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Caesars Entertainment Enters Into Multi-State Agreement With DraftKings

George Miller

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Caesars Entertainment Enters Into Multi-State Agreement With DraftKings
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Multi-year Deal Includes Online Gaming Market Access, Events and New Revenue Streams

 

Caesars Entertainment Corporation, the world’s most diversified casino-entertainment company, and DraftKings, the leading sports-tech entertainment brand in the U.S., have reached an agreement under which Caesars will offer DraftKings market access for its online gaming products, subject to passage of applicable laws and the parties securing applicable gaming licenses. DraftKings’ market access is exclusive to Caesars across certain states in which Caesars operates casino properties.

“Caesars’ agreement with DraftKings, their first multi-state partnership, brings together the established leaders in gaming, daily fantasy sports and sports betting to provide customers more options,” said Mark Frissora, President and CEO of Caesars Entertainment. “This alliance is the latest initiative by Caesars to capitalize on our database, generate a new revenue stream in a growth market and raise our profile in sports, in part by creating new sports-themed guest experiences at our resorts across the country.”

Since they were first to market in New Jersey with the launch of DraftKings Sportsbook in August of 2018, DraftKings has led the state in mobile sports betting revenue every month. In January 2019 mobile sports betting accounted for nearly 80 percent of the total sports betting revenue in New Jersey.1

“Partnering with such a world class gaming organization will expedite our national roll-out process and give us the opportunity to work alongside one the largest and most established industry leaders in the world,” said Jason Robins, CEO and Co-Founder of DraftKings. “We look forward to collaborating with Caesars Entertainment on creating the most innovative and engaging sports and entertainment products and events for our customers.”

DraftKings will promote Caesars Entertainment as its official casino resort partner in the states where the companies collaborate, and Caesars Entertainment will receive DraftKings equity. Caesars can also continue to offer their own branded sports betting and online casino apps in each of these jurisdictions – and will maintain their own primary access in all states according to regulation under the agreement.

 

About Caesars Entertainment:

Caesars Entertainment is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company.   Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions.  Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names.  Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos.  Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.  Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment.  For more information, please visit www.caesars.com.

About DraftKings:

DraftKings is a global sports technology and entertainment company that believes life is more fun with skin in the game. Its mission is to bring fans closer to the games they love via a unique combination of daily fantasy sports, sports betting and media platforms that, combined, deliver “The Game Inside The Game.” Founded in 2012 by Matt Kalish, Paul Liberman and Jason Robins, DraftKings is headquartered in Boston, MA, and offers daily fantasy sports contests across 11 professional sports in 8 countries including the U.S., Canada, U.K and Australia. Operating pursuant to state regulations in New Jersey and Mississippi, DraftKings Sportsbook mobile and retail, allows players in the state to engage in betting for major U.S. and international sports.

Forward-Looking Statements

This release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as “will,” or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events.

You are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, growth in the sports gaming industry and our ability to respond to changes in the industry, prevailing economic conditions from time to time, the passage of applicable laws, receipt of any necessary regulatory approvals, and may include other factors described from time to time in Caesars’ reports filed with the Securities and Exchange Commission.

You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date of this document. Caesars undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

 

Source: Caesars Entertainment

Compliance Updates

PA Commonwealth Court Rules Pennsylvania Skill Video Game Machines are Slot Machines

Niji Narayan

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PA Commonwealth Court Rules Pennsylvania Skill Video Game Machines are Slot Machines
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The Pennsylvania Commonwealth Court has ruled that the video game machines manufactured and distributed by the company POM under the name “Pennsylvania Skill” are considered “slot machines” under Pennsylvania law.

“With this decision, we urge the Pennsylvania State Police, the Office of Attorney General, police departments and District Attorneys across the state to enforce Pennsylvania law to halt the proliferation of thousands of illegal Pennsylvania Skill slot machines now in convenience stores, bars, restaurants and other establishments in communities across the state,” Thomas C. Bonner, Group VP / Legal & Chief Counsel for Parx Casino said.

“We know that illegal slot machines and full-blown illegal casinos are popping up all over Pennsylvania. We know that minors are gambling, and we know that the state Lottery is losing tens of millions of dollars that should be going to our seniors because of these illegal machines. It’s time to confiscate these machines and put these illegal casinos out of business,” Bonner added.

The Commonwealth Court’s clarification that the “Pennsylvania Skill” games are “slot machines” under Pennsylvania law provides concrete and clear legal justification for law enforcement at the state and local levels to confiscate such machines and prosecute those responsible for manufacturing, distributing, leasing, or owning these machines.

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Gambling in the USA

TCSJOHNHUXLEY Enters into Asset Purchase Agreement with GPI

Niji Narayan

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TCSJOHNHUXLEY Enters into Asset Purchase Agreement with GPI
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Live table game developer TCSJOHNHUXLEY has entered into an asset purchase agreement with Gaming Partners International (GPI) that will see TCSJOHNHUXLEY acquire all operating assets related to GPI’s casino furniture, layouts and accessories businesses in the North American market.

This transaction is expected to strengthen TCSJOHNHUXLEY’s market leadership in this area, while allowing GPI to focus on its core competence in casino security equipment, such as playing cards, currency and dice.

The transition began on November 20, and subject to closing conditions, the deal is expected to close by the end of the year, or in January 2020.

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Gambling in the USA

IGT Rolls Out PlaySports Betting Platform in Oregon

Niji Narayan

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IGT Rolls Out PlaySports Betting Platform in Oregon
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The Mill Casino in Oregon has installed International Game Technology PLC’s IGT PlaySports platform. Patrons of Mill Casino can now place a range of sports wagers over the counter or via PlaySports kiosks.

“We are extremely pleased to be the only casino in Southern Oregon to provide our guests access to the excitement of sports betting through IGT’s PlaySports technology. This new option perfectly complements our slots and table games offering and gives our customers even more reasons to visit our waterfront destination,” Terri Porcaro, CEO of The Mill Casino said.

“Enabling The Mill Casino in Oregon to offer world-class sports betting experiences is another important milestone in the expansion of IGT’s position in the U.S. sports betting market. The solution’s market-readiness and proven capacity to seamlessly process high volumes of bets across devices and channels continues to differentiate IGT PlaySports in the market and has helped fuel its expansion into 11 U.S. states,” Enrico Drago, Senior VP of IGT PlayDigital said.

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