DraftKings CEO Jason Robins Photo by Steve Jennings/Getty Images for TechCrunch

According to a new report from Business Insider, DraftKings, a popular sports betting startup, is raising “hundreds of millions” of dollars in new funding that could value it as much as $2 billion. If such report stands true, the funding would be in addition to nearly $1 billion DraftKings has already raised. The Boston-based company’s last known funding came from casino giant Caesars, whose investment was part of a strategic partnership. Other notable DraftKings investors include The Madison Square Garden Co., Kraft Group, which owns the New England Patriots, the Raine Group and Eldridge Industries.

DraftKings was founded in 2012, and offers fantasy sports contests in 8 countries including the U.S., U.K., Canada and Australia. The Boston-based company competes intensely with FanDuel, a company it once tried to merge with but later backed down after opposition from federal regulators. FanDuel was later acquired by sports-betting giant Paddy Power Betfair, which just announced a $12 billion merger with The Stars Group (TSG) of Canada, the owner of the world’s largest poker site, PokerStars.

CNBC previously reported DraftKings was positioning itself for an IPO after the U.S. Supreme Court began allowing states to legalize sports betting. “My preference has always been to IPO, but we’re open to different outcomes,” DraftKings CEO Jason Robins said in a then interview with CNBC. In May last year, the U.S. Supreme Court reversed a federal ban on sports betting outside the state of Nevada. After that, a number of U.S. states, including New Jersey, legalized sports betting. DraftKings tagged along with the legalizations by expanding into two new states; New Jersey and West Virginia. In fact, the company said it had paid out more than $720 million to customers in New Jersey as of August this year.

DraftKings responded to Business Insider’s report but didn’t comment on its said fundraising. “DraftKings operates as a privately held company and, as a matter of course, we do not publicly release financial information, including details on funding rounds,” a DraftKings spokesperson told Business Insider.