Caesars invests in DFS with SuperDraft minority stake
Casino giant follows Bally’s by buying into DFS vertical
Caesars Entertainment has sealed a strategic investment in DFS operator SuperDraft Inc.
Under the terms of the deal, Caesars will acquire a minority stake in the firm, with the option to increase the stake over time, up to 100% at pre-determined levels.
SuperDraft will be added to the casino giant’s other online brands and will gain access to Caesars’ single-wallet payment service and the Caesars Rewards programme.
SuperDraft operates across seven professional sports in more than 35 US states.
The DFS service features a Multiplier Mode, which has replaced the traditional fantasy team salary cap with a multiplier applied to each player.
According to SuperDraft, this allows more flexibility in team building while creating additional winning opportunities.
“The addition of daily fantasy sports fits seamlessly with our strategic vision for mobile and online sports,” Caesars Entertainment CEO Tom Reeg said.
“SuperDraft’s innovative multiplier game mode is unique in the marketplace and we believe it offers a tremendous opportunity to strengthen our position in the sports gaming landscape,” Reeg added.
To launch the partnership, SuperDraft will unveil its first $1m DFS tournament. The Super Million Big Game contest will give players the opportunity to win prizes ranging from $20,000 to $300,000.
“We’re super excited to be part of Caesars’ powerful gaming ecosystem,” SuperDraft CEO and founder Steve Wang said.
“Daily fantasy players deserve a breath of fresh air, and we’re here to transform the industry.
“SuperDraft is now well-positioned to accelerate its growth with financial staying power while broadening its consumer appeal with bigger contests and better rewards to players of all interest levels,” Wang added.
Bally’s has also entered the DFS fray after acquiring Monkey Knife Fight (MKF) in an all-share deal worth up to $90m.