George Soros Places a Sizable Bet on DraftKings
Gambling News

George Soros Places a Sizable Bet on DraftKings

George Soros is one of the well-known investors who received shares of DraftKings, a firm that operates daily fantasy sports and sports betting, after it went public late last month as a result of a merger involving three companies.

2.7 million DraftKings Class A shares, representing a $66 million interest in the business, are held by Quantum Partners, an investment vehicle managed by Soros Fund Management, according to a recent filing with the US Securities and Exchange Commission.

For Mr. Soros and his family, Soros Fund Management is responsible for managing investments totaling about $25 billion.

Through a merger with European sports betting technology startup SBTech and NASDAQ-listed special purpose acquisition company Diamond Eagle Acquisition Corp., DraftKings went public last month.

By joining together with Diamond Eagle, DraftKings was able to go public without conducting a traditional IPO. The company is currently listed on NASDAQ under the ticker DKNG. Ever since it went public, it has increased by 40%.

The business was established in 2012 in Boston to offer paid daily fantasy sports competitions. DraftKings entered the country's newly opened wagering market after the US Supreme Court struck down a long-standing federal ban on sports betting two years ago, and has since grown to become one of the top sportsbooks in nearly half of the states that have authorized athletic wagering since then.

Major Investors Are Attracted to DraftKings

Jerry Jones, the owner of the Dallas Cowboys, and Robert Kraft, the owner of the New England Patriots, have both made startup investments in DraftKings in the past.

Some well-known individuals are on the list of its investors since it went public last month. According to a recent SEC filing, Mousse Partners, the family office that looks after the Wertheimer family's wealth, has a $88 million interest in DraftKings.

Nearly $20 million in shares are owned by Michael Gordon, a former money manager for Jeffrey Vinik's hedge fund.

Nearly 1.5 million shares are indirectly held by Madison Square Garden Entertainment Corp., which is governed by the Dolan family, owners of the New York Knicks. The owners of some professional basketball clubs are also listed as investors in DraftKings.

In a very competitive sector, the gaming company is trying to attract investors by offering betting services heavily reliant on mobile devices.

"The only vertically integrated pure-play sports betting and online gaming company established in the United States" was created by the combination of DraftKings and SBTech. The united group is looking to compete in the US sports betting market and now has $500 million in cash on hand.

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