Caesar Entertainment (NASDAQ: CZR), the casino company created by the merger of Eldorado Resorts Inc. and the original Caesars, announced today that it is making a “strategic investment” in SuperDraft Inc., a fantastic sports platform. The move comes as many companies seek to strengthen their presence in the online sports betting sector, which grew rapidly in 2020 and continues to grow as additional countries legalize this form of gambling.
None of the parties has disclosed how much Caesars has paid for its investment, but it has currently bought a minority stake in SuperDraft. The terms of the deal allow Caesars to buy a larger stake in the company if it decides to do so. This can be up to 1
Caesars CEO Tom Reig noted that “the addition of everyday fantasy sports fits seamlessly into our strategic vision for mobile and online sports” and that the bet will give his company access to a popular platform that will allow more flexible fantasy building. team. The integration will take place in both directions, with SuperDraft users receiving Caesars Rewards credits and also using the Caesars portfolio.
Caesars may also see SuperDraft as another potential way to build its presence in the world of online sports betting. SuperDraft’s strong presence in 35 countries can be useful for quickly entering digital sports gambling there once legalization occurs. Bali Corporation (NYSE: BALY) joins a similar initiative with the acquisition of the fantastic sports platform Monkey Knife Fight. Bally will take advantage of the fantasy sports service itself and will have immediate entry into the highly populated states of Florida, California and Texas after eventually legalizing online sports books.