Bally’s, Caesars Entertainment add daily fantasy sport deals

ATLANTIC CITY » Two major casino companies announced deals Monday with daily fantasy sports providers as they seek to expand their reach and integrate different forms of fan engagement with professional sports into their gambling operations.

In the first deal, announced Monday morning, Bally’s continued its acquisition juggernaut by acquiring the daily fantasy sports company Monkey Knife Fight in an all-stock transaction that further widens the fast-growing company’s drive to add casino, online sports betting and media companies.

Later in the day, Caesars Entertainment announced a strategic investment in SuperDraft, a daily fantasy sports company launched in September 2019, with the option to acquire the whole company over time.

Daily fantasy sports involves players assembling virtual rosters of professional athletes, and then competing against others based on the performance of those athletes in real life. It is played just for fun, as well as for cash.

There has been growing synergy between daily fantasy sports and sports betting; two of the original dominant fantasy providers, DraftKings and FanDuel, have become leading sports betting bookmakers in the U.S.

Providence, Rhode Islandbased Bally’s becomes the third U.S. sports betting company to have a daily fantasy sports component, along with DraftKings and FanDuel.

Bally’s has been on a tear in recent months, adding gambling and media properties as it aims to become a major national player.

“With this acquisition, we are pleased to enter into the high-growth (daily fantasy sports) market,” said George Papanier, the company’s president and CEO. “Monkey Knife Fight is a unique asset that we look forward to incorporating into Bally’s constantly growing omnichannel portfolio of landbased casinos and iGaming platforms.”