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Tuesday, April 16, 2024
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DraftKings to Acquire Golden Nugget Online for $1.56B

  • DraftKings entered into an agreement to acquire Golden Nugget Online Gaming.
  • The deal is valued at $1.56 billion.
DraftKings/Design: Alex Brooks

DraftKings entered into a definitive agreement on Monday to acquire Golden Nugget Online Gaming in an all-stock deal valued at roughly $1.56 billion. 

The acquisition will see the fantasy sports giant use Golden Nugget Online to expand its reach with a combined database of more than 5 million customers.

Golden Nugget is a subsidiary of Fertitta Entertainment, a conglomerate owned by billionaire restaurateur Tilman Fertitta. Its properties also include the Houston Rockets and Landry’s.

DraftKings generated $298 million in revenue in Q2 2021, a 297% increase compared to the same period a year prior.

The company has shown a willingness to spend to diversify its business.

  • It purchased sports betting media network VSiN in March for $70 million.
  • The same month, it agreed to a five-year partnership with UFC in a deal with more than $100 million. 
  • It inked a $50 million deal in April with Meadowlark Media for Dan Le Batard’s radio show and podcast network
  • The company is teaming up with sports bar chain Sports & Social to create co-branded dining establishments with a sports betting experience.  

DraftKings does not expect to be profitable in 2021, according to the company’s Q1 earnings call.

Editor’s Note: DraftKings is an FOS partner.

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