DraftKings Agrees to Buy Golden Nugget Online Gaming for $1.56 Billion

DraftKings Inc. agreed to buy Golden Nugget Online Gaming Inc. in a deal valued at about $1.56 billion, expanding the fantasy-sports giant’s presence in the hot market for online betting.

DraftKings expects use the combined resources to boost sales and market share, yielding $300 million in savings from overlapping costs and creating new cross-selling opportunities, the companies said Monday in a statement. The deal, which has been approved by both companies’ boards, is expected to close in the first quarter of 2022.

The merger gives DraftKings more casino-type betting customers, in addition to expanding its market share in sports wagering, which is gaining traction in the U.S. as more states legalize the business. Last week, DraftKings raised its revenue forecast for the year, citing strong demand.

Read the source article at Yahoo Finance