REUTERS/Lucas Jackson
A DraftKings logo is displayed on a board inside of the DFS Players Conference in New York November 13, 2015.
News that DraftKings had raised a "large" amount of money from new investors, including Revolution Growth - a firm co-founded by owner of the Washington Wizards and the Washington Capitals Ted Leonsis and AOL co-founder Steve Case - was reported by Fortune last week, but now we know just how much it raised. This new infusion of cash brings the total DraftKings has raised to nearly $600 million since 2012.
This news of DraftKings latest round of funding comes just before the start of the NFL season and just after New York Governor Andrew Cuomo signed a bill that once again allows daily fantasy sports leagues like DraftKings and FanDuel to operate in New York.
Up until Cuomo signed the bill on August 3, the future of these daily fantasy sports leagues was more uncertain, with questions over whether they constitute illegal gambling. Those questions and legal battles are still playing out in other states, but FanDuel CEO Nigel Eccles said that being allowed to operate in New York is "the most important victory in daily fantasy history."
DraftKings did not disclose its new valuation, though sources speaking to Fortune say it's still "substantially lower" than the $2 billion figure it received in the summer of 2015, just before the legal troubles surrounding the daily fantasy sports world began.