As DraftKings Goes Public, No Sportsbook Deal In Michigan Yet

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Currently, Michigan residents have the opportunity to possess a share of DraftKings, although they are not permitted to engage in sports betting activities with the operator at this time.

Last week, the digital sports offering based in Boston made its debut in the public market following a multibillion-dollar agreement.

DraftKings’ daily fantasy sports product is thriving in the state, but it’s only a matter of time before sports betting becomes a part of their offerings as well.

In Michigan, sports betting is permitted but currently limited to retail sportsbooks, exclusively available in the three casinos of Detroit. Unfortunately, due to the coronavirus pandemic, these establishments have been temporarily closed until at least May 15. Consequently, this will result in a two-month period where legal betting options will not be accessible within the city.

The state is expected to introduce online sports betting in early 2021.

While DraftKings has yet to announce the partnership required for its sportsbook to launch online in Michigan, there is a possibility that such an announcement may be made within this year.

Insight into the DraftKings deal to go public

Diamond Eagle Acquisition Corp. completed a deal on Thursday, purchasing DraftKings Inc. and SBTech, a sportsbook technology supplier, for $2.7 billion in a reverse merger.

Most of the transaction, totaling $2.055 billion in cash and stock, was received by DraftKings.

On April 15th, the stock with the symbol DKNG on the Nasdaq ticker was valued at $10 per share. On Thursday, the stock concluded the day at a price of $17.53 and subsequently closed at $19.35 on Friday.

Online sports betting is now available in New Jersey, West Virginia, Indiana, Pennsylvania, New Hampshire, and Iowa through DraftKings.

According to reports, the DraftKings DFS product has amassed over 4 million paid users in 43 states.

Will DraftKings partner with a Michigan casino?

In order to provide an online sportsbook in Michigan, DraftKings must establish a partnership with either one of the three Detroit casino operators or any of the 12 federally recognized tribes in the state, all of which operate casinos.

Throughout the year, numerous partnerships have been announced, one of them being a significant collaboration between MotorCity Casino and FanDuel, a direct competitor of DraftKings. FanDuel has been successful in establishing similar partnerships across the nation.

FanDuel has branded the two-story sportsbook at the casino owned by Marian Ilitch.

On Friday, Playinmichigan reached out to DraftKings regarding potential partnerships in the state, but the operator did not provide any response.

DraftKings betting big on turnaround

In its 2019 filings, DraftKings recorded a net loss exceeding $142 million.

In addition to the recent cyberattack on SB Tech, which caused its US offerings to be shut down for over two weeks, the coronavirus pandemic introduces new challenges.

The company expressed its confidence in emerging stronger on the other side in a statement provided to Legal Sports Report.

DraftKings remains dedicated to providing our millions of players with our complete range of offerings, including daily fantasy sports, sports betting, and iGaming, in the upcoming weeks. Although potential alterations in the sports calendar may affect our business, our commitment to delivering the most captivating and groundbreaking experience for our loyal customers will remain unchanged.

DraftKings will remain at the heart of the action with our millions of players when games resume in the sports and leagues affected by COVID-19.

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