FanDuel partners The CAGE Companies in exclusive sports betting deal17th December 2020 10:09 am GMT
Flutter Entertainment-owned FanDuel Group has entered into an exclusive sports betting deal with The CAGE Companies in the Caribbean and South America.
The strategic partnership will see FanDuel and CAGE operate over-the-counter sportsbooks at retail locations and online in markets throughout the region.
The first launch is expected to take place during the first half of 2021, initially in Bermuda and Barbados, with the long-term goal of growing to several dozen additional locations across the region.
“We are excited about implementing a sports betting business with FanDuel and believe that it will provide our customers with an engaging betting experience only our two companies can deliver,” said Robert Johnson, founder of The RLJ Companies and majority owner of the CAGE Companies. “This agreement will also provide new jobs and significant recurring revenue for the governments we serve.”
FanDuel Group CEO Matt King commented: “We are proud to partner with a visionary business leader and entrepreneur in Bob Johnson and look forward to building a long-term collaboration together. Bob and the team at CAGE were the perfect partner to expand our industry leading footprint internationally.”
Robert Washington, co-founder, chairman and CEO of the CAGE Companies, added: “We see sports betting and mobile gaming as a key driver of growth for the CAGE Companies.
“This dynamic agreement creates tremendous value, brand recognition and delivers world class products for the enjoyment of our customers and the financial benefit of the many small businesses that serve as our commission retailers.”
FanDuel currently operates retail sportsbooks in 11 states across the US, and online sports betting in eight states, with the operator set to launch online in Michigan and Virginia in the coming months.
Shares in Flutter Entertainment plc. (LSE:FLTR) were trading 0.97 per cent higher at 15,539.20 pence per share in London Thursday morning.