Caesars Entertainment, the biggest casino company in the country, has acquired a minority stake in Superdraft, a fantasy sports platform. Furthermore, the deal gives Caesars the option to increase that stake to 100% at pre-determined levels over time.
SuperDraft will now join Caesars’ portfolio of online gambling brands, including Caesars Online Casino, World Series of Poker, and William Hill. Now, the fantasy sports platform will share Caesars’ single wallet solution, allowing players to play both online and live games within all Caesars brands.
The strategic investment reinforces Caesar’s robust mobile gaming and sports wagering network. Superdraft further enhances the company’s ability to acquire and retain its customers for both in=ts in-person and online gaming offerings.
Caesars’ CEO, Tom Reeg, said, “The addition of daily fantasy sports seamlessly fits with our strategic goals for mobile and online sports betting. We believe Superdraft offers an enormous opportunity to bolster our position in the sports betting landscape.”
CEO and Founder of SuperDraft, Steve Wang, said, “We’re extremely excited to partner with Caesars’ tremendous gaming ecosystem.” Nate Hunter, Superdraft co-founder echoed that sentiment by saying, “Caesars is a powerful strategic partner, allowing us to further enhance our industry-leading technology to provide an even better player-first experience.”
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About Superdraft
Born from the challenge to give every sports fan a winning experience, Superdraft focuses on the reasons players are fans; people love the camaraderie, competition, and victory sports represent.
Superdraft brings its players closer to the game, transforming daily fantasy sports as fans have come to know it. With the potential to win brought to the forefront, fans are free to create their wildest lineups with fewer restrictions. The challenge, the sense of risk, and the rewards give players an experience like no other fantasy sports platform.
The team at Superdraft works hard every day to discover, create and innovate new ways to improve. The Fantasy Draft Sports experiences go well beyond every other platform. Superdraft’s drive and commitment energize and engage their fans. Finally, the team take feedback seriously, adapting to make the product better.
Currently, Superdraft offers two game types, Multiplier and Salary Caps. Salary Cap is the most used game among Daily Fantasy Sports platforms. But, Multiplier breaks away from the norm, making DFS even more exciting. All games are available as both free and paid.
Superdraft players can also earn reward points, free entry tickets, and SuperCash, which covers the entry fee for contests. The platform also has a refer-a-friend, giving both the member and their friend $20 to play with.
Superdraft is operational for both free and or paid Daily Fantasy Sports contests in 37 states and all of Canada.
States where you can play on the Superdraft app: Alaska, Arkansas, California, Colorado, Connecticut, Washington DC, Florida, Georgia, Illinois, Kansas, Kentucky, Massachusetts, Maryland, Maine, Michigan, Minnesota, Mississippi, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, New York, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Utah, Virginia, Vermont, Wisconsin, West Virginia, and Wyoming.
Caesars Entertainment Stock
A few weeks ago, Barry Jonas, a Truist analyst, repeated his Buy rating on Caesars stock, raising his price target from $85 to $92. That im
plies a potential upside of about 15% from current levels.
However, Jonas thinks that fourth-quarter gambling industry results could be soft due to the ongoing COVID-19 restrictions. On the other hand, the distribution of the vaccine could release the pent-up demand for in-person social experiences and engagement.
Overall, the consensus among analysts is that, based on 7 Buys and 3 Holds, Caesars is a Moderate Buy. Over the next 12 months, the average price target of $85 suggests an upside potential of around 7%.
TipRanks Smart Score ranks Caesars a 2 out of 10, indicating that it has underperformed historically on the market.
