A leading online sports betting operator is partnering with an upscale sports bar brand to create a new experience for sports fans.
What Happened: Sports & Social entered into an agreement Thursday with DraftKings Inc DKNG to partner on creating upscale sports bars.
The locations will be designed by leading upscale restaurant group ICRAVE.
The deal includes locations in Detroit and Nashville to start, pending regulatory approval.
“Today, so much of sports betting is focused on the mobile-technology aspect, however the in-person experience is an integral layer that we look forward to advancing alongside Sports & Social’s premier dining and entertainment offerings,” DraftKings Chief Business Officer Ezra Kucharz said.
Related Link: DraftKings Q1 Revenue Up 175%, Paying Users Rise 114%
Why It’s Important: DraftKings operates its online sports betting in 14 states, more than any competitor on the market.
The company also has 10 retail locations in the United States through partnerships.
“By aligning with one of the fastest growing entertainment concepts in the country, we now have the opportunity to bring our world-class products to life by offering engaging, interactive and fan-first destinations to skin-in-the-game customers,” Kucharz said.
Sports & Social is a upscale dining and entertainment brand featuring “the best in sports-watching and state-of-the-art audio/visual displays,” according to the companies.
Sports & Social has many locations located in close proximity to professional sports stadiums. Locations adjacent to sports stadiums include Atlanta, Georgia; St. Louis, Missouri; Arlington, Texas; Pittsburgh, Pennsylvania; and Washington, D.C.
A Sports & Social Detroit located at the Comerica entry to Little Caesars Arena, home of the Detroit Red Wings and Detroit Pistons, has been closed since 2020.
Locations for the Sports & Social and DraftKings partnership will be announced in the coming months, according to the companies.
BetMGM, a brand co-owned by MGM Resorts International MGM, signed a partnership with Buffalo Wild Wings.
Sports betting companies targeting sports bars could be a win-win, as it could provide additional customers for the betting operator and more bets placed while watching live sports. The bars and restaurants could see additional money spent on food and drink as fans watch and bet on the games they love.
DKNG Price Action: DKNG shares are up 1% to $51.22 in premarket trading Thursday.
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