History of DraftKings in Timeline

DraftKings Inc. is a Boston-based American gambling company offering sportsbook and daily fantasy sports (DFS) services. It operates as a major player in the online sports betting and fantasy sports industry, allowing users to place bets on real-world sporting events and participate in fantasy sports contests. The company's platform includes various features such as live betting, multiple sports options, and different contest formats. DraftKings has grown to become a prominent name in the expanding landscape of online gambling and sports entertainment.

1992: Professional and Amateur Sports Protection Act

In 1992, The Professional and Amateur Sports Protection Act was enacted and later deemed unconstitutional by the Supreme Court in May 2018.

2012: Establishment and Initial Product Launch

In 2012, DraftKings was established by Jason Robins, Matthew Kalish, and Paul Liberman, former Vistaprint employees. The company launched its first product, a one-on-one baseball competition, to coincide with Major League Baseball's opening day.

2012: Company Launch as a DFS Provider

In 2012, DraftKings was initially launched as a Daily Fantasy Sports (DFS) provider, becoming a competitor to FanDuel.

April 2013: Investment from Major League Baseball

In April 2013, Major League Baseball invested in DraftKings, marking the first investment by a US professional sports league in daily fantasy sports.

2013: Prize Winnings and Userbase Growth

In 2013, DraftKings awarded $50 million in prizes across weekly fantasy football, daily fantasy baseball, basketball and hockey and reported 50,000 active daily users.

February 2014: Prize Distribution and User Base Report

In February 2014, DraftKings reported that it awarded $50 million in prizes during 2013 across various fantasy sports and boasted 50,000 active daily users and up to one million registered players.

July 2014: Acquisition of DraftStreet

In July 2014, DraftKings acquired DraftStreet from IAC, increasing its user base by a reported 50%.

August 2014: $41 Million in Funding and Acquisition of StarStreet Assets

In August 2014, DraftKings secured $41 million in funding from investors including the Raine Group and acquired the assets of competitor StarStreet.

November 2014: Partnership with the National Hockey League (NHL)

In November 2014, DraftKings entered into a two-year agreement with the National Hockey League (NHL) to become its official daily fantasy sports service.

2014: Revenue from Entry Fees

In 2014, DraftKings announced it had received $304 million in users' entry fees.

April 2015: Deal with Major League Baseball

In April 2015, DraftKings reached a deal with Major League Baseball to offer co-branded MLB daily fantasy games. The company also announced that it had received $304 million in users' entry fees in 2014.

July 2015: $300 Million Funding Round Led by Fox Sports

In July 2015, DraftKings announced a $300 million funding round led by Fox Sports, along with the Kraft Group and Wellington Management. The agreement stipulated that DraftKings would spend $250 million on advertising with Fox Sports over three years.

July 2015: Advertising Deal with ESPN Inc.

In July 2015, DraftKings entered into a three-year, $250 million advertising deal with ESPN Inc., including integration of the service within ESPN's content and exclusive DFS advertising rights starting in January 2016.

August 2015: License Granted by Gambling Commission in the UK

In August 2015, DraftKings announced it received a license from the Gambling Commission in the United Kingdom to operate pool wagering services and planned to open an office in London, hiring Jeffrey Haas as Chief International Officer.

October 5, 2015: Data Leak Controversy and Initial Response

On October 5, 2015, The New York Times reported that a DraftKings employee inadvertently released data before NFL games and won $350,000 on FanDuel, leading to internal reviews and joint statements regarding integrity. Later, New York attorney general Eric Schneiderman opened an inquiry into DraftKings and FanDuel. ESPN also announced they would no longer be running segments sponsored by DraftKings.

January 2016: Exclusive Advertising Rights on ESPN Networks

Beginning in January 2016, DraftKings was slated to have exclusive rights in advertising DFS services on ESPN's networks, as part of its advertising deal.

February 5, 2016: Official Launch in the UK

On February 5, 2016, DraftKings officially launched in the UK with daily fantasy soccer, enhancing its platform to appeal to the local audience.

February 2016: ESPN Backs Out of Advertising Deal

In February 2016, ESPN backed out of its advertising deal with DraftKings due to the ongoing legal uncertainties surrounding the service.

May 2, 2016: DraftKings Banned in Idaho

On May 2, 2016, Idaho's attorney general, Lawrence Wasden, banned DraftKings and FanDuel from operating in the state, citing them as illegal gambling.

November 18, 2016: Merger Announcement with FanDuel

On November 18, 2016, DraftKings and FanDuel announced their intent to merge, potentially creating a company with over five million users.

2016: Failed Merger Investigation

In 2016, DraftKings and FanDuel had their merger fail and later in December 2024, US senators Mike Lee and Peter Welch encouraged an investigation of the companies' actions following their failed merger.

2016: Allegations of Unfair and Deceptive Practices

In 2016, Draftkings was involved in allegations of unfair and deceptive practices that would eventually lead to a settlement with the Massachusetts Attorney General's office in September 2017.

June 19, 2017: FTC Seeks to Block Merger

On June 19, 2017, the Federal Trade Commission (FTC) announced it would seek a preliminary injunction to block the proposed merger, arguing it would create a monopoly.

July 13, 2017: Merger Officially Called Off

On July 13, 2017, DraftKings and FanDuel officially called off their merger due to the threat of litigation from the FTC.

September 2017: Settlement with Massachusetts Attorney General

In September 2017, DraftKings paid $1.3 million to settle with the Massachusetts Attorney General's office over allegations of unfair and deceptive practices prior to 2016.

May 2018: Expansion into Online and Retail Sportsbooks

In May 2018, DraftKings began expanding into online and retail sportsbooks to capitalize on its brand and customer base, following the increasing legalization of sports betting in the United States.

May 2018: Supreme Court Decision Legalizing Sports Betting

In May 2018, the Supreme Court declared the Professional and Amateur Sports Protection Act of 1992 unconstitutional, allowing states outside of Nevada to legalize sports betting.

August 2018: Launch of First Online Sportsbook in New Jersey

In August 2018, DraftKings launched its first legal online sportsbook in New Jersey.

March 2019: Disney Acquires Fox's Stake in DraftKings

Due to Disney's acquisition of 21st Century Fox in March 2019, Fox's stake in DraftKings became owned by The Walt Disney Company.

May 2019: Diamond Eagle Acquisition Corp Goes Public

In May 2019, Diamond Eagle Acquisition Corp., a special-purpose acquisition company that would eventually be involved in the DraftKings reverse merger, went public.

April 2020: DraftKings Goes Public Through Reverse Merger

In April 2020, DraftKings became a publicly traded company through a reverse merger with SBTech and Diamond Eagle Acquisition Corp.

April 2020: Completion of Reverse Merger and Public Listing

In April 2020, DraftKings completed a $3.3 billion reverse merger, becoming a publicly traded company. The merger involved Diamond Eagle Acquisition Corp. and SBTech Global Ltd.

April 24, 2020: Shares Start Trading on Nasdaq

On April 24, 2020, DraftKings' shares began trading on the Nasdaq stock exchange under the ticker symbol "DKNG".

September 2020: Michael Jordan Joins as Investor and Advisor

In September 2020, retired NBA player Michael Jordan became an investor and board advisor at DraftKings.

March 2021: Acquisition of Vegas Stats & Information Network (VSiN)

In March 2021, DraftKings acquired the Vegas Stats & Information Network (VSiN) from the Musburger family.

July 2021: Market Capitalization

In July 2021, DraftKings reached a market capitalization of $20.64 billion.

December 2021: Patent Infringement Lawsuit by Colossus Bets

In December 2021, DraftKings was sued by Colossus Bets for patent infringement related to a cash-out feature in their sports betting and gaming products.

May 2022: Acquisition of Golden Nugget Online Gaming

In May 2022, DraftKings acquired Golden Nugget Online Gaming.

September 11, 2023: Controversial 9/11 Promotion and Apology

On September 11, 2023, DraftKings issued an apology for a controversial promotion that used the 22nd anniversary of the September 11 attacks to encourage betting on games involving New York-based teams. The promotion was quickly removed following public backlash.

September 2023: DraftKings Suspends Credit Card Payments

In September 2023, DraftKings suspended the use of credit cards as a payment method, following regulatory penalties by the Massachusetts Gaming Commission.

February 2024: Acquisition of Lottery Courier App Jackpocket

In February 2024, DraftKings acquired lottery courier app Jackpocket for $750 million.

July 2024: Sale of VSiN Back to Musburger Family

In July 2024, DraftKings sold Vegas Stats & Information Network (VSiN) back to the Musburger family.

September 2024: SEC Fine for Regulation Fair Disclosure Violation

In September 2024, DraftKings was fined $200,000 by the Securities and Exchange Commission (SEC) for violating Regulation Fair Disclosure, due to the premature sharing of material non-public information on CEO Jason Robins's personal LinkedIn and X accounts.

December 2024: Class Action Lawsuit Filed Against DraftKings by Eric Avila

In December 2024, Eric Avila, a Texas resident, filed a class action lawsuit against DraftKings in the U.S. District Court for the District of Massachusetts. The lawsuit alleges that DraftKings fraudulently closed users' accounts and stole their remaining balances, claiming Avila's account was terminated under false pretenses and he was unable to recover his money.

December 2024: Accusations of Antitrust Violation and Investigation Request

In December 2024, US senators Mike Lee and Peter Welch sent a letter to the FTC and US Department of Justice accusing DraftKings and FanDuel of conspiring to "obstruct or impair competition" and encouraging an investigation of their actions following their failed 2016 merger.

December 2024: Lawsuit Alleging Encouragement of Problem Gambler's Addiction

In December 2024, a lawsuit was filed by the family of a gambler alleging that DraftKings actively encouraged a known problem gambler's addiction, leading to significant losses.

2024: Regulatory Penalties by the Massachusetts Gaming Commission

In 2024, DraftKings received regulatory penalties by the Massachusetts Gaming Commission, leading to changes in their payment methods.

2024: Net Loss and Loan Secured

In 2024, DraftKings reported a $200 million net loss for Q4 despite a 13% year-over-year revenue increase to $1.39 billion, bringing its full-year losses to $507 million. The company secured a $500 million loan to support expansion.

April 2025: Baltimore Sues DraftKings and FanDuel

In April 2025, the city of Baltimore, Maryland, filed a lawsuit against DraftKings and FanDuel, alleging "deceptive and unfair practices by targeting and exploiting vulnerable gamblers" in violation of Baltimore's Consumer Protection Ordinance (CPO).

May 2025: Class Action Lawsuit Filed in Pennsylvania

In May 2025, a class action lawsuit was filed in Pennsylvania against DraftKings, citing deceptive promotions and predatory advertising practices.

June 2025: Establishment of Corporate Political Action Committee

In June 2025, DraftKings filed with the Federal Election Commission to establish a corporate political action committee "to support state and federal candidates and organizations who have shown an interest in issues affecting our business."

October 2025: Acquisition of Railbird

In October 2025, DraftKings announced a deal to acquire predictions platform Railbird.

November 2025: Agreement with ESPN

In November 2025, ESPN announced an agreement with DraftKings to make it the official sports betting and odds provider for its platforms. This agreement came after ESPN and Penn Entertainment ended their partnership on ESPN Bet.

December 2025: Launch of DraftKings Predictions

In December 2025, DraftKings officially launched "DraftKings Predictions", a prediction-markets platform that allows users to bet on and trade contracts tied to the outcomes of sporting events and other real-world occurrences.