DraftKings Inc. (Nasdaq: DKNG) is owned by its shareholders — a mix of institutional investors, company founders and executives, and individual investors — but one person holds outsized influence over corporate decisions. According to the company's 2026 proxy statement, co-founder, CEO, and board chairman Jason Robins owns all outstanding Class B shares, giving him approximately 88.3% of DraftKings' total voting power as of March 19, 2026.

Major institutional shareholders include The Vanguard Group, FMR LLC (Fidelity), Janus Henderson Group, and BlackRock. These firms hold substantial Class A shares, but none carries voting control comparable to Robins'. In other words, DraftKings has many shareholders, yet Jason Robins holds controlling voting power.

DraftKings Sportsbook Is Part of the Parent Company

DraftKings Sportsbook is not a standalone sportsbook owned by a single individual. It is a sports betting product operated within DraftKings Inc., the publicly traded sports entertainment and gaming company. The parent company's ownership is divided among holders of its publicly traded stock, while the dual-class share structure gives Robins control over most shareholder voting decisions.

The distinction matters:

• DraftKings Inc. — the publicly traded parent company.
• DraftKings Sportsbook — a sports betting product operated within the DraftKings business.
• Shareholders — investors who own shares in DraftKings Inc.
• Jason Robins — the co-founder and CEO who holds the majority of the company's voting power.

Who Founded DraftKings?

DraftKings was founded in 2012 by three entrepreneurs: Jason Robins, Matt Kalish, and Paul Liberman. The founders initially focused on daily fantasy sports, building a platform where fans could construct fantasy lineups and compete in contests tied to real-world athlete performances. According to DraftKings' official company history, the concept grew out of the founders' interest in improving traditional season-long fantasy sports. The daily fantasy platform launched in 2012 and gradually expanded into a broader digital sports entertainment business.

Jason Robins

Jason Robins is a co-founder, chief executive officer, and chairman of DraftKings. He has led the company's strategy and operations since its early development and holds all of its outstanding Class B shares. That ownership gives him substantially greater voting power than his percentage of ordinary Class A shares would suggest, making him the most influential individual in DraftKings' ownership structure.

Matt Kalish

Matt Kalish is one of the company's original co-founders. He previously served as President of DraftKings North America, where he helped oversee the sportsbook, iGaming, daily fantasy sports, and related operations. According to the company's 2026 proxy materials, Kalish transitioned out of the President, DraftKings North America role effective March 31, 2026, while remaining identified as a co-founder and director in the company's leadership information.

Paul Liberman

Paul Liberman is a co-founder and President of Operations at DraftKings. His responsibilities have spanned technology, product development, marketing, and operational leadership. Liberman helped build the company's technology and product infrastructure as DraftKings expanded from a daily fantasy sports startup into a broader digital gaming business.

The Largest Institutional Shareholders

The largest reported institutional holders of DraftKings stock include The Vanguard Group, FMR LLC, Janus Henderson Group, and BlackRock. The figures cited below come from DraftKings' 2026 proxy statement, which reports beneficial ownership using a March 19, 2026 record date; they represent reported Class A shareholdings, not current real-time positions.

These firms manage investments for clients and funds, so their reported DraftKings holdings do not necessarily represent shares owned for their own corporate accounts.

Vanguard's Position

The Vanguard Group is one of DraftKings' largest reported institutional shareholders. The 2026 proxy statement lists approximately 39.3 million Class A shares, representing 7.5% of that share class. However, Vanguard does not own or control the entire company; its investment position is separate from Jason Robins' voting control through Class B shares.

BlackRock's Position

BlackRock is another major institutional shareholder. DraftKings' 2026 proxy statement reports approximately 24.8 million Class A shares, or 4.7% of the class, based on the ownership information cited in the filing. BlackRock is an investment management company that holds stakes in many publicly traded businesses, and its position in DraftKings does not make it the company's operator or controlling owner.

Founders Still Hold Stock

DraftKings' founders continue to hold company shares, although their ownership and voting rights differ. The 2026 proxy statement includes beneficial ownership disclosures for the three co-founders. The key detail is that Robins owns all outstanding Class B shares, which carry enhanced voting rights and account for approximately 88.3% of total voting power.

How the Dual-Class Structure Works

DraftKings uses a dual-class stock structure with two classes of common shares carrying different voting rights:

• Class A shares — one vote per share.
• Class B shares — ten votes per share.

According to the 2026 proxy statement, DraftKings had 495,742,804 Class A shares and 393,013,951 Class B shares outstanding as of March 19, 2026.

Dual-class structures of this kind are not unique to DraftKings; they are common among founder-led technology and media companies, where they allow founders to accept outside investment while keeping decision-making authority concentrated in their own shares. For readers, the practical effect is that two holders can own the same dollar amount of DraftKings stock and still carry very different weight in shareholder votes.

Why Robins Wields 88.3% of the Votes

Jason Robins' outsized voting power stems from his ownership of all outstanding Class B shares. His reported Class A ownership was 2.1%, but his Class B holdings represented 100% of that share class. Because each Class B share carries ten votes, his total voting power amounts to approximately 88.3%, with other holders together holding the remaining 11.7%. This is why ordinary share ownership percentages do not tell the full story of DraftKings' corporate control. The figures reflect voting power — not the percentage of total economic ownership — and are based on the March 19, 2026 record date.

What It Means for Other Shareholders

Other shareholders can own DraftKings stock and participate in shareholder votes, but their combined voting power is substantially smaller than Robins' under the current disclosed structure. DraftKings also identifies itself as a controlled company under Nasdaq listing standards; its annual report explains that Robins' voting control means certain corporate governance requirements applicable to other Nasdaq-listed companies do not apply in the same way. Nasdaq's rules allow controlled companies to opt out of certain governance requirements — such as maintaining a board with a majority of independent directors or fully independent compensation and nominating committees — which is one reason controlled-company designations draw attention from governance researchers and shareholder groups. For investors, buying Class A shares provides an economic interest in DraftKings but does not provide voting influence proportional to the company's total voting power.

Public Listing Through a SPAC Merger

DraftKings is publicly traded on the Nasdaq Stock Market under the ticker symbol DKNG. The company reached the public market in April 2020 through a business combination involving DraftKings, Diamond Eagle Acquisition Corp., and SBTech — a route that bypassed a traditional initial public offering.

The business combination was completed on April 23, 2020, and Class A common stock began trading under the DKNG ticker on April 24, 2020. The transaction involved three main parties:

• DraftKings — the digital sports entertainment and gaming company.
• Diamond Eagle Acquisition Corp. — the publicly traded special purpose acquisition company.
• SBTech — a sports betting and gaming technology provider.

The deal expanded DraftKings' position in the public markets and brought together its consumer-facing products and SBTech's technology capabilities.

Buying the Stock

Investors can generally purchase DraftKings Class A shares through a brokerage account that provides access to Nasdaq-listed stocks, subject to local laws and broker requirements. The stock trades under the symbol DKNG, and its price moves throughout the trading day based on market activity, company performance, and investor expectations. The company's financial statements, competitive position, regulatory exposure, and dual-class voting structure are among the factors documented in its public filings for anyone evaluating the shares.

Market Value

DraftKings' corporate value is usually discussed in terms of market capitalization — share price multiplied by outstanding publicly traded shares — rather than personal net worth. Because the stock price changes, market capitalization changes with it. An estimate cited in the original report put the company's value at $11 billion to $12.5 billion, but that figure should not be treated as a fixed 2026 valuation without a dated market-data source. The latest DKNG quote and outstanding share count offer a current basis for an estimate, and official financial information is available in DraftKings' SEC filings and investor reports.

How Ownership Shapes the Business

Ownership can influence a company's long-term direction, leadership accountability, corporate governance, and major strategic decisions. In DraftKings' case, the dual-class share structure gives Jason Robins significant influence over shareholder decisions, while institutional investors hold an economic interest in the company's performance and can exercise the voting rights attached to the shares they hold.

It would be inaccurate, however, to claim that Vanguard or BlackRock directly decide individual sportsbook offerings, promotions, customer support policies, or state-level operations simply because they own shares. Those decisions are handled through the company's management and operational structure, subject to applicable laws and regulatory requirements.

Expansion and Business Development

DraftKings began as a daily fantasy sports company and expanded into regulated sports betting, online casino gaming, and other digital entertainment products. Its growth has involved technology investments, partnerships, acquisitions, and entry into new markets. Operations also depend on local gambling laws, and product availability differs by jurisdiction.

DraftKings and FanDuel: Separate Companies

DraftKings and FanDuel are separate businesses with different corporate ownership structures. DraftKings Inc. is publicly traded under DKNG, while FanDuel operates within Flutter Entertainment under a different corporate arrangement. Both brands compete in daily fantasy sports and online sports betting, but they do not share the same parent company.

Challenges Facing DraftKings

DraftKings operates in a highly regulated and competitive industry, and its ownership structure does not eliminate the business risks associated with sports betting and online gaming.

Regulatory and legal requirements. Sports betting and online casino gaming are regulated differently across jurisdictions. DraftKings must comply with the licensing, consumer protection, advertising, and responsible gambling requirements that apply to each market where it operates. Availability in states such as Michigan and Ohio depends on local regulations and the products authorized in those jurisdictions.

Competition. DraftKings faces competition from FanDuel and other gaming companies. Competition can affect customer acquisition costs, marketing expenses, product development, and profitability.

Corporate governance. The dual-class share structure concentrates voting power with Jason Robins. While this can provide continuity in leadership, it limits the ability of ordinary Class A shareholders to influence major corporate decisions.

Customer experience and brand reputation. Customer service, product reliability, and responsible gambling practices can affect a gaming company's reputation and long-term performance.

Where to Verify DraftKings Ownership Information

The most reliable sources for DraftKings ownership data are the company's official investor relations website and its filings with the U.S. Securities and Exchange Commission. Useful documents include:

• DEF 14A proxy statements — disclose beneficial ownership of certain shareholders and executives, as well as voting arrangements.
• Schedule 13D and 13G filings — report certain large beneficial ownership positions.
• Form 4 filings — report changes in beneficial ownership by directors, officers, and certain other insiders.
• Form 10-K annual reports — explain the company's financial condition, stock structure, risks, and corporate governance.
• Form 10-Q quarterly reports — provide updated financial information and relevant company disclosures.

These documents are accessible through DraftKings Investor Relations and the SEC's company filing database. A broader shareholder discussion is also available in the original 'Who Really Owns DraftKings?' article from Simply Wall St, though third-party ownership summaries may use different reporting dates and methodologies. Because the voting-power figures above are tied to the March 19, 2026 record date, later proxy statements and Form 4 filings are the documents to watch for refreshed totals, new insider transaction reports, and any changes to the share-class structure.

Conclusion: Who Really Controls DraftKings?

DraftKings is a publicly traded company owned by institutional investors, founders, executives, and individual shareholders. Its largest reported institutional holders include Vanguard, Fidelity's parent company FMR LLC, Janus Henderson, and BlackRock.

Jason Robins, however, is the person with controlling voting power at DraftKings. His ownership of all outstanding Class B shares gives him approximately 88.3% of total voting power, despite his much smaller reported percentage of Class A shares. That distinction explains how DraftKings can have many public shareholders while one individual retains substantial control over corporate decisions. Anyone researching DraftKings as a business or potential investment should look beyond the list of major shareholders: the company's dual-class structure, financial performance, leadership, regulatory environment, and competitive position all matter when evaluating its long-term prospects.

This article is based on a report published by Cryptsy, written by Ethan Blackburn.