Online sports betting company DraftKings made waves this week by announcing a new partnership with one of basketball's biggest stars, LeBron James. As reported by iGaming Business, DraftKings has entered a multiyear deal that makes James an official spokesperson and content advisor. He will also receive an equity stake in the Boston-based company as part of the agreement.
This high-profile collaboration signals DraftKings' intent to expand its reach and brand awareness throughout global sports markets. Having an internationally renowned athlete like James promote DraftKings products can significantly boost consumer trust and engagement.
As the iGaming Business article noted, James boasts a compelling personal brand and social media presence spanning over 100 million followers. DraftKings will aim to leverage these assets to attract new customers, particularly among younger demographics. Furthermore, his deep expertise and perspective on basketball will inform unique DraftKings content and betting options that resonate with fans.
The deal's financial terms were not publicly disclosed. However, DraftKings likely invested substantial capital to lock in James on a multiyear basis. While costly in the short term, the company can expect heavy returns if James effectively showcases DraftKings's offerings to his extensive follower base and beyond. His cultural influence stretches wide, so tapping into it offers a significant upside.
iGaming Business highlights that in recent years, James has strategically chosen partners that align with his interests, such as entertainment, social justice, and financial literacy. DraftKings fits neatly within James' focus on business ventures and his general affinity for sports gambling. This natural fit between partner interests and values often yields fruitful and lasting collaborations.
Altogether, DraftKings' newfound relationship with iconic star LeBron James looks to be a massive boon for further gaining market share. It offers the credibility and human marketing power that could ultimately propel this online sports betting platform over the top.