The Chicago Cubs & DraftKings Ink A ‘US$100m’ Betting Deal
Major League Baseball’s Chicago Cubs signed a multiyear deal with DraftKings making the sportsbook the team’s official sports betting and daily fantasy partner. According to The Action Network, the deal is estimated to be worth ‘around US$100 million’ and plans to run for ‘nearly a decade.’
As part of the partnership, DraftKings plans to open a first-of-its-kind retail sportsbook inside historic Wrigley Field with online access available within the entire ballpark. The planned DraftKings Sportsbook at Wrigley Field is slated to provide Cub’s fans a preeminent entertainment experience. However, the sportsbook development needs to be approved by the City of Chicago even though sports betting was legalized in Illinois this past March.
While the current MLB rules prohibit sportsbooks operating inside ballparks, it is reported DraftKings plans to run in-venue advertising during Cub’s games while also promoting its offering on the team’s local broadcast partner, Marquee Sports Network.
“DraftKings has been a great partner for a number of years and we are excited to expand this relationship as sports betting grows rapidly in Illinois,” stated Crane Kenney, the Cubs’ president of business operations.
“An increasing number of sports fans want to integrate sports betting into their game experience, and we’re excited to be one of the first to engage in developing a retail sportsbook at a professional sports venue.”
DraftKings currently has a market value of US$14.2 billion after surging over 125% since the company went public in April. The company also just named basketball legend Michael Jordan as a special advisor while also giving him an equity stake.
DraftKings currently operates retail sportsbooks in seven states, including a location at Illinois’ Casino Queen.
