DraftKings debuts on Wall Street amid sports world lockdown [Toronto Globe and Mail (Ontario, Canada)]
Diamond Eagle Acquisition Corp. (DEACU)
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Source: Toronto Globe and Mail
DraftKings debuts on Wall Street amid sports world lockdown Sports daily fantasy and betting website DraftKings made its stock market debut Friday against a backdrop of a near-complete shutdown of athletic competition across the globe due to the coronavirus pandemic. The gamble appeared to pay off, with the Boston-based company’s shares jumping 10% in afternoon trading. DraftKings’ move to Wall Street was sealed Thursday after shareholders of a blank-check company, Diamond Eagle Acquisition Corp., approved a merger. Blank check companies typically are publicly traded but have no operations of their own and aim to acquire or merge with others. The two also combined with sports gambling platform supplier SBTech, giving the new company a market value of $3.3 billion. DraftKings co-founder and CEO Jason Robins remains the head of the merged company. In a telephone interview with The Associated Press, Robins said he believes that the long-term outlook for sports gambling remains strong, an
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