DraftKings HQ

DraftKings has agreed to a deal to acquire Golden Nuggett Online Gaming (GNOG) from Fertitta Entertainment in a deal valued at about $1.56 billion (€1.33 billion).

With the deal, the company expects to be able to expand its presence in the lucrative market for online betting, combining resources to boost sales and market share.

In a joint statement on Monday, the companies said the deal would yield around $300 million (€255 million) in savings from overlapping costs and create new cross-selling opportunities.

The deal will see GNOG chairman, CEO, and largest shareholder, Tilman Fertitta, who will continue to own the Golden Nugget’s land-based operations, join the DraftKings board.

GNOG’s shareholders still need to vote on the transaction, but the deal has already been unanimously approved by its board.

The agreement will give DraftKings more casino-style betting games and see it expand its market share in sports wagering, which is gaining traction in the US as a general liberalization of sports betting rules takes place.

Subsequently to the deal, DraftKings will reorganise its holding company, and GNOG shareholders will receive 0.365 shares in DraftKings for each of their shares.

Continue Reading

An unparalleled ecosystem for digital nomads

12 July 2024
by Ramona Depares

The Nomad Residence Permit offers non-EU employees a chance to experience Malta’s unique lifestyle, as an ideal remote work destination

England victory set to cost bookies tens of millions

11 July 2024
by iGamingCapital.mt

Industry set for record turnover as final set to be most bet on game of the season

Data reveals gamer’s favorite classic plays

9 July 2024
by iGamingCapital.mt

Call of Duty: Modern Warfare 2 is the number one retro title that gamers are looking to replay

Xpoint appoints Ron Braunfeld as chief revenue officer

8 July 2024
by Helena Grech

He joins Xpoint with a wealth of experience in business development, sales, and strategic partnerships within the technology and venture capital sectors

See more