Deals

DraftKings to Acquire Golden Nugget Online for $1.56 Billion

Stock deal to provide cost savings, options for cross-selling
Golden Nugget is backed by Houston billionaire Tilman Fertitta

The logo for DraftKings is displayed on a laptop computer.

Photographer: Gabby Jones/Bloomberg

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By Rick Clough

August 9, 2021 at 12:12 PM UTC

Updated on

August 9, 2021 at 4:23 PM UTC

This article is for subscribers only.

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.