DraftKings announced an exclusive partnership with the Chicago Cubs on Thursday, one day after the fantasy sports company and bookmaker detailed an alliance with another Windy City icon, Michael Jordan.
Under the agreement, DraftKings will be the Cubs’ official daily sports and fantasy betting partner. According to a press release, the company will also seek to create a “one of a kind bookmaker” at the Cubs’ 106-year-old Wrigley Field. This requires the approval of the city of Chicago.
In an interview on CNBC’s “Squawk on the Street”, DraftKings co-founder Matt Kalish said the company hopes to work with Illinois regulators and local officials to bring bookmaker Wrigley “to market as soon as possible. “.
DraftKings said it has eight retail sportsbooks in the United States, including one in East St. Louis, Illinois.
“We are also very excited about the marketing aspect of the deal. You know, the Cubs are a beloved historical franchise across the country, and especially in Illinois, which is one of the largest and most important sports betting markets in the country,” he said. said Kalish, president of DraftKings’ North American operations.
DraftKings announced partnerships with multiple NBA teams earlier this year. The Cubs link is the latest example of how gambling is becoming increasingly intertwined with professional sports, as states in the United States legalize sports betting. In mid-August, 22 states, plus the District of Columbia, legalized it, according to the American Gaming Association.
Shares of DraftKings fell 4% Thursday to around $ 38. The retirement came after the stock rose 8% on Wednesday upon news that Jordan, one of the biggest sports figures ever, will become a special adviser to the board. of DraftKings administration.
“Who wouldn’t want Michael Jordan around the table to advise you on strategy, talking to the board, helping with initiatives across our company? He’s obviously at the top of the list of all marketing geniuses, brand geniuses you would like to partner with.” Kalish said. “We are only at the beginning, but I think it will be an extraordinary and additive piece to the overall success of DraftKings in the coming years.”
Although Jordan’s role as president and owner of the NBA’s Charlotte Hornets may limit him in some areas, Kalish said DraftKings intends to lean as much as possible on the basketball legend.
“In every way we can work with Michael, in every aspect, we will,” he said.
Shares of DraftKings have risen more than 250% this year.
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