The CAGE Companies is helping FanDuel expand into new markets, targeting South America and the Caribbean as growth destinations in 2021.
Caribbean and South America Next for FanDuel
The CAGE Companies will assist the United States’ leading sportsbook, FanDuel, to expand in new jurisdictions across South America and the Caribbean, the company announced on Wednesday.
To deliver on this new opportunity, CAGE Companies is passing the baton to CAGE Sports BV, a subsidiary that will spearhead FanDuel’s drive in the Latin American markets and the Caribbean.
The partnership offers mutual benefits to both companies, as CAGE will leverage its familiarity with local markets, and FanDuel will guarantee a premier sports betting experience in the target markets.
Commenting on the partnership, Robert L. Johnson, who is CAGE Companies majority owner, this is an exciting opportunity for the company to seek closer ties with FanDuel and expand its presence in the sports betting business.
Thanks to FanDuel’s advanced software solutions, Johnson believes that lead to significant expansion opportunities for business and create new jobs as well as generate recurring, sustainable revenues for governments.
FanDuel to Deliver Retail and Online Solutions in New Markets
FanDuel Group and CAGE will work on a number of partnerships in the markets they are looking to join together. The companies are expected to bring both over-the-counter sports betting experience as well as interactive sportsbooks online all throughout the Caribbean and South America.
The first realization of the partnership should come in early-to-mid 2021 and target Bermuda and Barbados, while several other markets are also featured as part of the companies’ growth strategy later on.
Commenting on this success, FanDuel Group CEO Matt King had this to say: “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.”
King is convinced that the CAGE Companies are the perfect fit for FanDuel’s ambitions new South American pivot. Meanwhile, the CAGE Companies CEO, Chairman, and Co-Founder Robert B. Washington said that the new dynamic established with the partnership will bring “world-class products” to new and exciting markets.
FanDuel is one of the most prolific operators on the sports betting markets in the United States and currently operates in 11 states, with physical sportsbooks. In another eight states, the company runs online wagering solutions.
FanDuel is now looking to launch on the sports betting markets in Virginia and Michigan which should happen in early 2021, and as a result, supply an estimated 24% of the US population with sports betting solutions.
FanDuel has had a string of successes recently, with the company becoming an official sports betting partner for the Detroit Pistons, an NBA franchise. The company has been looking to suppress all overtures into illegal sports betting markets and it has signed another sports partnership with the Memphis Grizzlies, another NBA team.