DraftKings and rival FanDuel are believed to be among the companies who are bidding for The Athletic following the news that talks over a potential takeover by another media company have fallen through.
DraftKings, FanDuel in the Mix as The Athletic Struggles to Find Buyer DraftKings, FanDuel in the Mix as The Athletic Struggles to Find Buyer DraftKings, FanDuel in the Mix as The Athletic Struggles to Find BuyerThe reported interest from both DraftKings and FanDuel comes not long after Macquarie Research forecast a $30 billion sports betting and iGaming market by 2030 with much of that revenue attributable to operator partnerships with media firms. The two biggest names in sports betting in the USA have been quick to understand the true value of media relationships and ownership as both look to dominate the relatively new industry.
DraftKings purchased Vegas Sports Information Network (VSiN) in March of this year and just a month later announced a $50 million investment in Meadowlark Media. The company was also linked with the purchase of Score Media & Gaming, but it was a competitor, Penn National Gaming that sealed that particular deal for a reported $2 billion.
The Athletic’s current valuation of $750 million is considerably more than the company was valued at last year. In 2020, the media firm raised $50 million in venture funding placing a $500 million valuation on the company. Despite raising funding and having significant backers, it’s believed that the firm isn’t profitable suggesting that any deal could end up being worth less than the co-founders valuation.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.