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Sports Betting Firm DraftKings Closes Merger, Goes Public Despite COVID-19
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deadline.comBy Dade Hayes Finance Editor While COVID-19 has turned the lights out on college and pro sports for the time being, sports betting firm DraftKings went public Friday after closing a $3.3 billion, three-way merger with Hollywood ties.
The company’s shares rose more than 12% in early trading after opening at $17.53 on the Nasdaq under the ticker symbol DKNG.
Founded eight years ago, the company has thrived on the shift toward legalized sports betting, in the wake of a Supreme Court ruling that has thus far enabled eight states to make it legal.
The merger, which was announced last December and officially closed Thursday, brought together Draft Kings, SBTech and Diamond Eagle Acquisition Corp.
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