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U.S. based sportsbetting giant DraftKings has finalized its acquisition of Golden Nugget Online Gaming (GNOG).
In an all-stock deal worth roughly $450 million, Golden Nugget’s iGaming product and existing customer database have now changed hands.
With the GNOG acquisition, Draftkings will be able to leverage Golden Nugget’s established brand to strengthen its presence and reach into new customer segments. The combined company’s iGaming portfolio will significantly be enhanced through DraftKings’ vertically-integrated tech stack and GNOG’s unique capabilities, including Live Dealer.
Draftkings expects to benefit from gross margin improvement opportunities and save as much as $300 million at maturity from synergies across external marketing and SG&A.
The Golden Nugget brick-and-mortar casinos are not included in the deal and remain under ownership of Tilman Fertitta and his Fertitta Entertainment business.
Jason Robins, Chairman and CEO of DraftKings, said:
“I am proud to welcome the Golden Nugget Online Gaming team to the DraftKings family.
Acquiring Golden Nugget Online Gaming gives us synergies across our business. We anticipate that this acquisition will provide meaningful revenue uplift by utilizing our data-driven marketing capabilities and a dual-brand iGaming strategy.”
Tilman Fertitta, Chairman and CEO of Golden Nugget Online Gaming, said:
“This will be an alliance unlike any other in the digital sports, entertainment and online gaming industry. Now that the acquisition is completed, I look forward to what the future will bring for our combined company and am confident this relationship will be a huge success.”