Caesars Entertainment Adds Daily Fantasy Sports

Published by Nikki Palmer on Sat, 01/30/2021 - 1:00am

Ron Baumann, a regional president with Caesars Entertainment, sits at a card table at Harrah’s casino on July 1, 2020, in Atlantic City, N.J., where plexiglass barriers have been installed to separate gamblers to prevent the spread of the coronavirus. On Monday, Jan. 25, 2021, the company replaced Baumann, who had overseen the Caesars and Harrah’s casinos, with two new executives. (AP)

The Associated Press

Atlantic City, N.J. – Two major casino companies announced deals Monday with daily fantasy sports providers as they seek to expand their reach and integrate different forms of fan engagement with professional sports into their gambling operations.

In the first deal, announced Monday morning, Bally’s continued its acquisition juggernaut by acquiring the daily fantasy sports company Monkey Knife Fight in an all-stock transaction that further widens the fast-growing company’s drive to add casino, online sports betting and media companies.

Later in the day, Caesars Entertainment announced a strategic investment in SuperDraft, a daily fantasy sports company launched in September 2019, with the option to acquire the whole company over time.

Daily fantasy sports involve players assembling virtual rosters of professional athletes, and then competing against others based on the performance of those athletes in real life. It is played just for fun, as well as for cash.

There has been growing synergy between daily fantasy sports and sports betting; two of the original dominant fantasy providers, DraftKings and FanDuel, have become leading sports betting bookmakers in the U.S.

Providence, Rhode Island-based Bally’s becomes the third U.S. sports betting company to have a daily fantasy sports component. Bally’s recent moves also include the purchase of Bally’s casino in Atlantic City, a media partnership with Sinclair Broadcast Group and its pending acquisition of Bet.Works.

Caesars did not divulge the amount of its investment in SuperDraft, which operates in more than 35 states. Caesars operates two casinos in Council Bluffs.

“We’re super excited to be part of Caesars’ powerful gaming ecosystem,” said Steve Wang, CEO and founder of SuperDraft. “Daily fantasy players deserve a breath of fresh air, and we’re here to transform the industry. SuperDraft is now well-positioned to accelerate its growth with financial staying power while broadening its consumer appeal with bigger contests and better rewards to players of all interest levels.”