As part of the agreement, which is subject to regulatory approval, DraftKings will receive an exclusive license to media assets and in-game branding for WWE pay-per-view events.
In addition, WWE fans and DraftKing customers will be able to use the online sports-betting company's free-to-play pool product to engage in contests at the organization's marquee event, Wrestlemania 37.
The announcement is the latest deal inked by DraftKings, following partnerships with the UFC, NFL, MBA, NBA, NASCAR and the PGA Tour. Financial terms of the deal were not diclosed.
DraftKings chief business officer Ezra Kucharz said in a statement on Monday that the partnership will help "fuel the engagement and drama of WWE’s signature matchups and storylines as audiences enjoy the second-screen experiences our products provide.”
WWE chief brand officer Stephanie McMahon added the collaboration marks "a significant step in deepening engagement with our passionate fans and will provide DraftKings the opportunity to leverage the massive appeal and reach of the WWE brand.”
Wrestlemania 37 will take place on Saturday, April 10 and Sunday, April 11 at Raymond James Stadium in Tampa. The event will stream live exclusively on Peacock beginning at 8 p.m. ET in the United States and on the WWE Network everywhere else.
In a presentation to investors earlier this month, DraftKings noted that 15 states have legalized online sports betting, representing approximately 27% of the U.S. population. DraftKing is live in 12 of those states, including New Jersey, West Virginia, Indiana, Oregon, Pennsylvania, New Hampshire, Iowa, Colorado, Illinois, Tennessee, Michigan and Virginia.
As of the end of 2020, DraftKings said its online sports betting market share is 30% while its iGaming market share is 19%. DraftKing estimates that it could earn as much as $5 billion to $7.3 billion in North American online sports betting and iGaming gross revenue at 100% legalization.
|WWE||WORLD WRESTLING ENTERTAINMENT, INC.||56.58||-0.16||-0.28%|
Shares of DraftKings fell more than 8% during Monday's trading session, while WWE shares rose nearly 2%.