DraftKings to Take Governance Role in Blockchain Network

Many sports-related companies are dabbling in blockchain products, but DraftKings is going a layer deeper.

The sports betting giant is working to become a validator on the Ethereum-based Polygon network, meaning it will help maintain the blockchain-based infrastructure of the network and facilitate transactions.

The partnership will also give DraftKings a governance role within the Polygon network, which streamlines operations that utilize Ethereum, including the creation of NFTs.

Polygon’s existing partners include legacy game maker Atari, NFT platform OpenSea, and virtual world creator Decentraland.

• DraftKings has already staked out territory in the growing NFT space.
• It distributes the digital collectibles for Tom Brady’s Autograph platform.

DraftKings has made substantial moves this year, acquiring Golden Nugget Online Gaming in August for $1.6 billion, and investing in the SPAC preparing to take Vivid Seats public. 

Last week, Drive by DraftKings, a venture firm backed by the company, announced a $60 million fundraise which included investments from Dallas Cowboys and New England Patriots owners Jerry Jones and Robert Kraft. 

The biggest move could still be on the horizon: Last week, DraftKings and Entain extended their negotiating window, following a $22.4 billion bid for the British gambling operator made by DraftKings in September.