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DraftKings Inks a Long-Term Deal With Turner Sports

Digital sportsbook operator and fantasy sports company DraftKings (NASDAQ: DKNG) announced in a press release Thursday morning it has minted a new deal with Turner Sports, a subsidiary of AT&T's (NYSE: T) WarnerMedia. The multi-year pact grants DraftKings exclusive rights to present its fantasy sports content and sports betting on specified television broadcasts of Turner Sports and Bleacher Report.

Fantasy statistics, sports gambling odds, alerts, and "custom content" are some of the DraftKings material that will appear on screen as a result of the deal. Turner Sports Executive Vice President Will Funk provided some background information on what the sports broadcaster expects to get out of the deal: "Sports betting helps to drive engagement, increased time spent viewing and audience scale," he said.

Image source: Getty Images.

Funk also noted the alliance will help meet the expectations of the network's "hyper-engaged, highly interactive viewers" for information, while benefiting DraftKings by "driving customer engagement and acquisition."

The deal is part of a far-reaching campaign by DraftKings to maximize its exposure with a series of similar pacts, raising its profile to win market share in the thriving sports betting arena. A month ago, an equivalent partnership with Walt Disney's ESPN gave the company access to that network's vast audience. Michael Jordan, the Chicago Cubs, and the New York Giants have all inked contracts with DraftKings in recent days, CNBC reports.

As sports betting continues its path to legalization in more states across America, DraftKings' shares have been on a roller coaster. When the market drops, DraftKings sometimes plunges even more, while on other days, an analyst upgrade sends it soaring. Volatility is normal in an emergent sector like online sports wagering, but Credit Suisse believes DraftKings' customer acquisition strategy -- including today's Turner Sports deal -- could be a long-term winner.

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Rhian Hunt has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


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