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DraftKings Becomes First Official Betting Operator for PGA Tour

By Howard Smith – Jul 28, 2020 at 7:07AM

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The agreement is an expansion of an existing multi-year relationship.

Online gambling and sports betting company DraftKings (DKNG 4.99%) has announced an extension to a multi-year content and marketing relationship it has with the PGA. DraftKings has been focused on growing more of its in-game betting, as opposed to just daily fantasy sports betting. This extension expands the company's rights to include betting as well as daily fantasy, the company said. 

A year ago, DraftKings became the "Official Daily Fantasy Game of the PGA Tour," but this extension now makes it the first "Official Betting Operator of the PGA Tour." This gives it the rights to all PGA Tour trademarks in the U.S., advertising rights within PGA Tour media, and rights to pre- and post-game betting programming and distribution of highlights to bettors. 

golf clubs and money on green grass implying betting on golf

Image source: Getty Images.

DraftKings said that golf is its fourth most popular sport in terms of sports betting. It also said that some of its most popularly bet-on PGA events have occurred since the Tour restarted in June 2020. Prior to the Tour's return, a late May made-for-TV charity golf match featuring Tom Brady, Tiger Woods, Peyton Manning, and Phil Mickelson became the most watched golf telecast in cable TV history, indicating the pent-up demand for sports after pandemic-related suspensions. 

Norb Gambuzza, senior vice president of business development for the PGA Tour, praised the increasing collaboration between the sport and DraftKings. "The growth in consumption and fan engagement we have seen over the last year in our DraftKings Daily Fantasy games has been tremendous," he said, adding that including sports betting is a "natural evolution." 

Howard Smith 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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