The daily fantasy sports industry got its first especially good news in quite a while when Bloomberg and others reported on March 9 that daily fantasy company DraftKings has raised $100 million in investment money.
The cash infusion comes from a round of investment led by Todd Boehly’s Eldridge Industries LLC. Boehly is a part owner of the Los Angeles Dodgers.
The investment appears to be the first significant investment in daily fantasy sports since the announced merger of industry leaders DraftKings and FanDuel last year.
There have been few details of what the merged daily fantasy company would look like and the merger itself still requires the approval of federal regulators. The combined company would control about 90 percent of the DFS market.
DraftKings’ CEO Jason Robins released the following statement regarding the recent investment, according to Bloomberg:
“We were looking for a funding partner who could bring additional depth to the table” and that Eldredge Industries has a “deep bench of experts to help fuel DraftKings’ continuing growth as a sports entertainment company.”
The Boehly-Eldredge Industries investment follows investments from and partnerships with other sports-related sources, whether leagues, teams or media over the last few years.
On the DraftKings side of investment/partnerships (past and present) have been: Revolution Capital (Washington Wizards & Capitals owner Ted Leonisis, $150 million announced last September), Kraft Group (Robert Kraft, owner of the New England Patriots), Madison Square Garden, Major League Baseball as well as numerous MLB, NFL, NBA and NHL teams, plus others.
On the FanDuel side of investments/partnerships (past and present) have been: the NBA, Comcast Ventures, Time Warner, as well as numerous NFL and NBA teams, plus others.