Last Updated on April 15, 2020
The full press release is here, via BusinessWire.
The U.S. SEC has given $DEAC their blessing to proceed with the vote…
Diamond Eagle Announces Effectiveness of Registration Statement for Proposed Business Combination with DraftKings and SBTech https://t.co/DPbParUQbn
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) April 15, 2020
DraftKings and SB Tech Combine into One
The biggest news from this merger being approved by the SEC means that DraftKings now has access to everything SB Tech provides. For those wondering, this now means that DraftKings effectively is a part of a business that owns and operators SB Tech, a company that providers online sportsbook operators with the technology. For example, when you log onto a sportsbook that has SB Tech technology, that tech has been “white labeled” by a company, purchased or rented from SB Tech. Now, DraftKings essentially owns that company.
This is certainly big news for DraftKings, as it now has “in-house” technology which is a massive cost to other sportsbook operators who have to pay for white label solutions.
DraftKings Goes Public via DEAC
The stock $DEAC trades on the NASDAQ at around $15 per share, and with this approval of a merger that allows for the public to essentially invest in DraftKings and SBTech if they so choose. It trades under $DEAC, but the company is fully expected to become a brand under “DraftKings”, which is a far more recognizable term. At the time of this “announcement”, $DEAC was $11.50 per share. This news comes days after a suspected cyber attack on SBTech.
Online betting company SBTech will have to place $30 million in escrow as insurance for covering the fallout from a suspected ransomware infection. #cybersecurity #data #breachhttps://t.co/7O9wjrXz0C pic.twitter.com/NM7vAKo34K
— Ostendio (@Ostendio) April 13, 2020
- Betting Odds On The 2024 Republican Presidential Nominee – Trump Leads - March 30, 2022
- 2022 NFL Draft #1 Pick Odds – Who goes first? - March 18, 2022
- Barstool Sportsbook Opens Betting on NCAA Tournament Seeding - March 5, 2022