DraftKings Looks to Expand in Hometown New England Market

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DraftKings has strong ties to the entire New England region of the country. Based in Boston, the company continues to look for business opportunities in its own backyard. In a recent company press release, it announced a new strategic partnership with Foxwoods Resort Casino in Connecticut.

Foxwoods is owned and operated by the Mashantucket Pequot Tribal Nation. The new sports-betting partnership with both parties gives DraftKings the inside edge on the competition.

Both Massachusetts and Connecticut have yet to officially legalized sports betting within their borders. This new partnership takes a forward-thinking approach to changing business conditions.

The only two states in the New England region offering legal sports betting in some form are New Hampshire and Rhode Island. Sports betting is also legal in Upstate New York through tribal casinos.

As Connecticut lawmakers work through the legislative process, DraftKings and Foxwoods are in a favorable position to capitalize on a positive outcome.

DraftKings will have to right to operate the mobile sports betting operation for Foxwoods as the largest casino resort in the US.

Matt Kalish is a co-founder of DraftKings and currently the president of DraftKings North America. He expressed his thoughts on the matter through a recent company press release:

“This is a landmark deal in collaboration with the Mashantucket Pequot Tribal Nation as well as a critical next step to bringing America’s top-rated sportsbook app to sports fans in Connecticut. The national expansion of regulated sports betting is among our top strategic priorities.”

Since first going public in April of this year, DraftKings’ stock has been a hot topic of discussion among gaming industry investors. The price continues to be driven by market speculation and the impact of legal sports betting expansion.

According to company reports, revenue expectations for 2021 have been elevated to as high as $850 million.

A big part of DraftKings’ strategic partner alliances this year have been with the professional teams themselves. Recent examples include the MLB’s Chicago Cubs and Colorado Rockies. The NBA’s Detroit Pistons have been added to the list along with the NFL’s New York Giants.

Other key deals have been forged with major media properties such as ESPN and Turner Sports.

As part of the deal with Foxwoods, DraftKings will become the casino’s first-ever official daily fantasy sports partner. As the interim chief executive and president of Foxwoods Resort Casino, Jason Guyot released the following comments on the new agreement:

“DraftKings is a pioneer in the US digital sports entertainment and gaming market. Offering daily fantasy sports allows us to bring a new type of compelling and interactive online experience to our passionate sports fans”
He went on to add:

“By combining Foxwoods’ 29-year gaming legacy with DraftKings’ deep digital expertise, we’re well positioned to continue to leading gaming advancements in the region and beyond.”

DraftKings currently offers live mobile and retail sports betting in 12 states across the US. The company also has a presence in both New York and Mississippi’s retail sports betting industry.

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