DraftKings has announced that it will go public via a reverse merger with a blank-check acquisition company called Diamond Eagle, with sports betting tech platform SBTech also being rolled in.
Sports betting is now legal in 11 US states, with dozens of others considering legislation. The combined company is expected to have an initial market cap of around $3.3bn.
This includes just over $300m in new investment from institutions like Capital Research and Management, Wellington Management and Franklin Templeton. DraftKings hit a peak valuation of around $2b in 2015, but later pulled back.
