Caesars, DraftKings announce multi-state betting partnership


    Snow falls outside Caesars Palace on the Las Vegas Strip on Wednesday, Feb. 20, 2019. (Photo courtesy Brian Johannsen)

    Caesars Entertainment and daily fantasy company DraftKings have reached a multi-state deal for online betting, the two companies announced Monday.

    The agreement will give DraftKings direct market access for its online gaming products in states where Caesars operates, subject to applicable laws and gaming licenses, according to a joint statement.

    Caesars will get an equity stake in DraftKings as part of the agreement, the companies say, and DraftKings would promote Caesars as its official casino resort partner in states where the two are collaborating.

    Pennsylvania, New Jersey and Mississippi will have access to the new agreement, according to Caesars' Twitter account. DraftKings does not operate in Nevada.

    Caesars will still be able to offer its own branded sports betting and online apps.

    "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," Mark Frissora, president and CEO of Caesars Entertainment, said in a statement.

    The two companies cited DraftKings' success in New Jersey's mobile sports betting market since its sportsbook launched in August last year.

    "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.

    Caesars announced earlier this month a partnership with Turner Sports that would bring a Bleacher Report-branded studio to the Caesars Palace sportsbook.

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