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DraftKings CEO Jason Robins. Photo by Barry Chin/The Boston Globe via Getty Images

DraftKings is speaking with investors about raising another $150 million to $200 million in funding, in order to better build out its sports wagering business, Axios has learned.

Big picture: This comes on the heels of the Supreme Court knocking down a federal ban on sports betting, with Delaware and New Jersey already legalizing, and rival FanDuel being acquired by Paddy Power Betfair.

  • Boston-based DraftKings recently partnered with Resorts Atlantic City to offer betting in New Jersey, and expects that it will have the required licenses by the start of NFL season.
  • DraftKings is telling prospective investors that it expects daily fantasy sports to generate most company revenue for years to come, given the relatively slow process of state-by-state approvals for sports wagering.
  • This would be DraftKings' first round of funding since federal regulators blocked its proposed merger with FanDuel, and the ultimate figure could relate to how much more dilution existing investors are willing to swallow.
  • We also hear that Platinum Eagle Acquisition Corp., the SPAC that earlier this year spoke about merging with FanDuel, has also reached out to DraftKings about a similar transaction.
  • DK isn't talking publicly about financing, but has told Axios that it generated $192 million in 2017 revenue, and that it has 10 million registered users.

Go deeper

Updated 18 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 34 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.

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