DraftKings expands its sports betting operation with Caesars deal

• DraftKings will promote Caesars while giving it a cut of revenues in the states they partner in. Caesars will also receive equity in DraftKings.

The backdrop: This move from DraftKings comes after the company announced it was searching for $200 million in funding on the back of its merger with FanDuel falling apart.

• The company told investors at the time it expects daily fantasy sports to generate most company revenue for years to come.

The big picture: DraftKings' was a major player in New Jersey where the betting handle reached $1 billion in December and 80% of bets were placed via a mobile device. That imprint gets even bigger through the Caesars partnership.