DraftKings Secures Another $100M in New Round of Funding
The daily fantasy sports industry has had a difficult last 18 months but things have turned around after the legal battles in New York were settled and the necessary fines paid. It is well accepted now that the DFS industry will never return to the days where they were allowed to operate unhindered. Regulation whether on a state by state level or Federal level is seemingly the reality of the this industry,
In a reflection of the stability of the DFS industry DraftKings has just raised a new round of funding worth more than $100m and is the first round raised since their planned merger with rivals FanDuel was announced. The latest round of funding raised follows the more than $650 million raised in previous rounds which include investors like the Kraft Group, Redpoint Ventures, Revolution Growth and Accomplice.
DraftKings confirmed to Bloomberg that it had close a Series E1 round but did not confirm the exact amount although it was confirmed to sources at Bloomberg. The lead investor of the round is Eldridge Industries LLC who are part owners of the Los Angeles Dodgers baseball team. They also own the magazines Billboard and The Hollywood reporter.
DraftKings CEO Jason Robbins said in a statement that they were “looking for a funding partner who could bring additional depth to the table. The exceptional team at Eldridge does that through their incredible knowledge and success with media properties, providing a deep bench of experts to help fuel DraftKings’ continuing growth as a sports entertainment company.”