BETHESDA, Md. and NEW YORK, Dec. 16, 2020 /PRNewswire/ -- The CAGE Companies (An RLJ Companies Majority Owned Company) and its subsidiary, CAGE Sports BV today announced a strategic business agreement with FanDuel Group to expand America's #1 Sportsbook to certain jurisdictions where CAGE is licensed or is seeking sports betting licenses in the Caribbean and South America. The new relationship brings together CAGE's experience in the region with FanDuel's premier brand and industry-leading sports betting platform.
"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 States (NY, NJ, PA, WV, MI, IL, IN, IA, CO, TN, MS) and online sports betting in eight states in the United States (NJ, PA, WV, IL, IN, IA, CO, TN). FanDuel is launching online in Michigan and Virginia in the coming months, expanding the addressable market to approximately 24% of the US population.
FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, and TVG. FanDuel Group has a presence across all 50 states and 8.5 million customers. The company is based in New York with offices in California, New Jersey, Florida, Oregon, and Scotland. FanDuel Group is a subsidiary of Flutter Entertainment plc, the world's largest sports betting and gaming operator with a portfolio of globally recognized brands and a constituent of the FTSE 100 index of the London Stock Exchange.
About The RLJ Companies
The RLJ Companies, founded by Robert L. Johnson, is an innovative business network that provides strategic investments in a diverse portfolio of companies. Within The RLJ Companies portfolio, Johnson owns or holds interests in businesses operating in a publicly traded hotel real estate investment trust; private equity; 401k fintech services; automobile dealerships; content streaming; gaming and sports betting. The RLJ Companies is headquartered in Bethesda, MD with affiliate operations in Charlotte, NC, Little Rock, AR and San Juan, PR. Prior to founding The RLJ Companies, Johnson founded and was chairman of Black Entertainment Television (BET).
For more information visit: www.RLJcompanies.com.
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About the "CAGE Companies"
CAGE Companies are focused on the installation, operation and management of video lottery and video gaming terminals, linked gaming systems and game content including Sports Betting and Virtual Sports games throughout the Caribbean and South America. The CAGE Companies were co-founded by Robert L. Johnson and Robert B. Washington in 2004 for the purpose of bringing superior VLT and Video Gaming Terminals, central computer systems and exciting, new downloadable game content to targeted South America and Caribbean countries with the goal of enhancing local economies and creating local entrepreneurial and employment opportunities. The CAGE Companies is headquartered in St. Thomas, US Virgin Islands and in Cyprus with offices and/or operations in Antigua and Barbuda, Barbados, Bermuda, Guyana, the Dominican Republic, St. Kitts and Nevis, St Lucia, Sint Maarten and Puerto Rico.
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SOURCE The RLJ Companies