Caesars Entertainment, DraftKings Form Partnership

Caesars Entertainment Corp.  and DraftKings have reached an agreement under which Caesars will offer DraftKings market access for its online gaming products.

This 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," said Mark Frissora, President and CEO of Caesars. "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."

Mobile sports betting is a growing market. In January 2019 mobile sports betting accounted for nearly 80 percent of the total sports betting revenue in New Jersey.

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 their own branded sports betting and online casino apps in each of these jurisdictions – and will maintain their own primary access in all states according to regulation under the agreement.