Online Bookmakers News DraftKings make Investments in Vivid Seats SPAC with Boehly Cutting Stakes

DraftKings make Investments in Vivid Seats SPAC with Boehly Cutting Stakes

Author: Yan Zhylinski

DraftKings, one of the biggest and respected bookmakers in the US have made an undisclosed investment in Horizon Acquisition Corp., a bank-check firm that’s expected to begin trading as Vivid Seats Inc. next week.

DraftKings make Investments in Vivid Seats SPAC with Boehly Cutting Stakes

According to a statement issued on Thursday, DraftKings will take over some of the commitments that were made by Eldridge Industries LLC, a company founded by the Los Angeles Dodgers co-owner Todd Boehly.

This sort of investment gives DraftKings, one of the biggest and the fastest-growing online sports betting firms, a huge potential for marketing tie-ins with a big seller of tickets, especially in sporting events. Boehly’s firm is also an investor in DraftKings.

Horizon hopes to finalize its merger with Vivid seats and immediately begin trading under the Vivid name on October 19, with shareholders of the firms expected to vote on the deal on Thursday. Based on some reports, a majority of shareholders are expected to approve the deal. There are rumors that the vote will be highly in support of the deal.

As part of the deal, it’s important to note that DraftaKings has the option of selling its share of Vivid stocks back to Eldridge, but for nothing less than $9.77 a share. However, this will be possible a year after the completion of the merger. Horizon managed to rise as a much as 14% to 11.78% a share in New York. On the other hand, DraftKings did advance as much as 3% to $51.29 in New York.

DraftKings has made some acquisitions this year having piled up close to $1.7 billion. They’ve acquired sports betting broadcast network VsiN, iGaming firm Blue Ribbon, and legal-tech firm LinkSquares. They did this in the months of March, April and July 2021. This is a clear indicator of a profitable bookmaker that’s looking for more.

Published: 10/19/2021

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