Sports betting and Fantasy sports market leader DraftKings is expected to finalize its $1.56 billion (€1.42 billion) acquisition of Golden Nugget Online Gaming by the end of May 2022.
The deal, which was announced in August of 2021, was subject to regulatory approvals. In a filing with the Securities and Exchange Commission on Friday of last week, DraftKings said that both companies “continue to pursue the remaining gaming regulatory approvals necessary” to finalize the acquisition.
The commercial agreement will see retail sportsbooks at Golden Nugget casinos rebranded under the DraftKings name
As part of the deal, Fertitta Entertainment—the holding company that controls Golden Nugget—has signed a commercial agreement with DraftKings. The commercial agreement will see retail sportsbooks at Golden Nugget casinos rebranded under the DraftKings name. This deal covers both existing Golden Nugget casinos and any casinos opened in the future.
Tilman Fertitta, who owns 46% of Golden Nugget Online, will also join the DraftKings board once the deal has been completed.
The Nevada Gaming Control Board confirmed that Boston-based DraftKings has an application on file for licensing. However, it’s unclear when the company will launch retail and online sportsbooks in Nevada.
The news follows the launch of DraftKings Ontario sportsbook on April 4th 2022. The successful launch in the only legal online sports betting market in Canada that allows privately-owned sports betting operators helped the company’s stock price to jump by more than 7% on the Nasdaq by the end of trading on Monday. Since the start of 2022, DraftKings shares had fallen by more than 20%.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.