DraftKings and Caesars sign multi-year partnership
One of the largest daily fantasy sports provider DraftKings has signed a multi-year partnership with Las Vegas-based Caesars Entertainment to include online sports betting among the former’s offerings. Caesars currently provides sports betting services in 14 US states, and they have an undisclosed equity stake in DraftKings. The former will also, by the way of this deal, receive a share of DraftKings’ revenue in states where the partnership is in force.
The deal will see DraftKings promote Caesars as its official casino resort partner in states where the companies are already collaborating, in addition to Caesars’s right to promote its own branded sports betting apps and online sportsbooks in these states.
DraftKings’ CEO and co-founder Jason Robins said, “Partnering with such a world class gaming organisation will expedite our national roll-out process and give us the opportunity to work alongside one of the largest and most established industry leaders in the world.”
DraftKings initially started off as a fantasy sports provider but gradually ventured into the sports betting offerings, following the landmark US Supreme Court ruling in May last year. The company does not own any physical properties in the country but has a significant online presence is one of the two companies (FanDuel is the other) that is overwhelmingly leading the industry. DraftKings had, last year, partnered with Resorts Casino for sports betting and this one is also a similar deal. It also expanded to Australia last year.
The other entity in the deal, Caesars, is a renowned name and has been in this business since a long time. Caesars operates casinos in Nevada. DraftKings has been absent in Nevada since 2015, but the company is expected to apply for a gaming license to bring its offerings to the sin city.
Mark Frissora, Caesars’ CEO said, “This alliance is the latest initiative by Caesars to capitalise on our database, generate a new revenue stream in a growth market and raise our profile in sports, in part by creating new sports-themed guest experiences at our resorts across the country.”
The sports betting market is constantly on the rise, with more US states considering regulating the market. Some research firms have estimated that the market could be worth as much as $6.5 billion by 2023. Keep reading GutshotMagazine.com for more similar sports betting news and for general gaming/gambling related updates from around the world.
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