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Caesars Entertainment is making some changes. It has decided to focus on establishing relevance for the millennial generation. To this end, Caesars has recently pursued a number of partnerships in the sports world, notably a partnership with the NFL. In addition, Caesars has entered a partnership with DraftKings, a digital fantasy sports company, that supports both sports and gaming.
Caesars Entertainment and DraftKings have reached an agreement under which Caesars will offer market access to its online gaming products to DraftKings. This agreement is subject to passage of applicable laws and the parties securing applicable gaming licenses. DraftKings’ market access is exclusive to Caesars across certain states in which Caesars operates casino properties.
“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,” says Mark Frissora, President and CEO of Caesars Entertainment. “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.”
Since it was first to market in New Jersey with the launch of the DraftKings Sportsbook in August of 2018, DraftKings has led the state in mobile sports betting revenue every month. In January 2019, mobile sports betting accounted for nearly 80 percent of the total sports betting revenue in New Jersey.
“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,” says 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 will promote Caesars Entertainment as its official casino resort partner in the states where the companies collaborate, and Caesars Entertainment will receive DraftKings equity. Caesars can also continue to offer its own branded sports betting and online casino applications in each of these jurisdictions and will maintain its own primary access in all states according to regulation under the agreement.
The partnership between Caesars and DraftKings signals a new dynamic for both companies. Caesars gets to branch out into sectors that its hasn’t traditional entered, making it more relevant to the millennial generation. DraftKings, a smaller, less well-known company, gets the prestige of associating with a massive, popular brand. The association between the two companies bodes well for their success in 2019.
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