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Fantasy sports outfit DraftKings raises $7 million

Fantasy sports outfit DraftKings raises $7 million

Tue 07 May 2013 8:26am GMT / 4:26am EDT / 1:26am PDT
PublishingDevelopment

Investors flock to emerging market for online sports gaming

The fantasy sports game service DraftKings has raised $7 million in series A funding.

The round was led by Atlas Venture, and closed just as the Boston-based DraftKings celebrated its first anniversary. The money will be used to further refine the customer experience and raise the profile of the company through widespread marketing.

DraftKings offers daily fantasy sports games for baseball, American football, basketball and hockey, with cumulative cash prizes in the millions of dollars. Since launching in April 2012, the company has built an audience of more than 1 million users across the web and mobile, making it the number one daily fantasy sports mobile app provider.

"DraftKings' average user spends over three hours per week on the site and plays 2.6 different sports," said DraftKings CEO Jason Robins in a statement.

"We were amazed to see how popular fantasy basketball became with our fantasy football customers, and we are now seeing similar conversion from fantasy basketball to fantasy baseball. Our products provide a true second-screen complement to the sports viewing experience, and we see our highest levels of engagement during the actual games themselves."

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