Mashantucket Pequot Tribal Nation, Foxwoods Resorts Casino, and DraftKings Enter Multi-Channel Deal

Rhea-AI Summary

DraftKings has partnered with the Mashantucket Pequot Tribal Nation to facilitate online sports betting in Connecticut, pending regulatory approvals. This multi-channel agreement will allow DraftKings to expand its presence in New England and become the official daily fantasy sports partner of Foxwoods Resort Casino. With mobile sports betting already operational in 10 states, this partnership aims to generate $175 million in new revenue for Connecticut over five years. The launch of daily fantasy sports is set for December 13, 2020.

Positive

• Expansion into Connecticut, enhancing market presence.
• Potential to generate $175 million in new state revenue over five years.
• Becoming official daily fantasy sports partner of Foxwoods Resort Casino.

Negative

• None.

Agreement Offers Access for Online Sports Betting in Connecticut, Along With Daily Fantasy Collaboration

BOSTON & MASHANTUCKET, Conn., Dec. 07, 2020 (GLOBE NEWSWIRE) -- DraftKings (NASDAQ: DKNG) and the Mashantucket Pequot Tribal Nation today announced they have entered into a multi-channel deal, setting the stage to deliver access for online sports betting ahead of the anticipated launch of legal sports betting in Connecticut, subject to necessary legislative and regulatory approvals. With this alliance, DraftKings will also become the official daily fantasy sports partner of Foxwoods Resort Casino.

Through this agreement, DraftKings, a leader in digital sports entertainment and gaming, will expand its footprint in New England and the Connecticut, New Jersey and New York Tri-State area.

“This is a landmark deal in collaboration with the Mashantucket Pequot Tribal Nation as well as a critical next step to bringing America’s top-rated sportsbook app to sports fans in Connecticut,” said Matt Kalish, co-founder and President of DraftKings North America. “The national expansion of regulated sports betting is among our top strategic priorities. DraftKings today is live with mobile sports betting in 10 states, more than any other operator in the U.S., and teaming up with the tribe will allow us to extend our reach even further.”

“Partnering with DraftKings, the most prominent name in sports betting, reinforces the Mashantucket Pequot Tribe’s position as a leader in the gaming and entertainment industry,” said Rodney Butler, chairman of the Mashantucket Pequot Tribe, which owns and operates Foxwoods. “We’ve proven our ability to shape the future of gaming time and time again, and now we’re ready to drive sports wagering and online gaming for the state of Connecticut. Working through the tribal gaming compacts, we will help bolster our economy with much-needed revenue and virtual entertainment.”

DraftKings will also become Foxwoods’ first-ever daily fantasy sports partner, when launched on December 13, 2020, offering online promotions, contests and other integrated digital experiences to enhance fan engagement. 

“DraftKings is a pioneer in the U.S. digital sports entertainment and gaming market,” said Jason Guyot, interim CEO and president for Foxwoods Resort Casino. “Offering daily fantasy sports allows us to bring a new type of compelling and interactive online experience to our passionate sport fans. By combining Foxwoods’ 29-year gaming legacy with DraftKings’ deep digital expertise, we’re well positioned to continue leading gaming advancements in the region and beyond.”

Under longstanding agreements with Connecticut, in exchange for 25% of their slot revenue, the Mashantucket Pequot and Mohegan Tribes maintain the exclusive rights to operate gaming within Connecticut’s borders — an arrangement that has generated over $8 billion in revenue for the state since its inception. Upon state legalization and execution of an amendment to the Tribal/State agreement, DraftKings and the Mashantucket Pequot Tribe will be poised to launch sports betting in Connecticut. Online gaming and sports betting are projected to generate $175 million in new revenue for the state over five years. 

Since the overturn of The Professional and Amateur Sports Protection Act of 1992 (PASPA), DraftKings is now live with mobile and retail sports betting across the country in a total of 12 states, with New York and Mississippi currently only offering customers the retail sportsbook experience. In November, DraftKings entered Tennessee, marking the most recent sports betting state launch for the company with the goal of nationwide accessibility.

Fans can access integrated daily fantasy sports experiences by visiting www.draftkings.com and www.foxwoods.com or download DraftKings’ daily fantasy and sportsbook apps via iOS and Android.

About DraftKings
DraftKings Inc. (Nasdaq: DKNG) is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB and the PGA TOUR as well as an authorized gaming operator of the NBA and MLB and an official betting operator of the PGA TOUR.

About the Mashantucket Pequot Tribal Nation
The Mashantucket (Western) Pequot Tribal Nation is a federally recognized Indian tribe located at one of America’s oldest Indian reservations, Mashantucket, in Southeastern Connecticut.  As pioneers of the Indian Gaming casino industry, the history of the Mashantucket Pequots reveals one of America’s greatest come-back stories, featured at the Tribe’s world renowned Mashantucket Pequot Museum. Today, the Tribe owns and operates one of the largest Integrated Resort Casino destinations in North America, Foxwoods Resort Casino, along with a variety of complementary businesses including a world-class golf course, luxury spa, Pequot Pharmaceutical Network, and Pequot Plus Health Benefit Services.  As one of Connecticut’s highest revenue contributors and largest employers, the Mashantucket Pequots have provided the state more than $4 billion in slot revenue through a first-of-its-kind agreement, established in 1993.  Likewise, the Tribe has contributed hundreds of millions in donations and sponsorships for the benefit of communities and tribes in need, locally and throughout the U.S.

About Foxwoods Resort Casino
As the largest resort casino in North America, Foxwoods Resort Casino offers guests a premier destination resort experience throughout its six world-class casinos; AAA Four-Diamond hotels featuring over 2,200 rooms; dining options for all tastes; luxurious spas; award-winning golf; state-of-the-art theaters; Tanger Outlet Mall; conference space for groups of all sizes; and free online casino games at FoxwoodsONLINE.com. There is always something new at Foxwoods, most recently the arrival of Foxwoods Extreme Adventures. Adventure knows no limit as guests can zipline or race around on a European-style indoor karting track. Foxwoods Resort Casino truly is The Wonder Of It All, providing a personalized and exciting escape for everyone. Foxwoods, opened in 1992, is owned and operated by the Mashantucket Pequot Tribal Nation. For a detailed look at Foxwoods Resort Casino and Mashantucket Pequot Tribal Nation visit Foxwoods.com.

Media Contacts

media@draftkings.com
@DraftKingsNews

SHIFT Communications for Foxwoods Resort Casino
Foxwoods@shiftcomm.com

Forward-Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ Securities and Exchange Commission filings. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

FAQ

What is DraftKings' partnership with Mashantucket Pequot Tribal Nation?

DraftKings has entered a partnership with the Mashantucket Pequot Tribal Nation to offer online sports betting in Connecticut, pending regulatory approvals.

When will DraftKings launch daily fantasy sports at Foxwoods?

DraftKings is set to launch daily fantasy sports at Foxwoods Resort Casino on December 13, 2020.

What revenue is expected from online gaming and sports betting in Connecticut?

Online gaming and sports betting are projected to generate $175 million in new revenue for Connecticut over the next five years.

In how many states is DraftKings currently operating sports betting?

DraftKings is currently live with mobile sports betting in 10 states.

What role does DraftKings play in the Connecticut sports betting market?

DraftKings aims to lead the Connecticut sports betting market as the state prepares to launch legal online sports betting.