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Betting Website DraftKings Buys Golden Nugget Online

Written by:

Gilbert Horowitz

Published on:

Aug/11/2021

Betting Website DraftKings Buys Golden Nugget Online

Boston-based DraftKings Inc. is acquiring the online gambling subsidiary of Golden Nugget Inc. in a stock deal valued at $1.56 billion. The move adds approximately 5 million more customers to DraftKings, according to that company.

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“Our acquisition of Golden Nugget Online Gaming, a brand synonymous with iGaming and entertainment, will enhance our ability to instantly reach a broader consumer base,” said Jason Robins, CEO and board chairman of DraftKings.

“This transaction will add great value to the shareholders as two market leaders merge into a leading global player in digital sports, entertainment and online gaming,” said Tilman Fertitta, CEO of Golden Nugget Online Gaming.

Tilman also owns the NBA Houston Rockets, Landry’s restaurants and Golden Nugget casinos in Las Vegas and Atlantic City, New Jersey.

Golden Nugget Online shares traded up nearly 51% on news of the acquisition, closing at $18.50 Monday when the news was announced. .

DraftKings shares rose 1.49% to close at $52.36.

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