Caesars takes equity in DraftKings as part of access deal
DFS operator gains access to up to 14 new states with exclusive deal
DraftKings has secured access to offer its online gambling products in up to 14 new states thanks to a new multi-state agreement with Caesars.
Under the deal, Caesars will take an undisclosed equity stake in the DFS operator, while DraftKings gains access rights and will promote Caesars Entertainment as its official casino resort partner in the states where the companies collaborate.
DraftKings’ market access is exclusive to Caesars in states where Caesars operates casino properties.
Caesars can also continue to offer its own branded sports betting and online casino apps in these states – and will maintain its own primary access rights.
The casino operator has 37 properties in 14 states.
“Partnering with such a world class gaming organization will expedite our national roll-out process and give us the opportunity to work alongside one the largest and most established industry leaders in the world,” said Jason Robins, CEO and co-founder of DraftKings.
“We look forward to collaborating with Caesars Entertainment on creating the most innovative and engaging sports and entertainment products and events for our customers.”
DraftKings and its Kambi sportsbook has emerged as the early leader in the New Jersey online betting market, with the firm also planning to expand its online casino offering.
Very excited and proud to be partnering with Caesars Entertainment to bring the DraftKings sportsbook app to many new states in the future. We are also looking forward to hosting some of our signature events at their great properties! https://t.co/toVDZkxlRH
— Jason Robins (@JasonDRobins) February 25, 2019
Caesars CEO Mark Frissora added: “Caesars’ agreement with DraftKings, their first multi-state partnership, brings together the established leaders in gaming, daily fantasy sports and sports betting to provide customers more options.
“This alliance is the latest initiative by Caesars to capitalize 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.”