Caesars Entertainment (CZR) Announces Strategic Investment in SuperDraft Daily Fantasy
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Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars" or "CZR") today announced a strategic investment in the daily fantasy sports platform SuperDraft, Inc. (www.superdraft.io). The investment complements Caesars' strong mobile sports and gaming network by adding an innovative Fantasy Sports platform, further strengthening its pipeline to customer acquisition and retention for both online and brick-and-mortar.
With the investment, Caesars takes an initial minority equity position with an option to increase its stake over time up to 100% at pre-determined levels. The partnership positions SuperDraft as an exciting new option and dominant force in the daily fantasy sports industry.
"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."
Operating across seven professional sports in more than 35 states, SuperDraft features a unique game mode that attracts casual fans and experienced players alike. Multiplier Mode replaces the traditional fantasy team salary cap with a multiplier applied to each player allowing maximum flexibility in team building while creating more opportunities for everyone to win.
As part of the investment, SuperDraft will join Caesars' online brands, World Series of Poker, Caesars Online Casino, and, upon the acquisition's close, William Hill, as part of a full slate of mobile and online gaming channels.
"We're super excited to be part of Caesars' powerful gaming ecosystem," said Steve Wang, CEO & Founder of SuperDraft Inc. "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 February 7th - the SuperMillion Big Game contest. Starting today, opportunities will be offered daily across paid and free entry contests to give anyone the chance to win a ticket and compete for the $300,000 1st place prize. Additionally, two $100,000 contests with $20,000 first place prizes will occur on Big Game Day to offer something for daily fantasy players of all pocketbooks.
SuperDraft will become a piece of Caesars' single wallet solution, allowing members more options to play both online and in-person, and is expected to be tied to the industry-leading Caesars Rewards program that will permit players to credits redeemable for rewards and experiences online or at one of Caesars casino resorts nationwide.
"Caesars is a strong strategic partner that will allow us to further enhance our industry-leading tech stack and provide an enhanced player-first experience," said Nate Hunter, SuperDraft CTO and Co-Founder. "Now SuperDraft can adapt to the market faster than the institutional daily fantasy providers, while providing our players with unmatched prizes, loyalty rewards, and exclusive VIP opportunities."
For more information, visit: www.caesars.com/superdraft
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