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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.

• The success and popularity of this legal form of California online sports betting is a great way for DraftKings to become a California online sportsbook after legalization. BetMGM MGM’s largest single retail casino is located in Las Vegas, not far outside the California border.
• Jan 17, 2020 HOME News DraftKings Opens Las Vegas Office, Entry in Nevada Betting Market Not a Priority. January 17, 2020, 12:35 pm. Daily fantasy sports and sports betting operator DraftKings this week celebrated the opening of its office in Las Vegas, Nevada. However, the company locating some of its business in the Silver State does not mean that local gamblers will be able to place bets with the DraftKings app or at a physical DraftKings Sportsbook anytime soon, since the operator does not have a.

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In return, Caesars Entertainment will receive an ownership stake in DraftKings and access to its customer database.

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DraftKings has access to operate in 12 states

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.

Agreement gives the Company naming rights and ongoing access to local expertise and talent

Boston, MA and Las Vegas, NV – October 28, 2020 – DraftKings Inc. (Nasdaq: DKNG) today announced a multi-year agreement to become a primary sponsor of the Center for Gaming Innovation, housed within the International Gaming Institute (IGI) at the University of Nevada, Las Vegas (UNLV). The agreement includes the opening of the new DraftKings Gaming Innovation Studio at UNLV and provides DraftKings with access to local talent, while furthering the company’s ties to the Las Vegas community.

“We’re excited to be working with the University of Nevada, Las Vegas and its highly regarded International Gaming Institute to further innovate global online gaming,” said Paul Liberman, DraftKings co-founder and President, Global Technology and Product. “Both DraftKings and UNLV are on the leading edge of developing the next wave of technology within the international gaming industry. Through this agreement, DraftKings not only has access to the latest ideas coming out of the Gaming Innovation Studio, but it also allows us to deepen our relationship with the Las Vegas community.”

In January 2020, DraftKings officially announced the opening of a 300-person office in Las Vegas, providing the Company access to some of the gaming industry’s top talent. The agreement with UNLV will create a pipeline to local talent and to innovations created at UNLV, which has a long-standing track record of success in commercializing gaming products, ranging from new games and software to Responsible Gaming technologies. Visitors to UNLV can expect to see new DraftKings Gaming Innovation Studio signage, as well as DraftKings branding, throughout the Stan Fulton Building.

“The creation of the DraftKings Gaming Innovation Studio at UNLV will substantially expand the scope and output of UNLV's gaming innovation program and will provide students the opportunity to collaborate in a professional setting, turning creative ideas into viable casino games,” said Daniel Sahl, Director of IGI’s Center for Gaming Innovation. “Now more than ever, we are delighted to collaborate with a company that is well-known for embracing innovation in gaming. This collaboration will help ensure that Nevada remains the global leader in gaming development and manufacturing – both now and in the future.”

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About DraftKings

DraftKings Inc. (Nasdaq: DKNG) is a digital sports entertainment and gaming company created to fuel the competitive spirits of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators across more than 15 regulated U.S. and global markets, including Arkansas and Oregon in the U.S. DraftKings’ Sportsbook offers mobile and retail betting for major U.S. and international sports and operates in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB and the PGA TOUR as well as an authorized gaming operator of the NBA and MLB and an official betting operator of the PGA TOUR.

About University of Nevada, Las Vegas International Gaming Institute

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For more than 25 years, UNLV International Gaming Institute (IGI) has provided research-based solutions, cutting-edge insights, and executive education to the gaming industry. Described as the “global intellectual capital of gaming” by former Nevada Governor Brian Sandoval and “The Harvard of Gaming” by Global Gaming Business, IGI houses several excellence initiatives, including the Center for Gaming Innovation, the International Center for Gaming Regulation, the Expanding the Leaderverse initiative, and the Hospitality & Esports Innovation Lab. Each of these addresses a vital need in the global gaming industry, for which the IGI serves as an answer center populated by an internationally recognized dream team of contributors. For more information, please visit igi.unlv.edu.

Forward-Looking Statements

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Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ Securities and Exchange Commission filings. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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