30-second summary:

• Caesars Entertainment Corp purchases stake in DraftKings
• Caesars will provide the DraftKings market with access to iGaming and sports betting products in specific states where it operates (subject to applicable laws)
• DraftKings will provide Caesars with a database of 10m dedicated sports fans

As the US sports betting industry continues to evolve, new partnerships are being formed. Caesars Entertainment Corp is the latest casino company involved in a sports betting deal.

The gaming giant has announced a deal with DraftKings. Caesars has now purchased a stake in the brand. The exact size of the stake has not yet been revealed.

Deal details

Both Caesars and DraftKings are set to profit from the new deal. Caesars will be offering DraftKings access to its sports betting products and online gaming in the 13 states where it currently operates. DraftKings will have access to these gaming products subject to applicable laws in the given state.

DraftKings will be providing Caesars with access to its database of 10m sports fans. Due to its daily fantasy sports operations, DraftKings was able to quickly activate its fan base for sports betting. The existing fan base helped it become a top operator of mobile sports betting in New Jersey.

DraftKings was the first to market in New Jersey with its sportsbook, launching in August 2018. Since that time, the company has led the state regarding mobile sports betting revenues each and every month.

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

As part of the deal, DraftKings will host a minimum of five events each year at Caesars properties in states where the two are working together.

Additional partnership deals

This is not the only deal Caesars Entertainment Corp has struck this month. According to VSO News, the company signed a deal with Turner Broadcasting at the beginning of February.

The two companies will be working together to capitalize on the growing sports betting industry in the US. As part of the deal, Turner Broadcasting will create a studio in the Caesars Palace sportsbook in Las Vegas.

Caesars has been dedicated to signing deals involving sports betting, as soon as the option was legalized across the US. The brand was the first to partner with the NFL as well as signing team deals with the NBA’s Philadelphia 76ers and the New Jersey Devils of the NHL.