Sportress of Blogitude

Cubs announce multiyear partnership with DraftKings, plans for Wrigley sportsbook

The Chicago Cubs on Thursday announced a massive new partnership with DraftKings, one that includes plans to construct a sportsbook in or around Wrigley Field.

“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,” Cubs President of Business Operations Crane Kenney said in a┬ápress release, per ESPN.

The multiyear partnership, which names DraftKings as the Cubs’ “exclusive sports betting and daily fantasy partner” rights, is expected to be an extremely lucrative one for the Cubs. Darren Rovell of Action Sports reports that it amounts to “around $100 million for nearly a decade worth of rights.”

It’s unclear at this time where exactly a proposed sportsbook in either Wrigley Field or the surrounding Wrigleyville area would be located. DraftKings will have to first receive permission from the City of Chicago, not to mention seek approval for a┬áMasters Sports Wagering License from the Illinois Gaming Commission.

“What we’re really excited about is a major metropolitan presence of a destination flagship DraftKings sportsbook,” Matt Kalish, co-founder and president of DraftKings, told ESPN. “I think it will be potentially one of the biggest sportsbooks in the country, even if all 50 states were open. So we’re really excited to see what that kind of venue can do for DraftKings and the Cubs.”

Following a merger with tech company SB Tech, DraftKings is now valued at $3.3 billion with a market value of $14.2 billion. Interestingly enough, this is the second major sports story this week involving DraftKings.

On Wednesday, it was announced that NBA icon Michael Jordan will take on an advisory role with DraftKings after assuming an equity stake in the sports betting and fantasy sports company.