Caesars has managed to obtain an unrevealed equity share in DraftKings. The Las Vegas gaming and hospitality giant will also be receiving a share of profits generated by DraftKings in every state where their partnership is in effect. Caesars, the biggest US casino operator, manages about 40 properties around 13 states.
Sports Betting Partnership – DraftKings
DraftKings, which was originally a daily fantasy sports operative, went into the US sports betting space following the past year’s strike down of an established federal ban on gambling by the nation’s Supreme Court. The business entered the New Jersey betting market soon after the state had legalized sports betting. DraftKings became the state’s biggest online gaming operator, along with competing FanDuel. DraftKings was able to get into the New Jersey’s bookmaking market via a partnership with Atlantic City’s Resorts Casino Hotel. In addition, it provides sports betting amenities in Mississippi.
Sports Betting Partnership
This partnership makes it easier for DraftKings to grow its sports betting footprint in the US. The operative will have to obtain a license from the watchdogs of states where betting is legal. Nonetheless, to have access to Caesars’ physical betting establishments will make the process even smoother.
Official Casino Resort Partner
With the deal, DraftKings will be in charge of promoting Caesars as its official casino resort partner in states. Also, Caesars will continue running its own sports betting operations and online casino. Regardless of being among the top leaders in the running of sports betting in the promising regulated market of the United States, DraftKings doesn’t run physical sportsbooks.
CEO and co-founder of DraftKings, Jason Robins, said: “Caesars will advance their state roll-out process and give them the chance to work together with one of the biggest and most recognized industry leaders worldwide.”
Since the federal sports betting prohibition was canceled last spring, Caesars works actively to form significant partnerships and secure lengthy brand exposure within the state’s growing regulated sports betting field.
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