Sports betting operator DraftKings has recently secured a market access deal in Connecticut through a lucrative partnership deal with Foxwoods Resort Casino owner Mashantucket Pequot Tribal Nation. Thanks to the multi-year agreement which is still pending regulatory approval, the two parties will be collaborating to bring the state’s residents online sports betting services as soon as sports wagering is officially legalized in the state.
In a press release announcing the agreement, Matt Kalish, the co-founder, and president of DraftKings North America, announced that the partnership agreement is monumental to the company’s growth. The company has big plans for national expansion and the addition of yet another partner serves its strategic priorities by extending its reach even further.
The Mashantucket Pequot Tribe also looks to benefit significantly from the partnership especially considering DraftKings’ stellar reputation in the country’s gambling industry. With this partnership, it will be able to reinforce its position as a leader in the gaming, entertainment, and hospitality industry.
“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.”Rodney Butler, chairman of the Mashantucket Pequot Tribe.
This partnership will make DraftKings the first daily fantasy sports provider to partner with Foxwood Casino. Other than the sports betting offering, the partnership will also push forward with online promotions, contests as well as other integrated digital experiences all of which are intended to enhance fan engagement.
Sports Betting Legislation in Connecticut
As mentioned earlier, sports betting is yet to be officially legalized in Connecticut. The legislative process slowed down a bit over recent months due to certain complexities that arose as the Mashantucket and Mohegan tribes tried to figure out the regulations that were laid down by the state’s lawmakers. Even so, things seem to be changing.
It is speculated that the deal between DraftKings and the Mashantucket Pequot Tribe could fast track the process. This not only means that the activity may be legalized sooner but also that there will be a readily available sports betting offering as soon as the state legalizes the activity.
As it stands, the state of Connecticut has received over $8 billion in revenue from the tribal-owned Foxwood and Mohegan Sun Casinos. The launch of sports betting is projected to generate at least $175 million in new revenue for the state over the next five years. That alone will push the sports betting plans forward.