However, it has struggled to win customers to its casino play platform. On DraftKings second-quarter earnings conference call, CEO Jason Robins said iGaming provides an opportunity to diversify the company's offering beyond sports seasons. Fertitta, and others, have said iGaming customers are worth seven times the value of a sports betting customer. The gaming industry anticipates customers who bet in online casino games will be critical to its future revenue growth. The deal gives DraftKings access to Golden Nugget Online's 5 million customers, who are dependable online casino players. Fertitta will also join the DraftKings board.
The billionaire said he will continue to hold on to the stock of the new company for at least a year after the deal closes. Golden Nugget Online CEO Tilman Fertitta owns 47% of the business, which was formed by spinning off the sports gaming and iGaming operations of the Golden Nugget. DraftKings has a market cap of $20.68 billion. Golden Nugget Online shares surged nearly 48% on the news, while DraftKings stock remained relatively flat after the deal's announcement. Personal Loans for 670 Credit Score or Lower
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