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DraftKings extends the agreement with PGA Tour to become an official betting operator

The entrance from the elevators, designed to resemble a tunnel entering a stadium, is pictured in the new DraftKings office in Boston on March 25, 2019.

David L. Ryan | The Boston Globe via Getty Images

DraftKings is improving its sports sponsorship portfolio as the championships continue to resume operations suspended due to Covid-19.

The betting company has announced that it has entered into an agreement with the PGA Tour which assigns DraftKings as the organization’s “first betting operator”. The deal is an extension of DraftKings’ “content and marketing relationship” with the PGA Tour established last July. This agreement also allows DraftKings to offer fantasy golf content.

The financial terms of the agreement were not made available.

“The PGA Tour couldn’t be happier with the growth of our partnership with DraftKings,” said Norb Gambuzza, senior vice president of media and games at PGA Tour.

“The expansion of the relationship to now include sports betting is a natural evolution and one that fully supports and promotes the objectives of the PGA TOUR to reach and engage new fan segments by introducing them to our players, tournaments and multimedia platforms.”

PGA TOUR flag during the first round of the Korn Ferry Tour of the Bahamas Great Exuma Classic at Sandals Emerald Bay golf course on January 12, 2020 in Great Exuma, Bahamas.

Ben Jared | TOUR PGA via Getty Images

As part of the agreement, DraftKings will have the right to use the PGA Tour brands and will obtain advertising options on the Tour platforms. The company will also create “content and video rights that will allow DraftKings’ Sportsbook solution to create pre-game betting programs and post-game, as well as distributing highlights to users who placed bets, “said the company.

Golf has been a particularly important outlet for fan engagement in the past few months, and the latter collaboration is a significant next step for both the golf and gaming industries,” said Ezra Kucharz, Chief Business Officer. by DraftKings, in a note.

DraftKings, which was made public on the Nasdaq in April, also agreed to sponsor sponsorship of bets with the National Basketball Association last November. In February, the company announced collaboration with three NBA franchises, including the Philadelphia 76ers and Indiana Pacers.

DraftKings’ shares closed 6.48% on Monday after Major League Baseball postponed two games due to the Covid-19 pandemic.

The PGA Tour returned to play on 11 June for the Charles Schwab Challenge in Texas after stopping play due to the pandemic. The Tour will hold its WGC-FedEx St. Jude Invitational at the TPC Southwind golf club in Memphis this weekend.

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