DraftKings completes acquisition of Golden Nugget Online Gaming

New York-listed betting and gaming operator DraftKings has completed its acquisition of Golden Nugget Online Gaming (GNOG).

The acquisition, first announced in August, is valued at up to $1.56bn and will see DraftKings integrate Golden Nugget Online Gaming employees across its business, including Thomas Winter, who will transition to general Manager of North America iGaming from his previous role as president of Golden Nugget Online Gaming.

The GNOG Acquisition does not include brick and mortar Golden Nugget casinos, which will continue to be owned by Fertitta Entertainment.

“Acquiring Golden Nugget Online Gaming gives us synergies across our business,” said, DraftKings chairman and CEO Jason Robins. “We anticipate that this acquisition will provide meaningful revenue uplift by utilising our data-driven marketing capabilities and a dual brand iGaming strategy, gross margin improvement opportunities, and cost savings across external marketing and SG&A. I am proud to welcome the Golden Nugget Online Gaming team to the DraftKings family.”

Golden Nugget Online Gaming chairman and CEO Tilman Fertitta 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.”

Shares in DraftKings Inc. (NSQ:DKNG) closed 8.2 per cent lower at $14.44 per share in New York Thursday.