Who Owns DraftKings and What You Need to Know

DraftKings is a daily fantasy sports (DFS) platform that has become a household name in the world of sports betting. Its ownership structure is a bit complex, but don't worry, we'll break it down for you.

DraftKings was founded in 2012 by Jason Robins, Matthew Kalish, and Paul Liberman. The company has since grown to become one of the largest DFS operators in the world.

The company's ownership is comprised of a group of investors, including the founders, as well as other notable investors such as Fox Sports and the Canadian media giant, BCE Inc.

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DraftKings was founded by three friends and co-workers, Jason Robins, Matthew Kalish, and Paul Liberman, who were dissatisfied with their jobs and spent time outside work discussing business ideas and playing fantasy leagues.

They pooled $25,000 from their savings to establish the company and hired a lawyer to help them incorporate DraftKings in Massachusetts.

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In 2012, DraftKings launched its Fantasy Sportsmobile app to coincide with MLB's opening day, secured $1.4 million in Series A funding to build the app.

The company expanded its offering through strategic acquisitions, including StarStreet and DraftStreet in 2014, VSiN in 2021, and Golden Nugget Online Gaming in 2022.

DraftKings' founders, Jason Robins, Matt Kalish, and Paul Liberman, brought a diverse range of expertise to the table, including business, marketing, and technology.

Jason Robins currently serves as CEO, Matt Kalish is the President of North America, and Paul Liberman is the President of Global Technology and Product.

In February 2024, DraftKings agreed to acquire lottery app Jackpocket for $750 million, allowing customers to order official lottery tickets in multiple states.

DraftKings went public through a merger with Diamond Eagle Acquisition Company and SBTech in April 2020, raising $3.3 billion in an IPO.

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DraftKings' leadership is a blend of its founding members and strategic investors who have joined the journey along the way. Jason Robins, as the CEO and Chairman of the Board, continues to play a crucial role in DraftKings' strategic direction.

The board includes co-founders Matthew Kalish and Paul Liberman, who hold significant executive positions, ensuring that the founding vision remains at the core of DraftKings' operations. This mix of strategic leadership and high-profile investments has bolstered DraftKings' position in the market.

Company insiders, including executives and directors, hold approximately 2.32% of DraftKings. Co-founder Matthew Kalish owns 4.35 million shares, while CEO Jason Robins has gradually reduced his holdings.

Jason Robins still maintains control through his Class B shares with 10x voting power, as of May 2025. He holds 3.38 million shares.

The co-founders met while working at Vistaprint, an online printing company. They regularly brainstormed entrepreneurial opportunities during after-work conversations.

Here's a brief overview of the current board members:

DraftKings began trading on the Nasdaq Stock Exchange under the ticker symbol “DKNG” in April 2020.

This milestone marked the company's transition from private to public, reflecting its financial maturity and ambition to lead in the American sports betting market.

DraftKings entered public markets through a reverse merger with SBTech and Diamond Eagle Acquisition Corp in April 2020.

As a public company, DraftKings must file quarterly financial reports and disclose major ownership changes per SEC regulations.

By July 2021, DraftKings reached a market capitalization of $20.64 billion, reflecting substantial investor confidence in the company's growth potential.

The company's transition to public ownership fundamentally reshaped who controls DraftKings, shifting from concentrated founder ownership to a distributed shareholder base.

DraftKings' IPO and transition to public ownership enabled the company to pursue long-term strategic initiatives without excessive pressure from quarterly-focused public market investors.

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DraftKings' shareholder structure is a complex blend of institutions, insiders, individual investors, and public companies. As of February 2024, institutional investors owned 395,978,882 shares.

The largest shareholder of DraftKings is Vanguard Group, with 8.29% of the shares, representing 39,263,911 shares. Blackrock is the second-largest shareholder, holding 4.49% or 21,242,235 shares.

The top 25 investors own a staggering 50% of the company, with the general public holding a 36% stake as of March 2023. This includes retail and individual investors.

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DraftKings' insiders have a significant stake worth $336 million. Public companies also own a 4% share of the company.

Here's a breakdown of the top shareholders of DraftKings:

In total, DraftKings has 908 institutions holding shares, owning 69.80% of the shares and 73.43% of the float as of December 2023.

DraftKings' ownership has undergone significant changes since its transition to a publicly traded company in April 2020. This shift has broadened the shareholder base and increased the focus on shareholder returns, quarterly performance, and compliance with public market regulations.

As of March 30, 2024, institutional ownership accounted for approximately 73.19% of DraftKings' shares, with top institutional holders including The Vanguard Group, Inc., BlackRock Inc., and Capital Research Global Investors. This highlights the significant influence of professional money managers in the shareholder base.

The company's market capitalization and stock performance continue to influence the value of existing stakes, with leadership stability, particularly the continued involvement of the founding team, remaining a key factor. The potential for new strategic investors, especially those with a focus on technology or sports entertainment, is also a consideration as the industry evolves.

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Here's a breakdown of the approximate percentage of ownership categories as of March 30, 2024:

Institutional investors have been increasing their involvement in DraftKings, signaling growing confidence in the company's long-term viability. This trend is likely to continue as the company expands its market reach and product offerings.

Early funding and MLB investment played a significant role in DraftKings' growth. Major League Baseball made history in April 2013 by partnering with DraftKings, the first US professional sports league to invest in daily fantasy sports.

This endorsement provided crucial credibility for DraftKings. The partnership led to DraftKings becoming MLB's official fantasy partner in 2015.

DraftKings' capital continued to flow in with a $7 million Series A round led by Atlas Venture in 2013.

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DraftKings' ownership has undergone significant changes over the years, particularly after its transition to a publicly traded company in April 2020.

The company's valuation increased to approximately $3.3 billion after its SPAC merger with Diamond Eagle Acquisition Corp. and SBTech.

Institutional ownership has fluctuated but remained above 80% since going public, with notable shifts in ownership among institutional investors.

BlackRock reduced its position by 26.26% in April 2025, indicating possible profit-taking after DraftKings' share price gains.

As of March 30, 2024, institutional ownership accounted for approximately 73.19% of DraftKings' shares, with top institutional holders including The Vanguard Group, Inc., BlackRock Inc., and Capital Research Global Investors.

The company's ownership structure has been influenced by market performance and strategic initiatives, with institutional investors holding a significant majority of shares.

Here's a breakdown of the approximate percentage of ownership categories as of March 30, 2024:

Founder ownership has been diluted as the company raises capital and expands, accompanied by increasing institutional ownership as it matures.

DraftKings' ownership structure is a complex web of institutional investors, individual insiders, and retail investors. Institutional investors hold a substantial portion of the company's shares, accounting for approximately 84.41% of the total.

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The largest institutional investors in DraftKings include Vanguard Group, BlackRock Inc., FMR, LLC (Fidelity), and Wellington Management Group. These institutions have significant economic influence, but their voting power is limited due to the dual-class share structure.

The dual-class share structure gives company leadership, led by CEO Jason Robins, approximately 90% of the voting power. This allows leadership to focus on long-term strategy without excessive quarterly pressure from institutional investors.

Retail investors account for about 7.57% of DraftKings ownership, while company insiders hold a mere 2.45%. This means that individual investors have relatively little control over the company's direction.

Here's a breakdown of the ownership distribution:

Understanding the ownership structure is crucial for investors, as it can impact the company's direction and performance.

DraftKings' ownership structure has undergone significant changes, shifting from private to public ownership. This shift has brought about increased scrutiny and reporting requirements.

Institutional investors hold a substantial portion of the company's shares. This is a key aspect of DraftKings' ownership structure.

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Founders maintain significant stakes in the company, which aligns with their long-term goals. This suggests a commitment to the company's continued success.

Understanding the ownership structure is crucial for investors. It's essential to know who has a stake in the company and how that may impact its direction.

Here are some key facts about DraftKings' ownership structure: