DraftKings

In 2012, three Boston-based entrepreneurs, Jason Robins, Paul Liberman, and Matt Kalish, launched DraftKings as a daily fantasy sports platform. The company quickly became a household name among sports fans, competing fiercely with FanDuel. Everything changed in May 2018, when the U.S. Supreme Court struck down PASPA, opening the door for states to legalize sports betting. DraftKings pivoted aggressively, building an online sportsbook and retail betting operations. By April 2020, the company went public via a reverse merger with SBTech and Diamond Eagle Acquisition Corp., trading on the NASDAQ as DKNG.

Today, DraftKings operates in over 20 states, offering sports betting, iGaming casino, daily fantasy sports, and an NFT marketplace. The brand is known for its slick mobile interface, same-game parlays, and aggressive marketing partnerships with the NFL, NBA, MLB, and UFC. In 2023, revenue hit $3.67 billion, a 64% jump from the prior year. The company achieved its first quarter of GAAP profitability in Q2 2023 and continues to expand into new markets like Kentucky and Ohio.

DraftKings has not been without controversy. A 2015 scandal involving an employee who accidentally released non-public data led to a $6 million settlement with New York's attorney general. More recently, class-action lawsuits over its NFT Marketplace alleged unregistered securities sales. Despite these setbacks, DraftKings remains one of the two dominant players in U.S. online sports betting, alongside FanDuel, with a market share of roughly 30-35% as of early 2024.[edit]