The Genius Sports partnership brings official NFL data to DraftKings, as well as various other sports and streaming opportunities. It has struck deals with sports bars, launched a marketplace for nonfungible tokens and partnered with data provider Genius Sports. Selling was the only option for Golden Nugget Online, as it only has significant market share in New Jersey and 'didn't have the balance sheet to compete,' said a gaming industry analyst who asked to remain anonymous since they didn't have approval to speak on the record.ĭraftKings has been looking to diversify its revenue beyond fantasy sports and sports wagering. 'Together, we can offer value to our combined customer base that is unparalleled.' 'Leveraging Fertitta Entertainment's broad entertainment offerings and extensive customer database, coupled with DraftKings' mammoth network makes this an unbeatable partnership,' Fertitta said, in a statement. 'We definitely feel in the iGaming segment that we do better with people who are sports fans, that we can cross-sell, and we've been working hard to try to extend our brand and extend our reach into the non-sports fan iGaming audience,' Robins said. However, it has struggled to win customers to its casino play platform.

On DraftKings second-quarter earnings conference call, CEO Jason Robins said iGaming provides an opportunity to diversify the company's offering beyond sports seasons. Fertitta, and others, have said iGaming customers are worth seven times the value of a sports betting customer.

The gaming industry anticipates customers who bet in online casino games will be critical to its future revenue growth. The deal gives DraftKings access to Golden Nugget Online's 5 million customers, who are dependable online casino players. Fertitta will also join the DraftKings board. The billionaire said he will continue to hold on to the stock of the new company for at least a year after the deal closes. Golden Nugget Online CEO Tilman Fertitta owns 47% of the business, which was formed by spinning off the sports gaming and iGaming operations of the Golden Nugget. DraftKings has a market cap of $20.68 billion.

Golden Nugget Online shares surged nearly 48% on the news, while DraftKings stock remained relatively flat after the deal's announcement.

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