access the
replay, the domestic toll-free access number is +1 855-859-2056, or
for international callers +1 404-537-3406, and participants should
provide the conference ID of “4525506.”
Please visit DraftKings’ investor relations
website investors.draftkings.com to access the
pre-recorded call.
About DraftKings
DraftKings is a digital sports entertainment and gaming company
created to fuel the competitive spirits of sports fans with
products that range across daily fantasy, regulated gaming and
digital media. Headquartered in Boston, and launched in 2012 by
Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only
U.S.-based vertically integrated sports betting operator.
DraftKings is a multi-channel provider of sports betting and gaming
technologies, powering sports and gaming entertainment for 50+
operators across more than 15 regulated U.S. and global markets,
including Arkansas and Oregon in the U.S. DraftKings’ Sportsbook
offers mobile and retail betting for major U.S. and international
sports and operates in the United States pursuant to regulations in
Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York,
Pennsylvania and West Virginia. DraftKings’ daily fantasy sports
product is available in 8 countries internationally with 15
distinct sports categories. DraftKings is the official daily
fantasy partner of the NFL as well as an authorized gaming operator
of the MLB and NBA.
Forward-Looking Statements
Certain statements made in this release are “forward looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside DraftKings’ control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
that may affect actual results or outcomes include the inability to
recognize the anticipated benefits of the Business Combination;
costs related to the Business Combination; the inability to obtain
or maintain the listing of DraftKings’ shares on Nasdaq;
DraftKings’ ability to manage growth; DraftKings’ ability to
execute its business plan and meet its projections; potential
litigation involving the DraftKings; changes in applicable laws or
regulations, particularly with respect to gaming; general economic
and market conditions impacting demand for DraftKings’ products and
services, and in particular economic and market conditions in the
media / entertainment / gaming / software industry in the markets
in which DraftKings’ operates; the potential adverse effects of the
ongoing global coronavirus (COVID-19) pandemic on capital markets,
general economic conditions, unemployment and DraftKings’
liquidity, operations and personnel. DraftKings does not undertake
any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Contacts
Media:Media@draftkings.com
Investors:Investors@draftkings.com
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