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DraftKings and Caesars Entertainment entered separate deals with ESPN on Monday.
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ESPN will use Caesars Sportsbook by William Hill as its sponsor for fantasy products and DraftKings as its exclusive partner for daily fantasy sports games and a sportsbook link-out provider, the media company announced.
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“Our new agreements with Caesars and DraftKings collectively represent the next significant milestone for ESPN to diversify our exposure and deepen our commitment in the sports betting space,” ESPN’s Vice President of Business Development and Innovation Mike Morrison said in a news release. “We began growing the experience through content, followed by odds utilizing William Hill’s sports betting data and a new state-of-the-art studio facility in Las Vegas through our deal with Caesars, and now with the addition of DraftKings, we are bringing together the sports media leader with two of the top brands and best products in the segment.”
ESPN had recently launched a sports gambling studio show at The LINQ Hotel + Experience, which is a Caesars Entertainment property.
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“Caesars’ relationship with ESPN continues to deepen with the ability to directly link to sportsbooks from our partner, William Hill, from ESPN’s digital platforms,” Tom Reeg, Caesars Entertainment CEO, said in the news release. “ESPN’s unparalleled reach provides a transformational opportunity for sports fans and enthusiasts to engage and wager at their fingertips. This new initiative closely followed the grand opening of the new ESPN Studio with Caesars at the center of the world-famous Las Vegas Strip.”
DraftKings also recently announced that Michael Jordan would be advising its board. Sports betting is legal in Oregon, California, Montana, Colorado, Iowa, Illinois, Michigan, Indiana, Arkansas, Mississippi, Tennessee, Virginia, West Virginia, Pennsylvania, New Jersey, Delaware, Washington, D.C., New York, New Hampshire and Rhode Island.
Upon the announcement, DraftKings stock was up 12%. If it continues to trend upward it would be a new 52-week closing high. The company is up 31% month-to-date.
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Caesars Entertainment was also up more than 3% on the announcement.
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