Caesars Entertainment Invests in a Fantasy Sports Platform, With an Option to Acquire
Caesars Entertainment (NASDAQ: CZR), the casino company formed from the merger of Eldorado Resorts Inc. and the original Caesars, announced today it is making a "strategic investment" in SuperDraft Inc., a fantasy sports platform. The move comes as multiple companies look to strengthen their presence in the online sports betting sector, which grew rapidly in 2020 and continues to strengthen as additional states legalize this form of gambling.
Neither party has revealed how much Caesars paid for its investment, but it has currently bought a minority stake in SuperDraft. The terms of the deal allow Caesars to buy a bigger stake in the company, if it decides to do so. That could be up to a 100% stake, or complete ownership. The exact timetable involved also hasn't yet been publicly revealed.
Image source: Caesars Entertainment.
Source Fool.com
