Online gaming giant DraftKings (DKNG) has announced an exclusive, multi-year relationship with golfer Bryson DeChambeau.
Bryson is currently ranked No. 6 in the Official World Golf Ranking and is coming off his first major championship at the U.S. Open in September, 2020.
According to DKNG “Bryson DeChambeau will become the first active professional golfer to represent the digital sports entertainment and gaming company via an integrated brand, content, marketing, and VIP centric collaboration that will feature Bryson DeChambeau as the face of DraftKings golf.”
Starting with the 2020 Masters, the DraftKings logo will be featured on DeChambeau’s signature golf cap.
“Professional golf has been a key growth sport in both daily fantasy and sports betting, and our collaboration with Bryson DeChambeau is a notable new layer of mainstream brand exposure and fan experience,” said Jason Robins, co-founder and CEO, DraftKings.
“As one of golf’s most promising athletes and the current U.S. Open champion, DraftKings is strategically aligning with winning athletes like Bryson who embody and embolden the competitive fire of our customers.”
At DraftKings, golf remains the fourth-most-popular sport for daily fantasy while golf sportsbook handle has grown over ten times year over year, the company reveals.
Amidst this surge in golf betting, the athlete sponsorship also entails unique experiential elements to engage fans such as playing a round of golf with or receiving golf lessons from Bryson DeChambeau, the company says.
Shares in DraftKings have plunged 40% in the last month, and according to some analysts this weakness represents a buying opportunity. That’s with a Moderate Buy analyst consensus scoring 13 Buys versus 6 Holds. Meanwhile, the $58 analyst price target implies 62% upside potential over the coming year.
“We believe the company has been successfully positioning itself to establish early market share in new states and will continue to do so in upcoming state launches, starting with Michigan, and eventually in other key markets expected to go live in the coming years” comments Northland analyst Greg Gibas.
He has a buy rating on the stock and $50 price target. The analyst adds that key partnerships will help to secure DKNG as a top-of-mind brand. (See DraftKings stock analysis on TipRanks)