Three sports betting companies have been announced as official sports betting partners in the National Football League after the market closed on Thursday.
What happened: NFL announcements Caesars Entertainment Inc. (NASDAQ: CZR), DraftKings Inc (NASDAQ: DKNG) and FanDuel as “official sports betting partners” of the league. All three have multi-annual agreements.
The deal gives the three companies the opportunity to use NFL brands in the sports betting category. Free NFL-themed games will be released for fans of the three brands.
Why it is important: The NFL has a loyal fan base and some of the most watched sports events in the United States. The competitive nature of sports betting makes it important to obtain exclusive deals and rights to data, content and logos.
The three companies are given the right to integrate “relevant sports betting content”
The official NFL data channel will be available for Caesars, DraftKings and FanDuel.
Related link: NFL to own 5% of ingenious sports after exclusive SPAC deal with DMYD
Caesars Entertainment is also the official sponsor of the NFL Casino. DraftKings has renewed its exclusive deal with the NFL to be the league’s “official daily fantasy partner.”
DraftKings will work with NFL to integrate into NFL’s media properties, including the NFL RedZone channel.
FanDuel, which is investigating an IPO, is gaining access to an NFL connection for the first time. The company is owned by Flutter Entertainment (OTC: PDYPY), which trades over-the-counter in the United States, FanDuel will gain access to some NFL gaming rights and will work with the NFL Pre-Game Opportunity League for seven games broadcast in 2021 on the channel.
Price action: Shares of Caesars Entertainment rose 1% to $ 94.40 in after-hours trading on Thursday. Shares of DraftKings rose 6% to $ 60.74 in after-hours trading.
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