Caesars Entertainment and DraftKings announced a multi-state partnership on Monday that will allow the DraftKings Sportsbook access to states where Caesars Entertainment already has existing land-based casinos.
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In return, Caesars Entertainment will receive an ownership stake in DraftKings and access to its customer database.
DraftKings has access to operate in 12 states
View the latest odds and bet online legally, securely, and easily with the top rated sportsbook. Place a bet now! The states where DraftKings blocks players are: Arizona, Alabama, Hawaii, Idaho, Iowa, Louisiana, Montana, Nevada and Washington State. Note that we’re not asserting that these are states where DraftKings is illegal to play. The law regarding operation of a game and the law regarding participation in a game are often separate animals.
DraftKings will now have the ability to offer online gaming products like sports betting and casino games in states that have legalized those games and products. The company currently operates an online sportsbook and casino in just one state — New Jersey — while also running a retail sportsbook in Mississippi. Meanwhile, Caesars Entertainment operates casinos in the following 13 states across the U.S. Unfortunately for DraftKings, they’ll only have accee to 12 states.
- Arizona
- Louisiana
- Maryland
- North Carolina
DraftKings already operates in New Jersey with Resorts Casino. The deal with Caesars is very new, so there’s no word if it will change affiliation in the Garden State.
New states for DraftKings
DraftKings will have to apply for an online gaming license in states that Caesars operates and where sports betting and online gaming are legal. Caesars operates a casino in Chester, PA, which would have given DraftKings access to the 12 million residents in the Keystone State. Unfortunately, this deal doesn’t include access to Pennsylvania. That’s most likely because casinos may only be allowed a single skin when mobile betting becomes legal in PA.
DraftKings has a sordid past with Nevada. They’re part of the reason that Nevada residents can’t play traditional daily fantasy sports (DFS) contests. The Nevada Gaming Control Boardrequires DFS operators to have a gaming license.
The future in Nevada for DraftKings is currently unclear since the state doesn’t allow new customers to sign up for sports wagering accounts unless they do so in person at a casino sportsbook.
Iowa and Illinois are currently discussing plans to legalize sports betting. Depending on the legislation, those could be the next states to see DraftKings’ online sportsbook and casino games.
The Caesars side of the deal
While DraftKings will gain access to new markets, there’s another side to this deal. Caesars Entertainment now has an equity stake in DraftKings. Caesars Entertainment will earn a piece of DraftKings’ gaming revenue in states where the partnership is active.
Additionally, DraftKings will promote Caesars Entertainment as its official casino resort partner in the states where the companies work together. This will provide marketing opportunities for Caesars Entertainment to potential new customers that might not be in the existing Caesars Rewards database of more than 50 million people.
Caesars Entertainment will continue to offer their own branded sports betting and online casino apps in each of the states where they have casinos. This will continue to maintain their primary access in each state.
On an earnings call last week, Caesars Entertainment’s CEO Mark Frissora said they are upgrading their New Jersey retain sportsbooks. They will be taking The Book concept that debuted at The Linq in Las Vegas to New Jersey later this year.
We have hit the homestretch of 2019. A new year awaits.
It is a time to look ahead, to make resolutions, to leave the past in the past and move forward.
For some, however, simply putting 2019 in the rearview is not enough; they want to go out with a bang.
DraftKings’ merger makes waves
Turn back the clock to summer 2019, when Legal Sports Reportcaught wind of DraftKings standing on the threshold of a monumental deal.
Now, six months later, that deal has come to fruition.
The daily fantasy sports and sports betting power announced that it was entering into “a definitive business combination agreement” with betting technology provider SBTech and special purpose acquisition company Diamond Eagle Acquisition Corp.
Diamond Eagle already operates as a publicly traded group. Under this deal, Diamond Eagle would take on the DraftKings’ name. As such, DraftKings will become a publicly traded company.
This merger creates the only vertically integrated sports betting and online gaming company in the United States. DraftKings Sportsbook is obviously a major player in the sports betting world with operations open in four states; SBTech has partnerships in five states. DraftKings currently leverages Kambi Group to develop its sports betting platform, but SBTech now provides the company with an in-house solution.
The deal is expected to close in the first half of 2020.
Nevada sports betting has a mammoth month
For those who thought the Nevada sports betting industry would take a hit because other states were coming online: Think again.
The Silver State took in $614.1 million in wagers during November. It was not only a state record for that specific month but also a state record for any month in Nevada and national legalized sports betting history.
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In fact, in no other month prior has a state sports betting industry exceeded $600 million in handle. The previous best for Nevada was $596.8 million, set in March 2019.
This data shows that Nevada remains a heavy hitter amid the ever-expanding world of regulated sports betting. Boasting Las Vegas as a destination certainly helps, as does the existence of online wagering. That said, other states have instituted better and easier ways for users to sign up for betting apps.
That at least cracks the door open enough for New Jersey and Pennsylvania, each of which features an online market that accounts for more than 84% of their respective state handles.
Congressman proposes tribal sports betting bill
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As states continue to introduce and pass legislation legalizing sports betting, one Congressman has turned his focus toward Native American tribes.
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Rep. Anthony Brindisi, from New York, has introduced bill HR 5502, which aims to “remove Federal barriers regarding the offering of mobile sports wagers on Indian lands when the applicable State and Indian Tribe have reached an agreement, and for other purposes.”
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While not necessarily needed for tribes to offer online sports betting, it would help clear the air. For example, there is the belief that the federal Indian Gaming Regulatory Act mandates that mobile wagering could only occur via servers existing on tribal lands.
This new legislation, however, would help eliminate such confusion. Per the bill, a wager occurs entirely on tribal lands if:
- The person placing the sports wager and the server or other computer equipment through which the sports wager is accepted is in the same state.
- The applicable state and Indian tribe have entered into a tribal-state compact under the Indian Gaming Regulatory Act authorizing the placing of sports wagers through interactive sports wagering platforms.
New York does not have online wagering available, although stakeholders remain persistent in correcting that; the state does feature retail sportsbooks run by tribes. Tribes also operate brick-and-mortars in Oregon, New Mexico and Mississippi, and Michigan just legalized sports betting that would become available at 23 tribal casinos.