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August 18, 2019

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Partnership gives Caesars part ownership of DraftKings

DraftKings

Mark Lennihan / AP

An electronic advertisement for DraftKings hangs on the side of Madison Square Garden on Wednesday, Jan. 6, 2016, in New York.

Caesars Entertainment today announced a partnership with DraftKings that will give it part ownership of the daily fantasy sports company.

In a news release, Caesars President and CEO Mark Frissora said the agreement should benefit both entities.

“Caesars’ agreement with DraftKings, their first multistate partnership, brings together the established leaders in gaming, daily fantasy sports and sports betting,” Frissora said. “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.”

The companies did not disclose the equity stake that Caesars will receive.

As part of the deal, DraftKings will promote Caesars as its official resort partner in states where the companies collaborate.

“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,” Jason Robins, CEO and co-Founder of DraftKings, said in the release.

Pay-to-play daily fantasy sports games are illegal in Nevada, unless the offering entity holds a state gaming license.