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DraftKings to enter Connecticut with Mashantucket Pequot Tribal Nation

7th December 2020 1:31 pm GMT
DraftKings

New York-listed DraftKings has agreed a new deal with the Mashantucket Pequot Tribal Nation to access the online sports betting market in Connecticut.

Subject to necessary legislative and regulatory approvals, the agreement will allow DraftKings to expand its footprint in New England and the Connecticut, New Jersey and New York Tri-State area.

“This is a landmark deal in collaboration with the Mashantucket Pequot Tribal Nation as well as a critical next step to bringing America’s top-rated sportsbook app to sports fans in Connecticut,” said DraftKings North America co-founder and president Matt Kalish.

“The national expansion of regulated sports betting is among our top strategic priorities. DraftKings today is live with mobile sports betting in 10 states, more than any other operator in the US, and teaming up with the tribe will allow us to extend our reach even further.”

Rodney Butler, chairman of the Mashantucket Pequot Tribe, which owns and operates Foxwoods, commented: “Partnering with DraftKings, the most prominent name in sports betting, reinforces the Mashantucket Pequot Tribe’s position as a leader in the gaming and entertainment industry.

“We’ve proven our ability to shape the future of gaming time and time again, and now we’re ready to drive sports wagering and online gaming for the state of Connecticut. Working through the tribal gaming compacts, we will help bolster our economy with much-needed revenue and virtual entertainment.”

As part of the deal, DraftKings will also become the first official daily fantasy sports partner of Foxwoods Resort Casino, with its fantasy sports offering set to launch next week in the state.

“DraftKings is a pioneer in the US digital sports entertainment and gaming market,” said Foxwoods Resort Casino interim CEO and president Jason Guyot. “Offering daily fantasy sports allows us to bring a new type of compelling and interactive online experience to our passionate sport fans.

“By combining Foxwoods’ 29-year gaming legacy with DraftKings’ deep digital expertise, we’re well positioned to continue leading gaming advancements in the region and beyond.”

Under longstanding agreements with Connecticut, in exchange for 25 per cent of its slot revenue, the Mashantucket Pequot and Mohegan Tribes maintain the exclusive rights to operate gaming within Connecticut’s borders.

DraftKings and the Mashantucket Pequot Tribe will be poised to launch sports betting in Connecticut upon state legalization and execution of an amendment to the Tribal/State agreement.

DraftKings is currently live with mobile and retail sports betting across the country in a total of 12 states, with New York and Mississippi currently only offering customers a retail sportsbook experience.

Shares in Draftkings Inc (NSQ:DKNG) were trading up 1.10 per cent at $49.79 per share in New York Monday.

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