DraftKings has opened a new $500 million credit facility, a move that will give the company easy access to more—and cheaper—liquidity should it need the money in the next few years.

The new $500 million revolving credit facility, taken out this week with a syndicate led by Morgan Stanley, replaces a $125 million facility that the gaming company entered into with Banc of California and Citizens Bank in December 2022. That old agreement has been terminated.