DraftKings to Go Public

Sports bettingBOSTON and LOS ANGELES – DECEMBER 23, 2019 – DraftKings Inc., a digital sports entertainment and gaming company known for its industry-leading daily fantasy sports and mobile sports betting platforms, has entered into a definitive business combination agreement with Diamond Eagle Acquisition Corp. (Nasdaq: DEAC) (“Diamond Eagle”), a publicly traded special purpose acquisition company, and SBTech, an international turnkey provider of cutting-edge sports betting and gaming technologies.

The combined company will become the only vertically-integrated pure-play sports betting and online gaming company based in the United States. The transaction is expected to close in the first half of 2020. In connection with the closing of the transaction, Diamond Eagle intends to change its name to DraftKings Inc., reincorporate in Nevada and remain Nasdaq-listed under a new ticker symbol.

Santa Anita opening day moved to Saturday

“The combination of DraftKings’ leading and trusted brand, deep focus on customer experience and data science expertise and SBTech’s highly innovative and proven technology platform creates a vertically-integrated powerhouse,” said Jason Robins co-founder and CEO of DraftKings. “I look forward to building significantly upon our goals of continuing our state-by-state rollout and creating the most entertaining and engaging customer experiences for sports fans globally.”

The new DraftKings will continue to be led by co-founder and CEO Jason Robins and will retain DraftKings’ highly experienced management team, including co-founders Paul Liberman and Matt Kalish. The SBTech management team who bring a wealth of international markets, trading and risk management experience will also be integrated into the organization.

Institutional investors (including funds managed by Capital Research and Management Company, Wellington Management Company and Franklin Templeton) have committed to a private investment of $304 million in Class A common stock of the combined company that will close concurrently with the business combination and, subject to any redemptions by DEAC stockholders, there is $400 million currently held in Diamond Eagle’s trust account. It is anticipated that the combined company will have an equity market capitalization at closing of approximately $3.3 billion and have over $500 million of unrestricted cash on the balance sheet.

“We are pleased to bring DraftKings and SBTech together as one public company,” said Harry E. Sloan, Founding Investor of Diamond Eagle. “DraftKings is already a premier online fantasy sports and betting platform. With the full integration of SBTech’s technology and innovative product expertise coupled with the right capitalization, DraftKings will be in a great position to continue its ambitious expansion plans in the United States. I have known Jason Robins for four years, and consider him a true entrepreneur. I believe our investors share my utmost respect for his vision and leadership.”

DraftKings Brand Highlights

Since becoming the first mobile operator to launch in New Jersey in August 2018, DraftKings has consistently maintained greater than 30% online market share, and for the nine months ended September 30, 2019, the company recorded 8.5x year-over-year revenue growth in the state. DraftKings currently offers mobile and online sports betting in Indiana, New Jersey, Pennsylvania and West Virginia, and retail locations in Iowa, Mississippi, New Jersey and New York.

DraftKings’ daily fantasy sports product is available in 43 states and 8 international markets including Australia, Canada and the U.K., has approximately 60% market share and leverages its customer acquisition and cross-selling model for its sportsbook and iGaming offerings.
DraftKings established a “one-platform” model by launching features like single sign-on, an integrated wallet and universal user profile, that allows a user to move seamlessly between a DFS contest, a sports wager and a hand of blackjack, enabling the company to quickly bring to market new offerings without reinventing the wheel of an entirely new back-end infrastructure.
SBTech Highlights

SBTech is a premier global full-service B2B turnkey technology provider with omni-channel sports betting solutions, trading services, and marketing and bonus tools powering some of the world’s most popular sports betting and online gaming brands.
50+ partners in 20+ regulated markets and jurisdictions including Czech Republic, Denmark, Ireland, Italy, Mexico, Portugal, Spain, Sweden, and U.K. and Arkansas, Indiana, Mississippi, New Jersey, Oregon and Pennsylvania in United States.
Awarded exclusive contract offering mobile and retail sports betting for the Oregon state lottery with their Oregon Lottery Scoreboard brand.
“The combination of DraftKings and SBTech brings together two tech-native companies with the customer at their cores,” said Gavin Isaacs, SBTech’s Chairman. “SBTech will maintain its core business and continue its B2B focus. We are excited about the opportunity to join a company with a similar innovation DNA and create a unique and differentiated player in global sports betting and online gaming.”

Conference Call and Webcast Information

Investors may listen to a pre-recorded call regarding the proposed business combination at 11:00 am EST on December 23, 2019. The live call may be accessed by dialing (877) 451-6152 for domestic callers or (201) 389-0879 for international callers. Once connected with the operator, please provide the conference ID of “13697668.”

A replay of the call will also be available from 2:00 pm EST on December 23, 2019 to 11:59 pm EST on December 30th 2019. To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of “13697668.”

Please visit Diamond Eagle’s website http://eagleinvestmentpartners.com/ to access the webcast.

On the call, the presenters will be reviewing an investor presentation, which will be available on Diamond Eagle’s website and filed with the SEC as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov.

Additional Information about the Business Combination and Where to Find It

In connection with the proposed business combination, DEAC NV Merger Corp., a subsidiary of Diamond Eagle and the going-forward public company to be renamed DraftKings Inc. at closing (“New DraftKings”), intends to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus, and certain other related documents, to be used at the meeting of stockholders to approve the proposed business combination. INVESTORS AND SECURITY HOLDERS OF DIAMOND EAGLE ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DRAFTKINGS, SBTECH, DIAMOND EAGLE AND THE BUSINESS COMBINATION. The definitive proxy statement will be mailed to shareholders of Diamond Eagle as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the Registration Statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov,or by directing a request to: Diamond Eagle Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los Angeles, California, Attention: Eli Baker, President, Chief Financial Officer and Secretary, (310) 209-7280.

Participants in the Solicitation

Diamond Eagle and its directors and executive officers may be deemed participants in the solicitation of proxies from Diamond Eagle’s shareholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Diamond Eagle is contained in the final prospectus for Diamond Eagle’s initial public offering, which was filed with the SEC on May 14, 2019, and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to Diamond Eagle Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los Angeles, California, Attention: Eli Baker, President, Chief Financial Officer and Secretary, (310) 209-7280. Additional information regarding the interests of such participants will be set forth in the Registration Statement for the proposed business combination when available.

Each of DraftKings and SBTech and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Diamond Eagle in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the Registration Statement for the business combination when available.

About DraftKings

DraftKings is a U.S.-based digital sports entertainment and gaming company created to fuel the competitive spirits of sports fans with offerings that range across daily fantasy sports, sports betting and regulated gaming. Founded in 2011 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sport categories. Launched in 2018, DraftKings Sportsbook offers mobile and retail betting for major national and global sports, and currently operates pursuant to state regulations in Indiana, Iowa, Mississippi, New Jersey, New York, Pennsylvania and West Virginia. DraftKings is the Official Daily Fantasy Partner of the NFL and PGA Tour as well as an Authorized Gaming Operator of the MLB and NBA. Headquartered in Boston, DraftKings holds offices across the country including Las Vegas, New Jersey, New York, and San Francisco.

About SBTech

SBTech is a global leader in omni-channel sports betting and gaming, with more than 1,200 employees in 10 offices worldwide. Since 2007, the group has developed the industry’s most powerful online sports betting and casino platform, serving licensees in more than 15 regulated territories. SBTech’s clients include many of the world’s premier betting and gaming operators, state lotteries, land-based casinos, horse racing companies, and iGaming start-ups. The group supplies highly flexible betting and gaming solutions to clients looking for exceptional configurability and the quickest route to market, complemented by proven business intelligence and reporting capabilities. The SBTech offering includes its seamless sportsbook, Chameleon360 igaming platform, managed services, on-property sportsbook and omni-channel solutions that provide players with constant access to sports and casino products across all online, mobile and retail channels. Supported by unrivalled expertise in trading and risk management, acquisition and CRM, and the highest standards of regulatory compliance, SBTech’s partners consistently achieve rapid growth, enhanced brand loyalty and record revenues. 5

About Diamond Eagle Acquisition Corp.

Founded by media executive Jeff Sagansky and founding investor Harry Sloan, Diamond Eagle Acquisition Corp. was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Source: Press Release

New Jersey Sports Betting Handle Smashes Own Record With Over Half a Billion in 1 Month

New Jersey Sports Betting Handle Smashes Own Record With $562.7 Million In NovemberThe New Jersey sports betting market exploded to a new record high for total dollars wagered in a single month — $562.7 million in November, the first time Garden State sportsbooks handled in excess of half a billion dollars in a single month. This now makes three consecutive months […]

While it is no longer possible to pinpoint the exact betting handle at every online sportsbook, barring self-disclosures, we can see that the combination of FanDuel Sportsbook and PointsBet — operating through partnerships with the Meadowlands Racetrack — produced $12.2 million in revenue in November.

Couple that with $2.67 million in revenue via the physical FanDuel Sportsbook located at the Meadowlands, about eight miles from New York City, and it’s almost $15 million, or nearly half of the entire state’s combined operator gross revenue.

More about New Jersey Sports Betting Handle:

5 Types of Sportsbook Regulars: The Mush And More

From Sportshandle.com, the 5 types of bettors we meet in the sportsbook or track.

THE MUSH

This is the guy who picks losers more than winners. Just like Eddie Mush in A Bronx Tale. If he makes a play on your team, you get that sick feeling in your stomach knowing it’s going to take a miracle to win your bet. Ideally, you want to get his play beforehand and go the other way.

Let it Ride movieMy Mush was Patty Snaps. One of the nicest guys I ever met in the book. A former casino host originally from Ohio, he was a character, and he had great stories. He always had a tip on a horse that couldn’t lose, but did. And when he bet a game, he had it all lined up why it would win.

I called him Patty Snaps because he had the best snap I’ve ever seen when he watched a race or game. You could hear it from a mile away. Impressive really.

But Snaps was the guy whose horse would win then get taken down by an inquiry. And his teams would either lose in epic, last minute finishes or get blown out by 50. His favorite line was “If I didn’t have bad luck, I’d have no luck at all.”

Sports Book at Indiana Grand Racing & Casino

Source:  Indiana Downs

Indiana Grand Racing & Casino made history Sunday, Sept. 1, 2019 as it became the first Sports Book in the state. A special pep rally was lead into the commemorative ribbon cutting ceremony to mark the official opening of Winner’s Circle Race, Sports, Pub.

“We are extremely excited and honored to open the first Sports Book in the State of Indiana,” said Ron Baumann, senior vice president and general manager of Indiana Grand Racing & Casino. “Our new Sports Book is a highly anticipated addition to our property, and we have worked hard over the past few months to redesign our current Winner’s Circle to accommodate the newest option in gaming in the state of Indiana.”

The Pep Rally will get underway at approximately 12:45 p.m. followed by comments from several local dignitaries, including Mayor Tom DeBaun of Shelbyville. At the conclusion of the ceremony, the Sports Book will officially launch legalized sports betting in the state of Indiana.

Sports available for legal wagers include professional football, basketball, baseball and golf. In addition, more than 100 other sporting events will be included in the new Sports Book at Indiana Grand.

The current Winner’s Circle has been expanded to include an entire new section dedicated to sports wagers. This addition will complement the existing area already established as the off-track betting venue for horse racing and dining venue.

The event is open to guests 21 years of age and older. The ribbon cutting ceremony will take place in front of the opening into the sports book inside Winner’s Circle, which is located on the casino floor. Those in attendance will receive a commemorative ball cap while supplies last to signify the historic event in Indiana history.

2019 DraftKings Betting Championship Could Happen In December

Sports bettingDraftKings blazed a new trail in sports betting with the first annual DraftKings Sports Betting National Championship (SBNC). The $10,000 buy-in sports betting event took place from January 11-13 in Jersey City, NJ. The event guaranteed a $2.5 million prize pool with the winner receiving $1 million.

There were 242 participants in the first SBNC in January. Each player started with a $5,000 bankroll to use in the DraftKings Sportsbook in New Jersey. While the event was generally run pretty smoothly, there were some bumps in the road to crowning a champion.

The Chargers vs. Patriots game ran late on the final day of the competiton, ending just a few minutes before the start of Eagles vs. Saints game. Several bettors near the top of the leaderboard didn’t have their winning bets on the Patriots graded in time to get money down on the Eagles or Saints.

Participants were warned about this potentially happening, but the issues still …

Thanks to Sports Betting, New Jersey Horse Racing Is Looking Up

Monmouth Park by Rich Nilsen

copyright 2016 AGameofSkill.com

OCEANPORT, N.J. – Last Friday, the New Jersey State Bar Association (NJSBA) hosted its annual Day at the Races event. The meeting, designed to focus on legal issues in the state horse racing industry, was held at Monmouth Park.

Last year, Monmouth Park made headlines by taking the first legal sports bet in New Jersey, when Gov. Phil Murphy put $20 on Germany to win the FIFA World Cup.

The NJSBA event was moderated by Monmouth Park CEO Dennis Drazin, who was recently inducted into the Sports Betting Hall of Fame for his role in bringing the industry to New Jersey.

Along with Drazin, former New Jersey senator Ray Lesniak was on hand to discuss the status of horse racing in the Garden State.

“Less than one year [after the PASPA overturn], sports bettors wagered more in New Jersey than in Nevada which had a virtual monopoly on legal sports betting for more than 20 years. It took New Jersey less than a year to overcome that more than 20-year advantage,” said Lesniak.

Playing Saratoga – Get  this 9 Keys to Winning

Wimbledon 2019: A Look at the Men’s Singles Favourites

The pinnacle of the tennis season, not least the grass court season, is almost upon us – Wimbledon. The penultimate Grand Slam begins next month at the world-famous All England Lawn Club in SW19 and in readiness for the tournament beginning, we take a look at the favourites to win the men’s singles title. But in the meantime, check out all the latest Wimbledon men’s odds online.

Novak Djokovic

Reigning champion and world number 1, Novak Djokovic is the overwhelming favourite for the men’s singles title again this year. The Serbian has four Wimbledon titles to his name and overcame South African Kevin Anderson in last year’s final, 6-2, 6-2, 7-6(7-3). He previously enjoyed back-to-back wins in Wimbledon finals against Roger Federer in 2014 and 2015.

This season, Djokovic has won the Australian Open, which in turn, saw him win his fifteenth Grand Slam title; and he was also successful at the Madrid Open, beating eighth-seed Stefanos Tsitsipas in straight sets, 6-3, 6-4.

Rodger FedererRoger Federer

He holds both the records for the most Grand Slam titles (20) and the all-time record of eight Wimbledon titles, so there’s little doubting Roger Federer’s ability to go all the way again.

In the Open Era, he shares the record with Björn Borg for winning five consecutive Wimbledon titles. His first came in 2003, while more recently, Federer won his eighth Wimbledon title in 2017, when he defeated Marin Čilić in straight sets, 6-3, 6-1, 6-4.

The former world number 1 is currently number 3 in the ATP rankings, having retired in the quarter-finals of the Italian Open and lost out at the same stage of the Madrid Open in his return to clay after three years out.

Rafael Nadal

He may sit behind Roger Federer with 18 Grand Slam titles to his name, but the King of Clay, Rafael Nadal, has only won Wimbledon twice. The world number 2 first won the tournament in 2008, defeating the Swiss ace in five sets, 6-4, 6-4, 6-7(5-7), 6-7(8-10), 9-7; before winning for the second time in 2010, beating the Czech Republic’s Tomáš Berdych, 6-3, 7-5, 6-4.

This year, Nadal came runner-up in the Australian Open (a Grand Slam he’s only one once, in 2009); while a string of semi-final defeats in a number of ATP 1000 masters finally culminated in victory, when he won the Rome masters last month. More recently he added to his Grand Slam tally, by winning the French Open for the twelfth time.

Alexander Zverev

He’s the second-youngest player in the ATP top 10 and is certainly one to watch for the future, with 10 career titles to his name already. However, 22-year-old Alexander Zverev, has yet to make a lasting impression on the big stage. At Wimbledon, his best finish to date has been making the fourth round (2017).

Last year he made the quarter-finals of the French Open, losing to eventual runner-up Dominic Thiem in straight sets, 6-4, 6-2, 6-1. However, the German has previously overcome the odds and tough opposition. Only last year, he beat Djokovic in the ATP finals, while he previously beat the Serb in 2017’s Italian Open and in the same year, beat his idol, Federer in the Canadian Open.

N.J. Legalized Sports Betting. Will it Challenge Nevada? Help Horse Racing?

Exactly a year ago, Gov. Phil Murphy traveled to Monmouth Park racetrack in Oceanport and made history by placing the first legal sports bets in New Jersey.

He wagered $20 apiece on Germany winning the World Cup and the New Jersey Devils taking the Stanley Cup. Both bets were a bust.

But a year later, elected officials, industry leaders, and gaming experts say the Garden State’s years-long gamble to fight pro sports leagues — all the way to the U.S. Supreme Court — to legalize sports betting has paid off big time.

On a national level, New Jersey’s successful court case opened the door for sports betting to become legal across the country.

On a local level, leaders say, it has helped provide a jolt to the state’s casinos and horse-racing industries, created hundreds of new jobs, provided the state with a bit more in tax revenue, and given New Yorkers a new reason to cross the Hudson River.

“I would characterize New Jersey as a success story and model for the rest of the country,” said Daniel Wallach, founder of Wallach Legal LLC, the first law firm in the country with a focus on sports betting.

Murphy took it a …

Does Horse Racing Need To Make Changes To Keep Up With Sports Betting?

A gambler can walk into the Meadowlands Racetrack or Monmouth Park in New Jersey — or at racetracks in other states such as Pennsylvania and West Virginia — and go to the sportsbook there and place bets on sporting events. The “hold” by the books averages around 5%.

Or the gambler can make a wager on a horse race, either happening at that track or elsewhere via a simulcast TV feed. The hold for that bet is around 15-20%.

Is that a problem, now that sports betting increasingly is going hand-in-hand with horse racing?

The Thoroughbred Idea Foundation, a not-for-profit industry advocacy group, said it is, in a provocative report published earlier this year.

“Racing’s existing customers, including our best customers, will be wooed by fabulously funded sports betting agencies,” the article reads, “while future generations of potential customers will be avalanched by customized fixed-odds betting products featuring their favorite leagues, teams, and players. The opportunities will be endless.

“Over roughly the next two to three years, racing must adapt to these new market conditions — accepting fixed-odds and exchange wagering on its product; developing a new funding model to support the sport in light of this disruptive, well-financed and aggressive competition; significantly boosting and improving our marketing efforts; and innovating to create new types of bets for customers who will soon be taken by agile, forward-thinking sports betting outlets. The future of horse racing …

Get Free Sports Betting Money

An enjoyable and profitable activity for those who are into sports betting is online sports betting. There is no longer a need to troop to betting shops to wage on one’s favorite sports. To make online sports betting more attractive, online bookmakers are offering free sports betting money to new registrants on their site. These sites afford the best of the best wagering in sports like baseball, basketball, soccer, football, hockey and even horse racing.

There are numerous online sportbooks that are credible sites. Some of them are 888, LeoVegas, BetFair and Bovada.

Sports betting888 Sportsbook

Offered by 888 Sportsbook to new sign-ups is a welcome bonus of free sports bet money worth £30 if they deposit a minimum of £10 through promotional code. This promo mostly runs on a limited time frame so it is best to grab such offer quickly.

A newly-registered player is required to bet £10 real money on sports with odds of ½ or 1.5 for the £30 free sport bets credited to his account. However, the player has only 7 days to use the free bet or it will be forfeited. Restrictions on deposits/withdrawals, and company terms and conditions apply.

LeoVegas Sportbook

New sign-ups at LeoVegas using any mobile device is given up to £50 welcome bonus. Upon signing-up, the new registrant has to deposit a minimum of £10, bet twice at £5 per bet selection valued at 1.5, and get 2x his bet if he wins. The free sports bet money has to be used within 7 days to avoid forfeiture.

BetFair Sportsbook

A £100 in free bets awaits new registered players of BetFair. This huge welcome bonus is one way of attracting sign-ups, and introducing them to other offerings of BetFair. A player who bets £10 will receive £20, so placing five £10 bets gives a player the chance to actually get £100 free sports bet money. Of course, terms and conditions apply regarding cashouts of new registered players. Newly registered players have 30 days to use their free bet money on any sports with odds of 1.5. Win or lose, the £100 free sports bet money will be credited to the player within 24 hours.

Bovada Sportsbook

Newly registered players are given a 50% sign-up bonus of up to $250. This sign-up bonus bet comes with a 5x rollover rule and is good for 30 minutes. Weekly rebates are given players who are into horse betting regardless if they win or lose.

Slots free with bonus are not available at these sites but at online casinos.