Sports betting giant DraftKings to go public, plans merger

Business News

In this May 2, 2019, file photo, the DraftKings logo is displayed at the sports betting company headquarters in Boston (AP Photo/Charles Krupa, File)

BOSTON (AP) — Sports betting giant DraftKings plans to go public and merge with two other firms.

The Boston-based company said Monday that it will complete its merger with gambling tech firm SBTech and special purpose acquisition company Diamond Eagle Acquisition sometime in the first half of 2020.

DraftKings said the combined company will be valued at $3.3 billion. It did not give details about its planned initial public offering.

The new company will retain the DraftKings moniker and company co-founder and CEO Jason Robins will continue to lead it.

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