DraftKings Partners With Foxwoods Resort For Future Connecticut Sports Betting Game
DraftKings (NASDAQ: DKNG) continues to expand its presence in the northeastern sports betting market after signing a partnership agreement with the Mashantucket Pequot Tribal Nation to provide sports betting and a fantastic sports platform at its Foxwoods Resort Casino in Connecticut .
While it is currently not legal to bet on sporting events in the state, DraftKings and the Mashantucket Pequots are bracing for the day it will be. In the meantime, it will launch a fantastic daily sports experience starting next week.
A rich opportunity
The northeast became the sports betting capital of the country, especially New Jersey, which was one of the first states to implement betting regulations when the United States Supreme Court declared the ban on sports betting unconstitutional.
Located between the New York and Philadelphia markets, the state is poised to soon cash in $ 1 billion a month in betting. While Connecticut might not see the same kind of response because it is not as densely populated as New Jersey, the state might very well do because it is located between the New York and New York markets. New England.
This is why casino operators love MGM Resorts and tribal nations have fought for the right to establish casinos in the region.
Under the new deal, DraftKings will offer online promotions, contests and other integrated digital experiences for its daily fantasy sports program starting December 13. Foxwoods, as well as the Mohegan Sun Casino of the Mohegan Tribe, are the only casinos licensed to operate in Connecticut, so that gives Flutter Entertainment‘s FanDuel an incentive to sign an agreement with the Mohegan tribe.
DraftKings and the Mashantucket Pequots estimate that online gaming and sports betting would generate $ 175 million in new revenue for the state over five years.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.