Caesars Entertainment has reached a multi-year, multi-state agreement to offer DraftKings market access for its online gaming products.

In return, Caesars will receive an equity stake in the sports betting operator.

Caesars’ portfolio of casinos extends across 13 states, including four with active sports betting operations: New Jersey, Mississippi, Nevada and Pennsylvania.

DraftKings currently operates in New Jersey and Mississippi, continuing to develop plans for Nevada operations, previously hiring former Wynn sportsbook director Johnny Avello.

The operator would still need permission from each state’s regulator before commencing operations, with the announcement not yet detailing which states are included.

Mark Frissora, outgoing President and CEO of Caesars, said: "This alliance is the latest initiative by Caesars to capitalise on our database, generate a new revenue stream in a growth market and raise our profile in sports, in part by creating new sports-themed guest experiences at our resorts across the country."

Jason Robins, DraftKings CEO and Co-Founder, said: "Partnering with such a world-class gaming organisation will expedite our national roll-out process and give us the opportunity to work alongside one of the largest and most-established industry leaders in the world."