In November 2021, DraftKings casino gave away $500,000 through huge thanksgiving leaderboards that ran starting from Thanksgiving day and ending on Cyber Monday. Each leaderboard during the giveaway awarded a total of 5000 winners and a quarter of a million in prizes.
The first 2 leaderboards were created to attract slots players while the second was geared towards those who prefer table games. By and large, the leaderboards catered to a wide range of punters, which helped to ensure that as many people as possible took part. The video slots leaderboard awarded $250,750 in prizes to the first 3000 leaderboard winners. Everyone that made it to the first 3000 sports earned at least $15 with the winner walking away with a cool $5000.
Those that made it to the top 20 were awarded at least $1000. The Ca$herole Leaderboard, which catered to table players allowed punters to wager on DK roulette games, DK baccarat games, as well as live casino games. The prize pool of $250k was divided among the first 2000 finishers. However, the winner walked away with the lion’s share of $50,000.
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DraftKings growth in Connecticut continues
Just before the year came to a close, Foxwoods Resort Casino and DraftKings debuted the brand new DraftKings Sportsbook at Foxwoods on November 13th. The newly opened space replaced the transitory location that opened its doors in September. Situated within the Great Cedar region of the resorts, the newly opened 2 story sportsbook now provides locals with a physical location for wagering, as well as dining.
In addition to these amenities, the Foxwoods facility also has a lounge where fans and sports bettors can gather to experience their favorite teams battle it out at the collegiate and professional level. The DraftKings sportsbooks consist of wall-to-wall flat-screen TVs, anchored by one of the biggest LED screens standing at an impressive 50 feet by 30 feet.
The sportsbook has several VIP rooms, 2 extremely well-stocked bars, as well as a vibrant restaurant that offers guests all the well-known game day favorites including wings and burgers. Those within the sportsbooks can place live bets through the different windows and kiosks. Since opening the grand physical location, demand has been strong, particularly during the holidays, and is expected to grow in the new year.
The DraftKings sportsbook at Foxwoods is now the 12th permanent brick-and-mortar sportsbook by the brand. As legal sports betting continues to expand and grow in Connecticut, and across the country, DraftKings still stands as one of the most popular brands in the gambling market. With this new location, DraftKings has effectively provided customers with a wide array of options to choose from whether they are looking for a retail betting experience or an online one.
Connecticut launched online wagering and iGaming in the state in October thanks to approval by the Mashantucket Pequot Tribe, Connecticut Lottery Corporation, as well as the Mohegan Tribe. All three stakeholders can offer sports betting and online casino wagering and are the only ones allowed to operate in the online sports wagering ecosystem in Connecticut.
To give market access to private operators, Connecticut Lottery Corporation teamed up with Rush Street Interactive while Mohegan partnered up with FanDuel. Mashantucket Pequot Tribe, alternatively is affiliated with DraftKings. Other entrants in the newly legalized market include Scientific Games through OpenBet, doing so alongside long standing partner FanDuel.
Failed merger
The launch of the new sportsbook in Foxwood could not have come at a better time as DraftKings recently walked away from its anticipated merger with Entain. Draftkings opted to step away from the deal, failing to make its final bid for Entain. Had this deal gone through, DraftKings would have become the largest operator in the country’s gambling industry.
On September 19th, DraftKings offered 2,800 pence per share in cash and stock for Entain, which owns and operates popular British bookmakers Coral and Ladbrokes. The 2,800 pence per share was an improvement on an earlier bid which stood at 2,500 per pence. When DraftKings opted out of the acquisition, Entain’s shares fell by 12%. DraftKings’ shares, on the other hand, rose 9%.
Although many experts were hopeful that the deal would go through, things were already shaky before DraftKings walked away. In October, Entain requested the UK merger regulator to give DraftKings an extension, which would then allow the brand to make a better offer. Previously, the 2 had failed to settle a tech licensing agreement and governance structure for its most lucrative gambling brand, BetMGM. BetMGM is an online venture between MGM Resorts and Entain.
After Entain announced its potential merger with DraftKings, it released a statement claiming that it would seek to acquire majority control of BetMGM from Entain had Entain agreed to the 22.4-billion-dollar buyout offer by DraftKings. Since BetMGM and Entain merged, both companies were in equal control of the operations as they both worked to attain a top market share in the thriving online wagering market in the US.
Indeed, BetMGM’s efforts have been bearing fruit as the brand finally managed to surpass DraftKings to become the second-largest online wagering app by revenue share. Earlier in the year, MGM had offered to buy all of Entain for approximately $11 billion. However, Entain rejected the offer.
DraftKings had until October 19th to formalize its takeover of Entain or walk away. However, the issue was far too complicated than anticipated. Since MGM and Entain share a joint venture agreement, MGM has always had the right to veto any merger between Entain and any other company in the North American market, which is what many experts predict corroded the merger.
Now that the deal has been shelved, DraftKings lost a wonderful opportunity to expand internationally in the prominent UK market. Indeed, Britain boasts one of the most sophisticated online gambling markets in the world, which would have been a great growth opportunity for DraftKings. According to Jason Robins, DraftKings CEO, the brand opted to walk away from the deal to focus on its US market.
Neither Entain nor DraftKings have come forward to explain their decisions to walk away from the deal. However, the DraftKings CEO did not rule out future overseas acquisitions. Since the sports betting market was legalized in the US, the country has seen frenetic deal-making as more and more companies continue to explore expansion opportunities in the burgeoning US market.
