DraftKings (NASDAQ:DKNG) continues to make news waves with its efforts for market share gains in the growing sports betting market.
What Happened: DraftKings announced it will be the first official and exclusive sports betting and daily fantasy partner for the Chicago Cubs.
The multi-year deal also includes plans to build a physical sportsbook at Wrigley Field, home of the Cubs. Plans call for DraftKings to also offer mobile and online access to the surrounding Wrigleyville area.
Why It’s Important: DraftKings is attempting to get an early lead in Illinois, a market that recently legalized sports betting. The company also partners with one of the most storied MLB franchises, which dates back to 1876, and has played at Wrigley Field since 1916.
In 2019, the Chicago Cubs ranked fourth in attendance with an average of 38,208 people at their 81 home games.
“I think it will be potentially one of the biggest sportsbooks in the country, even if all 50 states were open,” DraftKings Co-Founder and President Matt Kalish told ESPN.
Sports Partner with Betting Providers: William Hill (OTC:WIMHY) signed a deal to have the first sportsbook within a U.S. sports complex. The company is opening a permanent sportsbook to open in the Fall at Capital One Arena, home of the Washington Wizards and Washington Capitals.
Price Action: DraftKings shares closed Wednesday's session up 8% to $39.90 on news of Michael Jordan joining as an advisor and equity owner. DraftKings shares hit their 52-week high of $44.79 in June.