Courtesy of a strategic business agreement revealed this week with The CAGE Companies (An RLJ Companies Majority Owned Company) and its subsidiary, CAGE Sports BV, FanDuel has secured a new path to the Caribbean and Latin American markets.
Under the terms of the agreement, in the Caribbean and South America, FanDuel Group will be able to extend its sportsbook to those jurisdictions where CAGE is operating or is pursuing sports betting licences. The new partnership puts CAGE’s familiarity with the FanDuel brand and the sports betting network in the area together.
Robert L Johnson, founder of the RLJ Companies and the CAGE Companies’ majority owner, explained: “We are excited about implementing a sports betting business with FanDuel and believe that it will provide our customers with an engaging betting experience only our two companies can deliver. This agreement will also provide new jobs and significant recurring revenue for the governments we serve.”
The two parties would run counter-sportsbooks at retail stores and online in markets in the Caribbean and South America as part of the deal. The two companies expect the network to be initially activated in Bermuda and Barbados in the first half of 2021, with the long-term aim of extending to several dozen additional locations throughout the country.
FanDuel Group CEO Matt King said: “We are proud to partner with a visionary business leader and entrepreneur in Bob Johnson and look forward to building a long-term collaboration together.
“Bob and the team at CAGE were the perfect partner to expand our industry leading footprint internationally.”
Robert B Washington, Co-Founder, Chairman & CEO of the CAGE Companies added: “We see sports betting and mobile gaming as a key driver of growth for the CAGE Companies.
“This dynamic agreement creates tremendous value, brand recognition and delivers world class products for the enjoyment of our customers and the financial benefit of the many small businesses that serve as our commission retailers.”