Illustration: Rebecca Zisser/Axios

DraftKings is one step closer to going public, after the SEC approved its reverse merger with blank-check acquisition company Diamond Eagle and sports betting enterprise solution SBTech.

What's next: Diamond Eagle's shareholders will vote April 23 on the merger, which is expected to go through.

  • Why it matters: With this deal, DraftKings will become "the only vertically integrated U.S. sports betting and online gaming company," per Variety's Dave McNary.

Background: DraftKings was founded in 2012 as a platform for daily fantasy sports (DFS) — a market already dominated by FanDuel, which launched three years earlier.

  • In 2017, the FTC blocked a merger between FanDuel and DraftKings, citing fears of a monopoly.
  • In 2018, after PASPA was overturned and gaming legislation could be made at the state level, DraftKings Sportsbook — the first legal, online sports betting venue — was born.

The bottom line: Despite the global economy grinding to a halt, the environment surrounding this deal should allow the business to flourish in the long run.

  • DraftKings is a marketing behemoth, SBTech offers best-in-class infrastructure, and whenever we emerge from this crisis, more states will have regulated sports betting markets than ever before.

Go deeper

U.S. officials: Iran and Russia aim to interfere in election

Iran and Russia have obtained voter registration information that can be used to undermine confidence in the U.S. election system, Director of National Intelligence John Ratcliffe announced at a press conference Wednesday evening.

Why it matters: The revelation comes roughly two weeks before Election Day. Ratcliffe said Iran has sent threatening emails to Democratic voters this week in states across the U.S. and spread videos claiming that people can vote more than once.

Obama: Trump emboldens people to be "cruel and divisive and racist"

Former President Barack Obama. Photo: ALEX EDELMAN / Getty Images

In his first campaign rally appearance on behalf of Joe Biden, former President Barack Obama urged Americans to vote, saying "we can't afford another four years" of a Trump presidency.

Why it matters via Axios' Hans Nichols: With less than two weeks until Election Day, Obama made his case for Biden in Pennsylvania, a state that Trump's campaign knows he needs to win.

Quibi says it's shutting down

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.