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Caesars Entertainment (NASDAQ: CZR), the casino company resulting from the merger of Eldorado Resorts Inc. and the original Caesars, today announced that it is making a “strategic investment” in SuperDraft Inc., a fantasy sports platform. The move comes as several companies seek to strengthen their presence in the online sports betting industry, which has grown rapidly in 2020 and continues to strengthen as new states legalize this form of gambling.
Neither party has disclosed how much Caesars paid for its investment, but it has currently purchased a minority stake in SuperDraft. The terms of the deal allow Caesars to purchase a larger stake in the business, should it choose to do so. This can go up to 100% ownership or full ownership. The exact timeline involved has not yet been publicly disclosed.
Image source: Caesars Entertainment.
Caesars CEO Tom Reeg noted that “adding daily fantastic sports fits perfectly with our strategic vision for mobile and online sports” and that this issue will give his business access to a popular platform. , allowing a more flexible team building. The integration will be two-way, with SuperDraft users receiving credits under Caesars Rewards and also using the Caesars Wallet.
Caesars could also see SuperDraft as another potential avenue to strengthen its presence in the world of online sports betting. SuperDraft’s strong presence in 35 states could be helpful in getting quick access to digital sports gambling there once legalization is complete. Bally Corporation (NYSE: BALY) is embarking on a similar initiative with the acquisition of the fantastic sports platform Monkey Knife Fight. Bally will benefit from the fantasy sports service itself and have immediate entry into the high-population states of Florida, California, and Texas once they finally legalize online sports betting.
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