Chicago Cubs, DraftKings Agree To $100 Million Deal To Put Sportsbook At Wrigley Field

Major League Baseball’s complicated history with gambling isn’t stopping the league from embracing the booming industry as the sport looks to promote betting within its own ballparks.

Thursday, the Chicago Cubs announced a partnership with DraftKings, which includes the pursuit of putting a sportsbook at Wrigley Field. The deal is for around $100 million over nearly a decade, The Action Network’s Darren Rovell reports.

“This is truly a historic moment, as we are thrilled to align with the renowned Chicago Cubs franchise and iconic Wrigley Field to provide sports bettors in Chicago with a revolutionary sports betting experience” said Matt Kalish, co-founder and president of DraftKings North America. “As two organizations that share a mutual passion for innovation and a commitment to excellence, we look forward to working in collaboration with the Cubs, an organization steeped in tradition, and making our presence felt in and around Wrigleyville.”

MLB commissioner Rob Manfred said in 2015 that baseball would have to revisit its stance on sports betting as it headed toward legalization in the United States. The league had been wholeheartedly against gambling in light of the 1919 Black Sox Scandal and Pete Rose’s betting issues, which resulted in his banishment from MLB.

The Cubs are the first MLB franchise that has made official plans to open a sportsbook in its stadium. In August, William Hill opened a sportsbook at Capital One Arena in Washington, D.C., where the NBA’s Washington Wizards and the NHL’s Washington Capitals play their home games.

DraftKings has sportsbooks in eight different states. Illinois Gov. J.B. Pritzker signed sports betting legislation in June 2019. Illinois became the 15th state to accept its first legal sports wager on March 9.

“An increasing number of sports fans want to integrate sports betting into their game experience, and we’re excited to be one of the first to engage in developing a retail sportsbook at a professional sports venue,” said Crane Kenney, President of Business Operations, Chicago Cubs.

DraftKings stock soared Wednesday when it was announced that NBA legend Michael Jordan joined the company’s advisory board. The stock had dropped almost $2 to $38 at noon Thursday.

Morgan Stanley estimates the sports betting and online gaming industry could reach $12 billion by 2025 after hitting the $1.5 billion mark in 2019.

There was $698.4 million bet legally on baseball in New Jersey last year. More than $1 billion was wagered on the sport in Nevada in 2019.