Caesar’s Entertainment Expands its Footprint to Sports Betting
Caesar’s Entertainment recently announced a significant “strategic investment” in SuperDraft Inc., a fantasy sports platform.
Though neither party has revealed how much Caesar’s paid for its investment, but it has currently bought a minority stake in SuperDraft. While the initial investment may not blow anyone away, it opens the door for some serious disruption of the sports betting landscape.
SuperDraft is a daily fantasy sports game in the same vein as DraftKings or FanDuel. The terms of the deal allow Caesar’s to buy a bigger stake in the company if it decides to do so, up to a 100% stake, or complete ownership.
The exact timetable involved also hasn’t yet been publicly revealed.
Caesars CEO Tom Reeg said the “addition of daily fantasy sports fits seamlessly with our strategic vision for mobile and online sports,” adding that the stake will give his company access to a popular platform, enabling more flexible fantasy team building.
In this MarketScale Industry Update, hosts Daniel Litwin and Tyler Kern talk about the implications of this move, particularly as it concerns the widening of Caesar’s influence – by going under the guise of “fantasy sports,” is the company really just getting into more wallets? Time will tell.
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