SuperDraft, Caesars explained, would complement its existing real-money betting and gambling products. This in turn would strengthen the acquisition and retention of online and brick-and-mortar customers.
The operator will initially take a minority equity position in SuperDraft, with an option to increase its stake over time until it owns the business outright.
“The addition of daily fantasy sports fits seamlessly with our strategic vision for mobile and online sports,” Caesars Entertainment chief executive Tom Reeg said.
“SuperDraft’s innovative multiplier game mode is unique in the marketplace, and we believe it offers a tremendous opportunity to strengthen our position in the sports gaming landscape.”
Launched in 2019 and based in New Hampshire, SuperDraft is currently active across seven sports in more than 35 states.
“We’re super excited to be part of Caesars’ powerful gaming ecosystem,” SuperDraft CEO and founder Steve Wang said. “Daily fantasy players deserve a breath of fresh air, and we’re here to transform the industry.
“SuperDraft is now well-positioned to accelerate its growth with financial staying power while broadening its consumer appeal with bigger contests and better rewards to players of all interest levels.”
The business will now form part of a stable of online brands owned by Caesars, including World Series of Poker, Caesars Online Casino, and William Hill, once the operator’s acquisition of the British operator closes.