Disney Makes $250 Million Bet on Fantasy Sports Site DraftKings

Disney is willing to bet that the recent rise of daily sports fantasy-for-money sites is going to continue. The media conglomerate has invested $250 million in DraftKings, a site that allows people to pool money with fellow sports fanatics on games based on assembling teams of players. The investment, reported by the Wall Street Journal , values DraftKings at $900 million. DraftKings is one of two online fantasy-for-money sites — the other being FanDuel — that have enjoyed a spectacular rise in popularity in recent years.