US news source Axios has reported that DFS operator DraftKings targets a further $150-200 million funding round, seeking to accelerate its US sports betting proposition.
The news of DraftKings’ planned funding round, comes as the Boston-based enterprise, today confirms that it has officially filed its application for a New Jersey state sports betting license.
Furthermore, this June saw DraftKings announce its first betting-centric partnership with New Jersey-based Resorts Atlantic City Casino.
Following the Supreme Court’s repeal of federal PASPA laws, DraftKings has made no secret of expanding its enterprise through sports betting.
Targeting New Jersey as its entry point, DraftKings governance believes that it will clear state licensing requirements by the start of the NFL season 2018/19 (regular season begins 7 September).
To date, DraftKings has secured circa $700 million in venture funding. Led by Eldrige Industries, DraftKings last VC round was undertaken in March 2017 raising $120 million.
Jason Robins CEO and Co-founder of DraftKings enterprise, has previously detailed that his firm will diversify its product base, beyond fantasy sports, accommodating new consumer trends in US sports.
Furthermore, the repeal of PASPA laws has seen a shake-up in DraftKings market, as its main DFS rival FanDuel has agreed to merge its business with FTSE-listed Paddy Power Betfair’s US subsidiary Betfair US.
Robins and corporate stakeholders actively seek to establish DraftKings early US betting footprint against potential US betting incumbents.