Major League Baseball’s (MLB) Chicago Cubs have signed a multi-year, nine-figure deal that sees DraftKings become their exclusive sports betting and daily fantasy partner.
According to a report by The Action Network, the deal is worth ‘around US$100 million’ and will run for ‘nearly a decade’, with DraftKings planning to open a retail sportsbook at the Cubs’ Wrigley Field ballpark.
In a joint statement, the Cubs and DraftKings said the development of the sportsbook requires approval by the City of Chicago, even though sports betting has been legal in the state of Illinois since March.
While MLB rules currently prohibit sportsbooks inside ballparks, reports say DraftKings plans to run in-venue advertising during Cubs games, while it will also promote its offering via the Marquee Sports Network, the team’s local broadcast partner.
DraftKings, which is the official daily fantasy partner of MLB, among other major sports properties, currently operates retail sportsbooks in eight US states, including one location in Illinois.
“DraftKings has been a great partner for a number of years and we are excited to expand this relationship as sports betting grows rapidly in Illinois,” said Crane Kenney, the Cubs’ president of business operations.
“An increasing number of sports fans want to integrate sports betting into their game experience, and we’re excited to be one of the first to engage in developing a retail sportsbook at a professional sports venue.”
News of the deal comes with shares in DraftKings, which currently has a market value of US$14.2 billion, having surged 125 per cent in a little over four months since it went public in April.
Earlier this week, the Boston-based company named basketball icon Michael Jordan as a special advisor as part of an arrangement that sees the former Chicago Bulls star take an equity stake.
Major League Baseball’s (MLB) Chicago Cubs have signed a multi-year, nine-figure deal that sees DraftKings become their exclusive sports betting and daily fantasy partner.
According to a report by The Action Network, the deal is worth ‘around US$100 million’ and will run for ‘nearly a decade’, with DraftKings planning to open a retail sportsbook at the Cubs’ Wrigley Field ballpark.
In a joint statement, the Cubs and DraftKings said the development of the sportsbook requires approval by the City of Chicago, even though sports betting has been legal in the state of Illinois since March.
While MLB rules currently prohibit sportsbooks inside ballparks, reports say DraftKings plans to run in-venue advertising during Cubs games, while it will also promote its offering via the Marquee Sports Network, the team’s local broadcast partner.
DraftKings, which is the official daily fantasy partner of MLB, among other major sports properties, currently operates retail sportsbooks in eight US states, including one location in Illinois.
“DraftKings has been a great partner for a number of years and we are excited to expand this relationship as sports betting grows rapidly in Illinois,” said Crane Kenney, the Cubs’ president of business operations.
“An increasing number of sports fans want to integrate sports betting into their game experience, and we’re excited to be one of the first to engage in developing a retail sportsbook at a professional sports venue.”
News of the deal comes with shares in DraftKings, which currently has a market value of US$14.2 billion, having surged 125 per cent in a little over four months since it went public in April.
Earlier this week, the Boston-based company named basketball icon Michael Jordan as a special advisor as part of an arrangement that sees the former Chicago Bulls star take an equity stake.
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