Caesars Gets DraftKings Stake in Sports-Betting Partnership
- Deal should give DraftKings easier access to more markets
- U.S. sports betting could be $6.5 billion industry by 2023
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Caesars Entertainment Corp. and DraftKings Inc. are teaming up in a deal that will give the internet betting company an easier path toward online and mobile gambling rights across the country.
Caesars is receiving an undisclosed equity stake in DraftKings as part of the deal, the companies said Monday. The largest owner of casinos in the U.S., Caesars will also get a cut of DraftKings’ gambling revenue in states where the partnership is in force. At the same time, the casino owner is being pressed to put itself up for sale by major investors including Carl Icahn.