DraftKings is everywhere. On television during NFL games, on billboards outside stadiums, on your phone before tipoff — it has become the most recognized name in American sports betting since the Supreme Court opened the floodgates for legal wagering in 2018.
But who actually owns it? The answer involves three friends who started a fantasy baseball company in a Boston apartment, a dual-class stock structure that gives one man nearly 90% of all voting power, and some of the biggest financial institutions on earth holding billions of dollars in shares — without controlling a single major decision.
What Is DraftKings?
DraftKings Inc. is an American digital sports entertainment and gambling company headquartered in Boston, Massachusetts. It operates three core products: DraftKings Sportsbook for sports betting, DraftKings Casino for iGaming, and Daily Fantasy Sports (DFS) contests across major professional sports leagues.
DraftKings is listed on the NASDAQ stock exchange under the ticker symbol DKNG and generated $4.77 billion in revenue in 2024 — a 30% year-over-year growth rate. It currently operates its Sportsbook across 26 U.S. states and Ontario, Canada, and offers iGaming in five states, employing over 5,100 people globally.
Who Owns DraftKings in 2026?
DraftKings has no single private owner and no parent corporation above it. It is a publicly traded, standalone company on the NASDAQ — owned by thousands of individual and institutional shareholders around the world.
But here is the critical distinction that most people miss: economic ownership and voting control are two completely different things at DraftKings.
The biggest shareholders by stock are giant index funds and asset managers. But the person who actually controls every major decision at the company — with an iron grip — is CEO and co-founder Jason Robins, who holds approximately 88.3% of total voting power through a dual-class share structure, despite owning a relatively small percentage of the total equity.
The Dual-Class Stock Structure: How Jason Robins Controls Everything
This is the single most important thing to understand about DraftKings’ ownership — and it is remarkably simple once you see it laid out.
DraftKings has two classes of shares: Class A shares, which trade publicly on the NASDAQ and carry one vote each, and Class B shares, which carry ten votes each and are held exclusively by CEO Jason Robins. As of the March 2026 record date, Robins holds all 393,013,951 Class B shares — meaning he personally controls roughly 88.3% of all votes cast at DraftKings, regardless of what any other investor thinks or wants.
He is the only person permitted to hold Class B stock under the company’s charter. This makes DraftKings a “controlled company” under NASDAQ rules, meaning it is exempt from certain governance requirements that apply to companies without a dominant shareholder. In practice, it means Jason Robins can determine the outcome of every shareholder vote — including who sits on the board and whether the company is sold.
Ownership and Key Stakeholders Table
| Owner / Shareholder | Type | Economic Stake | Voting Power |
|---|---|---|---|
| Jason Robins | CEO, Co-Founder & Controlling Shareholder | ~0.6–0.7% of Class A equity | ~88.3% of total votes via 393M Class B shares (10 votes each) |
| The Vanguard Group | Largest Institutional Shareholder | ~7.5–8.7% of Class A shares | Minimal — holds no Class B shares |
| BlackRock, Inc. | Second Largest Institutional Shareholder | ~4.7–6.4% of Class A shares | Minimal — holds no Class B shares |
| FMR LLC (Fidelity) | Third Largest Institutional Shareholder | ~5.1% of Class A shares | Minimal — holds no Class B shares |
| Janus Henderson | Institutional Investor | ~4.8% of Class A shares | Minimal — holds no Class B shares |
| Wellington Management | Institutional Investor | ~3.8–4.8% of Class A shares | Minimal — holds no Class B shares |
| T. Rowe Price Group | Institutional Investor | ~4.04% of Class A shares | Minimal — holds no Class B shares |
| Matt Kalish | Co-Founder, President (North America) | ~4.35 million shares | Standard Class A voting only |
| Paul Liberman | Co-Founder, President (Global Technology) | Meaningful insider stake | Standard Class A voting only |
| Public / Retail Shareholders | Open Market Investors | Remaining shares | One vote per Class A share only |
The Origin Story: Three Friends and a Fantasy Baseball App
DraftKings was founded in 2012 in Boston, Massachusetts by three friends — Jason Robins, Matt Kalish, and Paul Liberman — who met while working together at Vistaprint. Their first product was a one-on-one daily fantasy baseball contest platform, designed to compete in the then-exploding Daily Fantasy Sports market.
The concept was simple but powerful: instead of season-long fantasy leagues, DraftKings let users draft a new lineup every single day and compete for cash prizes. The format was faster, more engaging, and more accessible than traditional fantasy sports. Major League Baseball invested in the company as early as April 2013, and by February 2014, DraftKings already had 50,000 active daily users.
The company grew explosively through 2014 and 2015, fueled by hundreds of millions of dollars in television advertising. Then came a regulatory crackdown, a period of uncertainty over the legality of DFS, and a near-merger with rival FanDuel that was ultimately blocked by the Federal Trade Commission. Through all of it, Robins, Kalish, and Liberman kept the company alive — and positioned it perfectly for what was about to happen.
The 2018 Supreme Court Ruling That Changed Everything
The single most transformative moment in DraftKings’ history was not something the company did itself — it was a Supreme Court decision.
In May 2018, the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), which had effectively banned sports betting in most of the country since 1992. The ruling opened the door for individual states to legalize sports wagering, and DraftKings — already a recognized brand with a national customer base from its DFS days — was perfectly positioned to move fast.
Within months, DraftKings launched its Sportsbook in New Jersey. It has since expanded to 26 U.S. states and Ontario, Canada. The legal sports betting market in the U.S. was valued at approximately $119.84 billion in 2023 and is projected to reach nearly $230 billion by 2032. DraftKings is one of the two dominant players in that market, alongside FanDuel.
How DraftKings Went Public: The 2020 SPAC Merger
DraftKings did not go public through a traditional IPO. Instead, it took a faster and more unusual route — a SPAC merger.
In April 2020, DraftKings completed a three-way merger with Diamond Eagle Acquisition Corp — a blank-check special purpose acquisition company — and SBTech, a global sports betting technology provider. The combined transaction valued the entity at approximately $3.3 billion and put DraftKings on the NASDAQ under the ticker DKNG.
This unconventional structure allowed DraftKings to bypass the lengthy traditional IPO process and access public capital markets quickly, right at the moment when legal sports betting was expanding fastest across the country.
The SPAC route also allowed Robins to negotiate the dual-class share structure that gave him permanent voting control — a structure that has remained in place ever since.
Who Are the Biggest Shareholders of DraftKings?
Because DraftKings is publicly traded, its Class A economic ownership is spread across thousands of investors — dominated by large institutional money managers.
As of the March 2026 record date, The Vanguard Group held 7.5% of Class A shares, making it the largest single institutional holder. FMR LLC (Fidelity) held 5.1%, Janus Henderson held 4.8%, and BlackRock held 4.7%. Other major holders include T. Rowe Price Group and Wellington Management Group. Institutional investors collectively own approximately 73–85% of all Class A shares — but none of them holds a single Class B share, meaning their combined economic stake gives them essentially no meaningful voting power.
CEO Jason Robins directly holds approximately 0.6–0.7% of Class A equity — a relatively small figure — but his 393 million Class B shares give him control of 88.3% of all votes. That gap between economic exposure and voting power is one of the defining features of how DraftKings is structured.
Where Is DraftKings Headed in 2026?
DraftKings delivered $4.77 billion in revenue in 2024, with 30% year-over-year growth. The company continues to expand its state footprint, deepen its product suite with DraftKings Casino, and invest in technology to improve customer acquisition and retention efficiency.
All three co-founders remain actively engaged. Jason Robins continues as Chairman and CEO, setting strategy and communicating with investors. Matt Kalish serves as President of North American operations, managing state-by-state expansion. Paul Liberman leads global technology as President, ensuring the platform’s competitive infrastructure stays ahead of rivals.
DraftKings is also a significant media partner for major sports leagues, with commercial relationships with the NFL, NBA, MLB, NHL, and PGA Tour, giving it premium placement across the most-watched sporting events in America.
Frequently Asked Questions (FAQs)
Q1. Who owns DraftKings in 2026?
DraftKings (NASDAQ: DKNG) is publicly traded with Vanguard Group (~7.5%) as the largest shareholder, but CEO Jason Robins controls ~88.3% of all votes through dual-class shares.
Q2. Who founded DraftKings?
DraftKings was co-founded in 2012 in Boston by Jason Robins, Matt Kalish, and Paul Liberman, who all remain in senior executive roles today.
Q3. How did DraftKings go public?
DraftKings went public in April 2020 through a three-way SPAC merger with Diamond Eagle Acquisition Corp and SBTech, valued at approximately $3.3 billion.
Q4. How does Jason Robins control DraftKings with such a small equity stake?
Robins holds all 393 million Class B shares, each carrying 10 votes, giving him ~88.3% of total voting power under DraftKings’ dual-class share structure.
Q5. How much revenue does DraftKings generate?
DraftKings reported $4.77 billion in revenue in 2024, representing 30% year-over-year growth, making it one of the largest online betting platforms in the U.S.
Q6. Does DraftKings have a parent company?
No. DraftKings is a standalone, publicly traded company with no parent corporation or controlling conglomerate above it.
Q7. What is the largest institutional shareholder of DraftKings?
The Vanguard Group is the largest institutional shareholder of DraftKings, holding approximately 7.5–8.7% of Class A shares as of March 2026.
Q8. In how many U.S. states does DraftKings operate?
DraftKings Sportsbook operates in 26 U.S. states and Ontario, Canada, while its iGaming (casino) product is available in five U.S. states.
DraftKings is a publicly traded company on the NASDAQ (ticker: DKNG) with no parent corporation or private controlling entity. It was founded in 2012 by Jason Robins, Matt Kalish, and Paul Liberman, generated $4.77 billion in revenue in 2024, and operates across 26 U.S. states.
The largest institutional shareholder is The Vanguard Group (~7.5% of Class A shares), followed by FMR/Fidelity (~5.1%), Janus Henderson (~4.8%), and BlackRock (~4.7%).
But the real power sits with CEO Jason Robins — who controls ~88.3% of total votes through his exclusive ownership of 393 million Class B shares, each carrying 10 votes. No investor, no matter how large their economic stake, can override him. DraftKings is publicly owned in theory — but in practice, it is Jason Robins’ company to run, exactly as he sees fit.