Caesars Entertainment, Inc. last month announced a strategic investment in the daily fantasy sports platform SuperDraft, Inc., in an effort to boost the company’s mobile and online sports betting offerings.According to a Jan. 25 press release, Caesars takes an initial minority equity position with an option to increase its stake over time up to 100% at pre-determined levels.Financial details of the initial investment were not disclosed.“The addition of daily fantasy sports fits seamlessly with our strategic vision for mobile and online sports,” said Tom Reeg, CEO of Caesars Entertainment, Inc. “SuperDraft’s innovative multiplier game mode is unique in the marketplace, and we believe it offers a tremendous opportunity to strengthen our position in the sports gaming landscape.”SuperDraft currently operates across seven professional sports in more than 35 states. As part of the investment, SuperDraft will join Caesars’ online brands, World Series of Poker, Caesars Online Casino and William Hill.The William Hill portion of the deal is contingent on closing of Caesars’ $3.7 billion acquisition of the British bookmaker, which was announced in September and is subject to certain closing conditions and approval of William Hill shareholders.“We’re super excited to be part of Caesars’ powerful gaming ecosystem,” Steve Wang, CEO & Founder of SuperDraft, Inc. stated. “Daily fantasy players deserve a breath of fresh air, and we’re here to transform the industry. SuperDraft is now well-positioned to accelerate its growth with financial staying power while broadening its consumer appeal with bigger contests and better rewards to players of all interest levels.”To kick-off the partnership, SuperDraft will launch its first $1 million tournament on Feb. 7, Super Bowl Sunday.
