DraftKings, Caesars Gain On Sports Betting Deal with NFL By Investing.com

DraftKings, Caesars Gain On Sports Betting Deal with NFL

Stock MarketsApr 16, 2021 10:18AM ET

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DraftKings, Caesars Gain On Sports Betting Deal with NFL

By Dhirendra Tripathi

Investing.com – Shares of DraftKings (NASDAQ:DKNG) and Caesars (NASDAQ:CZR) rose about 2% Friday after announcing a partnership with the National Football League.

FanDuel, the sportsbook owned by Ireland's Flutter Entertainment PLC (LON:FLTRF), is also part of the deal.

The deal allows the sportsbooks to integrate relevant sports betting content into NFL applications, including the league's official app and its website. It will also be able to exploit the league’s official data feed.

DraftKings will also act as an exclusive "official daily fantasy partner," giving it exclusive rights to promote daily fantasy sports contests.

Oppenheimer analyst Jed Kelly said this development could accelerate legalization of online sports betting (in various states) and increasing consumer adoption. Kelly expects the NFL to change its policy and allow gambling commercials during its broadcasts.

“We believe this will benefit in-game wagering, where we now expect the league to work more closely with its media partners to reduce latency. Amazon (NASDAQ:AMZN), which will broadcast Thursday night games in either '22 or '23, is investing in technologies that reduce lag and improve streaming quality,” the analyst wrote.

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