What happened
Shares of Remark Holdings (MARK -9.53%), a developer of artificial intelligence (AI) solutions and digital media for businesses and organizations, jumped as much as 24% higher Wednesday after the company was named the exclusive marketing partner for SuperDraft.
So what
SuperDraft, which is a daily fantasy sports (DFS) platform, picked Remark Entertainment, a division of Remark Holdings, ahead of the competition because of its ability to develop mainstream consumer brands with innovative techniques across social media, events, and influencers -- all critical components of marketing in a new era. Those abilities combined with Remark's unique AI solutions could help SuperDraft become a household name for DFS.
"We are honored to be selected as SuperDraft's exclusive marketing partner, and excited to be an integral part of growing their brand in the DFS market and taking it to new heights," Kai-Shing Tao, chairman and chief executive officer of Remark Holdings, said in a press release. "The DFS market is fast-growing and has enormous potential, and we look forward to a long and prosperous relationship with SuperDraft."
Image source: Getty Images.
Now what
The jury is out on how well this partnership will turn out, but Remark investors have reason to be excited about winning exclusive business and it's not surprising the stock popped double digits on the news. This development between Remark and SuperDraft also positions the latter well after a recent strategic investment by Caesars Entertainment. SuperDraft will run its first $1 million tournament on Feb. 7.
