June 14, 2024 3 min read


Fact-checked by Velimir Velichkov

DraftKings Continues to Grow as SPAC Businesses Decline

According to FinChat, the last 4 years have seen over 400 companies go public through a SPAC

DraftKings has defied the odds, becoming one of the most successful companies to go public through a merger with a special purpose acquisition company (SPAC). While many businesses that adopt a similar approach have met the inglorious reality of low returns, the operator has firmly cemented itself as one of the business leaders in North America.

DraftKings went public in 2019 and has since become one of the best-performing companies to go public through a SPAC. However, the operator’s rise to prominence is something of a rarity, considering that most companies fail to replicate this level of success.

According to FinChat, the last 4 years have seen over 400 companies go public through a SPAC. Unfortunately, the average return sits at -67%, the finance specialist added.

This data shows that few businesses are able to turn their SPAC listing into a successful and profitable move. Unlike most companies, DraftKings made the most out of its listing and is among the top 10 SPACs to generate positive returns.

DraftKings Took Second Place on FinChat’s List

DraftKings occupied the prestigious second spot on FinChat’s list and was surpassed only by Vertiv Holdings, a business that sells digital infrastructure technologies for data centers, communication networks, and commercial and industrial environments. Reporting returns of a whopping 611% since its merger with a SPAC, Vertiv firmly cemented its place at the helm of this list.

As mentioned, DraftKings took the second spot, reporting total returns of 285% since its SPAC merger. Additionally, DraftKings had a market cap of $17.9 billion and EV/Gross profit of 11.3x, according to FinChat.

DraftKings’ shares have been fluctuating over the past few years, peaking at approximately $72 before experiencing a noticeable decline between 2022 and 2023. However, the past few months have seen the operator experience a strong recovery, with its shares standing at $38.98 as of the time of this writing.

For context, the third spot on FinChat’s list was occupied by Symbotic, a robotics and tech company that helps retailers automate warehouses. Other entries included Hims & Hers Health, Utz Brands, Blue Own Capital, MP Materials, International General Insurance, Bowlero and Hagetry.

In other news, DraftKings and its principal competitor, FanDuel, continue their hegemony over the US betting market. According to a recent analysis by a Truist expert, the two companies’ dominance over the market is so strong that it effectively eliminates the “tier two” category of betting operators.


Angel has a passion for all forms of writing, be it fiction or nonfiction. His curious nature gives him an ace up his sleeve when researching a new topic. Angel’s thirst for knowledge, paired with adaptability, always helps him find his way around.

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