September 6, 2016 Comments Off on DraftKings raises $150 million
After having one of its employees accused of insider-trading in 2015, DraftKings, one of the biggest names in fantasy football sports, has received $153 million in fresh funding from Revolution Growth, the venture firm owned by AOL founder Steve Case and Ted Leonsis, owner of Washington Capitals and Wizards. The capital infusion came just a few months before the start of the new NFL season. Although the company’s valuation was not announced in the news, research firm Eilers & Krejcik Gaming estimates DraftKings is valued at north of $1 billion, which is significantly lower than its $2 billion valuation in 2015. While DraftKings did not clarify how it will use its latest capital injection, critics guess the money will be used to boost advertising as the gaming giant seeks to recover from a year of legal scrutiny.
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