The partners will begin to roll out sports betting in the first half of 2021, initially in Bermuda and Barbados, with the aim of expanding this to other locations in the Caribbean, as well as in South America later in the year.
"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." said Robert L. Johnson, Founder of The RLJ Companies and Majority Owner of the CAGE Companies. "This agreement will also provide new jobs and significant recurring revenue for the governments we serve."
As part of the agreement, FanDuel Group and CAGE will operate over the counter sportsbooks at retail locations and online in markets throughout the Caribbean and South America. Both companies expect the network to be activated in the first half of 2021 initially in Bermuda and Barbados with the long-term goal of growing to several dozen additional locations across the region.
"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," said FanDuel Group CEO Matt King. "Bob and the team at CAGE were the perfect partner to expand our industry leading footprint internationally."
"We see sports betting and mobile gaming as a key driver of growth for the CAGE Companies," said Robert B. Washington, Co-Founder, Chairman & CEO of 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."
FanDuel Group currently operates retail sportsbooks in 11 states across the United and online sports betting in eight states in the country. FanDuel is launching online in Michigan and Virginia in the coming months, expanding the addressable market to approximately 24% of the US population.
Source: GMB
