Last week, Caesars Atlantic City struck an online casino and sports betting deal with DraftKings (DK). The deal announced on Monday also includes Caesars taking an equity stake in the biggest sportsbook in New Jersey. Not to mention, this is also Caesars first multi-state partnership that’ll see the casino offer DK market access to all its online gambling products.
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Caesars Power Move
The new deal will call for DK to promote Caesars as its official online casino and resort partner. Also, Caesars will clutch the right to offer its own branded online gambling products. The contract also sees that Caesars will continue offering its own branded online casino and sports betting apps. Unfortunately, the financial details of the agreement haven’t been disclosed yet. However, the deal will certainly reflect in NJ’s monthly online casino and sports betting revenue report.
According to Caesars CEO Mark Frissora, “This collaboration is our latest push to capitalize on our database. Also, it’s going to generate a new revenue stream in a growing market and raise our profile in sports”. He later went on to hail the deal as a way to create a new sports-themed guest experience.
Stepping Up the Competition
Also, commenting on the deal is DK’s CEO Jason Robbins. He said, “Partnering up with a world-class gaming organization will only advance our national expansion process.” He further expressed his excitement to be working with Caesars on creating a new product for customers.
Currently, Caesars has gaming venues in 14 states. So, this deal with DK will unquestionably allow the casino to keep pace with their rival, GVC Holdings. All in all, this is a great opportunity for both companies. As for Caesars, they’ve managed to bring their debt ceiling down from $25 Billion to $9 Billion in only a few years! With that in mind, it’s likely this new power deal with DK puts them in a good position to wipe the debt.