DraftKings Seeks $150-200M To Prepare For State-Run Betting
DraftKings is "speaking with investors" about raising another $150-200M in funding in order to "better build out its sports wagering business," according to Dan Primack of AXIOS. DraftKings recently "partnered with Resorts Atlantic City to offer betting in New Jersey, and expects that it will have the required licenses by the start of NFL season." DraftKings is "telling prospective investors that it expects daily fantasy sports to generate most company revenue for years to come, given the relatively slow process of state-by-state approvals for sports wagering." This would be DraftKings' "first round of funding since federal regulators blocked its proposed merger with FanDuel" (AXIOS.com, 6/11). Meanwhile, DraftKings has officially applied for a state license to offer sports betting in New Jersey, and its application has been accepted for filing by the state's Division of Gaming Enforcement (DraftKings).