Who Owns DraftKings Now? Latest Changes in Company Control [Updated]

DraftKings operates as a publicly traded company on the Nasdaq, where institutional investors own about 69.80% of its shares. The rest belongs to retail investors, with The Vanguard Group leading as the largest shareholder at 8.29%.

The company's ownership story started in 2012 when three former VistaPrint executives - Jason Robins, Matthew Kalish, and Paul Liberman - launched it as a daily fantasy sports platform. DraftKings' journey to becoming a public entity happened in April 2020 through a reverse merger with Diamond Eagle Acquisition Corp at a $3.3 billion valuation. This move proved incredibly successful as DraftKings' shares soared 209.5% in 2023.

This piece dives into DraftKings' current ownership structure and the founders' ongoing roles. You'll learn about the company's path to going public and its future direction beyond 2024. The company now operates across 28 states and Ontario, Canada. Their revenue reached $4.7 billion in 2024, showing a 30% jump from the previous year.

Current DraftKings ownership structure

DraftKings shares its ownership among thousands of investors through public trading on the Nasdaq stock exchange under the ticker symbol DKNG. The company's shares trade at $34.84 as of June 4, 2025, with a market value close to $17.29 billion.

Publicly traded on Nasdaq (DKNG)

A reverse merger with Diamond Eagle Acquisition Corp brought DraftKings to the public market in April 2020. The company now operates as a digital sports entertainment and gaming company that offers online sports betting in 28 states and iGaming in five states.

The stock price has shown volatility in the last year, ranging from $28.69 to $53.61. Analysts remain optimistic about the stock's future, setting a one-year target estimate of $52.87 – indicating room for growth from current levels.

Breakdown of institutional vs. retail investors

Nasdaq data shows that institutional investors own most of DraftKings' shares at 85.98%. These major institutions include financial holdings companies, banks, insurance companies, mutual fund managers, and self-managed pension funds.

Individual investors hold the remaining 14.02% of the company. This ownership structure reflects strong institutional confidence in DraftKings' business model and growth potential. Organizations managing more than $100 million in assets must report their institutional ownership through form 13-F filings with the Securities and Exchange Commission.

The first quarter of 2025 showed positive institutional activity. The number of institutional filers with DKNG stakes grew to 789, a 7.06% increase from the previous quarter. These institutions increased their total share ownership by 4.12% to 339.96 million shares.

Who are the top 5 shareholders?

Recent filings reveal DraftKings' largest shareholders:

1. Vanguard Group – Controls 8.7% of shares (43.09 million shares)

2. BlackRock – Owns 5.9% of the company (29.74 million shares)

3. FMR LLC/Fidelity – Holds 4.4% of shares (21.95 million shares)

4. Wellington Management Group – Maintains 3.8% of the company (19.03 million shares)

5. T. Rowe Price Investment Management – Owns 3.8% of shares (18.70 million shares)

These five institutional investors together hold 26.6% of DraftKings, with no single investor having majority control. Yahoo Finance reports that "the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated".

The role of DraftKings founders today

The three DraftKings founders—Jason Robins, Matthew Kalish, and Paul Liberman—remain at the helm of their 11-year-old company. These co-founders own major stakes and lead from executive positions that shape DraftKings' strategic path.

Do the founders still own shares?

DraftKings' founders hold substantial equity, though their ownership has changed since going public. CEO Jason Robins owns about 4% of the company with over 11 million options, worth more than $1.1 billion. His stake makes him DraftKings' second billionaire.

Matthew Kalish's 1.8% stake is worth nearly $500 million, while Paul Liberman owns 2% valued at roughly $550 million. Their combined holdings are nowhere near the institutional investors' stakes mentioned earlier.

Executive roles and influence

The three founders lead DraftKings from top positions. Jason Robins serves as CEO and Board Chairman. He guides company strategy, operations, funding, and partnerships. Matthew Kalish leads as President of DraftKings North America and Director.

He unifies leadership across marketing and analytics teams. Paul Liberman serves as President of Global Technology and Product and Director. The company's technology platform, product development, and IT operations are under his leadership.

Robins speaks about their dedication: "Our passion is still there; there's just a tremendous amount of passion for the product and the company – more than anything I've ever experienced".

Michael Jordan's involvement

Basketball legend Michael Jordan joined as an investor and special advisor to DraftKings' board in September 2020. While his exact equity stake remains private, Jordan advises on "strategic and creative input to the board on company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives". His partnership shows DraftKings' rise from a startup to attracting major sports figures who bring valuable industry expertise.

How DraftKings became a public company

DraftKings took an unconventional path to become a public company in April 2020. The company skipped the traditional IPO process and chose a three-way merger that changed its ownership structure forever.

The SPAC merger with Diamond Eagle

DraftKings revealed its plans to merge with Diamond Eagle Acquisition Corp., a special purpose acquisition company (SPAC) or "blank-check company" in December 2019. Diamond Eagle had gone public earlier that year in May, raising about $400 million.

Diamond Eagle's stockholders gave their approval for this business combination on April 23, 2020. DraftKings' shares started trading on the Nasdaq Global Select Market under "DKNG" the next day. The merger valued the combined company at roughly $3.3 billion.

Inclusion of SBTech in the deal

This deal was unique because it brought three companies together, including SBTech, which provides sports gaming technologies internationally. DraftKings gained full control of its product and technology stack by acquiring SBTech.

CEO Jason Robins explained why this was most important: "We're, at the core, a product and technology company... it just wasn't something that we felt made sense long term, to take such a big part of the customer experience, the product, and have so much of it done by a third party".

The merger created the only vertically integrated pure-play sports betting and online gaming company based in the United States.

Why DraftKings chose this route

The SPAC route offered several advantages over a traditional IPO. Robins put it clearly: "If this were a traditional IPO, forget ringing the bell, I don't even think we'd be able to close the transaction". This approach gave more certainty during unstable market conditions. On top of that, it let DraftKings acquire SBTech and go public in one move.

The deal brought in substantial capital—the merged company received over $500 million in unrestricted cash. These funds were crucial to expand into new sports gambling markets as they became legal.

What’s changing in 2024 and beyond

DraftKings' ownership structure keeps evolving as the company grows its presence in the sports betting market. The company, now publicly traded with diverse institutional and retail shareholders, sees both opportunities and challenges that will shape where it heads next.

New state launches and market expansion

DraftKings has pushed hard to expand its market reach and now operates in 28 states plus Ontario, Canada. The company moves fast to establish early market share in newly legalized markets. North Carolina became its latest market in 2024, adding another promising territory to its portfolio.

Success in these new markets tends to drive share values higher, which benefits existing shareholders. Management aims for nationwide coverage and keeps pursuing licenses in additional states as new legislation passes to allow online sports betting.

Financial performance and investor sentiment

The numbers tell a compelling story about DraftKings' growth. Revenue hit $3.7 billion in 2023—jumping 76% from the previous year. The company expects 2024 revenue between $4.5 billion and $4.8 billion, which points to strong future performance.

These financial results have shaped how investors view the company. DraftKings stock soared 209.5% in 2023, leaving the broader market far behind. Current shareholders have seen their position strengthen, and this performance could bring more institutional investors on board.

Profitability looks more achievable now, especially after Q4 2023 became the company's first profitable quarter. This milestone matters deeply to shareholders who watch the company's long-term sustainability.

Potential acquisition rumors

Market experts often guess whether DraftKings might buy companies or become a target itself. Large entertainment companies and casino operators might find DraftKings attractive, given its strong market position and improving finances.

A major acquisition would reshape the ownership structure we've discussed here. But institutional investors and founders hold substantial stakes that make hostile takeovers difficult.

Right now, DraftKings maintains a stable ownership mix of institutional investors, founders, and retail shareholders. They all stand to gain as the company expands in the fast-growing sports betting industry.

Conclusion

DraftKings' ownership spans thousands of investors, with institutional shareholders holding about 69.80% of the company while retail investors own the remaining shares.

The Vanguard Group stands as the largest shareholder with an 8.29% stake. The company's path from a small fantasy sports startup to a publicly traded gaming giant worth over $17 billion shows a remarkable transformation in its ownership structure.

The three founders—Jason Robins, Matthew Kalish, and Paul Liberman—still hold substantial stakes and executive positions in the company they started in 2012. Their choice to go public through a SPAC merger with Diamond Eagle Acquisition Corp instead of a traditional IPO proved wise, as evidenced by the 209.5% stock price surge in 2023.

DraftKings strengthens its market position across 28 states and Ontario consistently. The company projects revenue between $4.5-4.8 billion for 2024, showing a substantial 30% year-over-year increase. Reaching profitability in Q4 2023 marked a vital milestone that should attract more institutional investment.

The current ownership structure looks stable despite occasional acquisition rumors. A diverse shareholder base combines large institutional investors, original founders, and thousands of retail investors. This mix gives DraftKings both stability and flexibility as it moves through the expanding sports betting world.

DraftKings has grown from its modest beginnings into a powerhouse in digital sports entertainment and gaming. This shift in ownership structure mirrors its business growth and sets the foundation for future expansion as more states legalize online sports betting.

FAQs

Q1. Who currently owns DraftKings?

DraftKings is a publicly traded company on the Nasdaq stock exchange. Institutional investors hold about 69.80% of the shares, while retail investors own the remaining portion. The Vanguard Group is the largest shareholder with an 8.29% stake.

Q2. Are the original founders still involved with DraftKings?

Yes, the three original founders—Jason Robins, Matthew Kalish, and Paul Liberman—continue to play significant roles in the company. They maintain substantial ownership stakes and hold key executive positions, including CEO, President of North America, and President of Global Technology and Product, respectively.

Q3. How did DraftKings become a public company?

DraftKings went public in April 2020 through a three-way merger with Diamond Eagle Acquisition Corp (a SPAC) and SBTech. This unconventional approach allowed the company to go public and acquire SBTech simultaneously, valuing the combined entity at approximately $3.3 billion.

Q4. What is DraftKings' current market presence?

As of 2024, DraftKings operates in 28 states in the US and Ontario, Canada. The company offers online sports betting in these jurisdictions and iGaming in five states. DraftKings continues to expand into new markets as more states legalize online sports betting.

Q5. How has DraftKings' financial performance affected its ownership?

DraftKings' strong financial performance, including a 76% revenue increase in 2023 and projections of $4.5-$4.8 billion for 2024, has positively impacted investor sentiment. The company's stock rose 209.5% in 2023, strengthening current shareholders' positions and potentially attracting new institutional investors. This growth trajectory influences the evolving ownership structure of the company.