American land-based casino operator Caesars Entertainment Corporation has announced the signing of a multi-year arrangement that is set to see it provide daily fantasy sports and sportsbetting firm DraftKings Incorporated with increased market access.
Multi-state tie-up:
The Las Vegas-headquartered firm used an official Monday press release to detail that the alliance will give it the ability to utilize online gaming products from its partner on an exclusive basis ‘across certain states’ in which it operates land-based casinos. It moreover stated that this new relationship is to be ‘subject to the passage of applicable laws’ as well as on both parties having secured ‘applicable gaming licenses.’
‘Equity’ gain:
In return, Mark Frissora, President and Chief Executive Officer for Caesars Entertainment Corporation, explained that the deal is to involve his firm receiving ‘equity’ in DraftKings Incorporated and being listed as the Boston-based innovator’s ‘official casino resort partner in the states where the companies collaborate.’
Frissora’s statement read…
“Caesars Entertainment Corporation’s agreement with DraftKings Incorporated, its first multi-state partnership, brings together the established leaders in gaming, daily fantasy sports and sportsbetting to provide customers more options. This alliance is the latest initiative by Caesars Entertainment Corporation 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.”
Protection pledge:
Frissora clarified that this partnership is to moreover give his firm the ability to continue offering its ‘own branded sportsbetting and online casino apps’ in all jurisdictions alongside maintaining its ‘own primary access in all states according to regulation under the agreement.’
Expediting exercise:
For its part, August saw DraftKings Incorporated become the first firm to launch an online sportsbetting service for punters in New Jersey. The company’s Chief Executive Officer, Jason Robins, proclaimed that the union with Caesars Entertainment Corporation is set to give his enterprise the ability to ‘work alongside one the largest and most established industry leaders in the world’ in order to accelerate the ‘national roll-out process’ of its services.
Robins’ statement read…
“We look forward to collaborating with Caesars Entertainment Corporation on creating the most innovative and engaging sports and entertainment products and events for our customers.”