DraftKings and Caesars Entertainment have finally reached a sports betting partner deal after a lengthy wait. The partnership will see DraftKings offer its online gambling products in the 14 different states where Caesars already operates. Read on.
About the Partner Deal
The agreement opens a new path towards future online and mobile licences for DraftKings, which is a top leader in online sports betting but owns no physical properties. The deal will allow DraftKings to offer sports bets and gambling games. Such as pokies, roulette and online poker for states that allow it.
Caesars is the largest owner of casinos in the United States and has a network which consists of 37 properties in 14 states. In addition to giving a cut of its revenues in the states where they partner, DraftKings will be promoting Caesars. The casino owner will also receive an undisclosed equity stake in DraftKings.
More on Draftkings & Caesars
In the same states where Caesars is helping DraftKings gain access, the operator will retain the right to offer its own branded sports betting apps. Caesars is one of the most active companies in the sports betting industry with 55 million customers in its rewards program. Recently, the company became the first-ever casino partner for the NFL at a rough cost of $30 million a year. It even has a branded lounge at the home of the New Jersey Devis in the Prudential Center.
Speaking on DrafKings partnership, the president and CEO of Caesars Entertainment, Mark Frissora said their partnership should – at the company’s resorts – create new revenue with sport-themed guest experiences.
Meanwhile, Draftkings is one of the largest online operators. It has originally launched a daily fantasy sports website. And was the first betting site to accept mobile sport bets in New Jersey. In 2018, the company generated more than $30.4 million in revenue – a higher handler than no other. In addition to that, the betting company won a $657,500 at Resorts Atlantic City – another partner. It has a similar deal with del Lago Resort & Casino in New York.
According to an industry publication Legal Sports Report, DraftKings was looking to raise $200 million at a $1.5 billion valuation last July.
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