Caesars Entertainment has announced a strategic investment in the daily fantasy sports platform SuperDraft.
The investment will strengthen the company’s mobile sports and gaming network by adding a Fantasy Football platform.
According to the statement, Caesars takes an initial minority equity position, with a possibility to increase its stake up to 100% at pre-determined levels over time.
CEO of Caesars Entertainment Tom Reeg said: «The addition of daily fantasy sports fits seamlessly with our strategic vision for mobile and online sports.» He believes SuperDraft’s game mode would help strengthen Caesars Entertainment’s position in sports gaming.
SuperDraft will become one of the company’s online brands, like World Series of Poker and Caesars Online Casino. It is also set to use Caesars’ single wallet solution and its rewards program.
SuperDraft operates in 35 states, offering seven professional sports. The platform uses Multiplier Mode that is a deviation from the regular fantasy team salary. CEO of SuperDraft Steve Wang said: «We’re super excited to be part of Caesars’ powerful gaming ecosystem. SuperDraft is now well-positioned to accelerate its growth with financial staying power while broadening its consumer appeal.”
SuperDraft CTO Nate Hunter added the investment would allow SuperDraft to adapt to the market faster than the institutional daily fantasy providers. He called Caesars a strong strategic partner.
To commemorate the partnership, SuperDraft will launch its first $1m tournament on 7 February.