DraftKings isn't some secret side project of a Las Vegas casino mogul. It's not tucked away in the back pocket of a single billionaire either. If you’ve ever placed a bet on a Sunday morning or sweated a daily fantasy lineup, you’ve probably wondered who’s actually cashing the checks on the other side.
The reality of who owns DraftKings is a bit more corporate, a lot more "Wall Street," and surprisingly democratic.
The Short Answer: You (Probably) and the Big Banks
Since April 2020, DraftKings has been a public company. That means it doesn't have a single "owner." Instead, it has millions of owners. If you have a 401(k) or a basic brokerage account with a few shares of DKNG, you’re technically one of them.
The heavy hitters, though, are the institutional giants. We’re talking about the massive asset managers that basically own a piece of everything in the modern world.
As of early 2026, the biggest slice of the pie belongs to The Vanguard Group. They hold about 8.7% of the company. Right behind them is BlackRock, sitting at roughly 5.4%. These aren't people sitting in a room making betting lines; they are passive investors managing mutual funds and ETFs for millions of regular people.
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Other big names in the mix include:
- FMR LLC (Fidelity): Around 4.8%
- T. Rowe Price: Roughly 4.1%
- Wellington Management: Close to 3.9%
When you add it all up, institutional investors own roughly 85% to 96% of the company, depending on which quarterly filing you’re looking at. This means big-money professionals effectively run the show through their voting power.
What Happened to the Founders?
Jason Robins, Paul Liberman, and Matt Kalish started this whole thing in a house in 2012. You've probably seen Robins in the commercials or on CNBC. He’s still the CEO and Chairman. But does he own it?
Sorta.
Robins is the largest individual insider, but his actual ownership is only around 0.7% to 1% of the total shares. While that sounds tiny, keep in mind the company's multi-billion dollar valuation. That "small" percentage is worth hundreds of millions of dollars.
Interestingly, the leadership structure is shifting. Matt Kalish, who has been the President of DraftKings North America, is slated to step down from his executive role in March 2026. He’s staying on the Board of Directors, but it marks the end of an era for the original trio running the daily operations. Paul Liberman still serves as the President of Global Technology and Product.
They started as friends and coworkers. Now they are minority shareholders in a global gambling empire.
The Famous "Owners" and Advisors
You can’t talk about DraftKings ownership without mentioning the celebrities. While they don’t "own" the company in a legal sense, they have equity and massive influence.
Michael Jordan is the biggest name here. He joined as a Special Advisor to the Board in 2020. In exchange for his "guidance and strategic advice," he took an equity stake. He doesn't show up in the top five shareholder lists, but his presence is a massive marketing win.
Then there’s Cal Ripken Jr., another special advisor. The company also has deep ties with Major League Baseball (MLB), which was one of the first major sports leagues to actually take a stake in DraftKings way back in 2013. At the time, it was a huge scandal. Now, it’s just how business works.
The 2020 SPAC Merger That Changed Everything
DraftKings didn't go public the "normal" way. They didn't do a traditional IPO with a big roadshow and a ringing bell at the NYSE from day one. Instead, they used a SPAC (Special Purpose Acquisition Company).
They merged with a "blank check" company called Diamond Eagle Acquisition Corp and a technology provider called SBTech.
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This three-way merger was a gamble itself. It happened right when the world was shutting down in April 2020. There were no live sports to bet on, yet the deal went through. This merger is why the ownership structure is so fragmented today. It allowed early venture capital backers—like Atlas Venture and The Raine Group—to start offloading their shares to the public market.
Is There a Majority Owner?
Nope. There is no single person or entity that can unilaterally decide what DraftKings does.
Because ownership is so spread out among the top 18-20 institutional holders, the company is governed by its Board of Directors. It’s a checks-and-balances system. If Vanguard and BlackRock don't like the direction the company is going, they can use their 13%+ combined voting power to force a change.
Actionable Insights for Investors and Fans
If you're looking at DraftKings today, here’s what the ownership data actually tells you:
- Institutional Stability: The fact that 85%+ of the stock is held by pros means the "smart money" sees it as a long-term play, not a meme stock.
- Founder Transition: Watch the Matt Kalish transition in March 2026. When a founder moves from an executive role to just a board seat, it often signals a shift toward a more mature, corporate culture.
- No "Single Point of Failure": Because no one person owns it, the company is less likely to be tanked by one person's bad reputation (unlike a private company owned by a single controversial billionaire).
- Follow the Proxy Votes: If you own shares, pay attention to the annual proxy statements. This is where the real "owners" decide on executive pay and board members.
The house always wins, they say. But in this case, the "house" is a complex web of New York banks, Boston tech founders, and maybe even your own retirement fund.
To get a truly granular look at the most recent shifts in these positions, you should check the latest SEC Form 13F filings, which come out quarterly and reveal exactly how many shares the big banks bought or sold in the last three months.