A new multi-year cooperation arrangement between DraftKings and the Charlotte Hornets has been finalised.

Charlotte Hornets, a team in the National Basketball Association (NBA), have made DraftKings Inc. (Nasdaq: DKNG) its exclusive official daily fantasy sports partner under a multi-year arrangement.

The agreement gives the Boston-based sports betting firm access to the trademarks and emblems of the Eastern Conference Southeast Division member and considerably expands the company's presence in North Carolina. The Spectrum Centre arena in Uptown Charlotte will showcase DraftKings-branded LED signage prominently, including courtside and on the basket stanchion, as well as branding displays atop the basketball backboards.

Product popularity:

That is what the official press release says, at least.

To further connect their respective identities, DraftKings and Hornets Sports & Entertainment have decided to work together on exclusive social promotions and content.

DraftKings' Chief Business Officer Ezra Kucharz made the following comment in the company's press release:

NBA fans can not miss Charlotte Hornets games, and we can not wait to provide them the greatest possible gaming experience.

We are excited to expand our partnership with the Hornets organisation and introduce more people in North Carolina to DraftKings thanks to this new deal.

Popular new app:

In addition, the two businesses will collaborate on the creation of a free-to-play, predictive game centred around the Charlotte Hornets. The NBA team's mobile app will purportedly include the game. In addition to courtside shootarounds, press conference coverage, coach and staff meet and greets, and more, the partnership also includes VIP "experiential events" at Hornets games.

"We are excited to enter this partnership with DraftKings and bring its daily fantasy sports products to our great Hornets fans," said Fred Whitfield, president and vice chairman of the Hornets sports and entertainment company. Working with the market leader in this burgeoning space will allow us to provide our fans with exciting new content.

Excuse to daydream:

After joining forces with DraftKings' competitor Flutter Entertainment's FanDuel in 2015 in a multi-year sponsorship deal valued in the mid-six figures at the time, the NBA franchise has been without a fantasy sports and gaming partner for more than a year.

Competing in the American market:

In a similar development, on Thursday, January 21, 2021, sports betting was legalised in Virginia, making it the 12th state in which DraftKings' mobile and online sportsbook is available. The first licence was granted to FanDuel through a collaboration with the Washington Football Team.

When the Michigan Gaming Control Board (MGCB) gave the green light to nine casinos and their platform providers on January 22, 2021, the Massachusetts company's [DraftKings] iOS and Android-enabled sports betting app was already available in those states plus Tennessee, Mississippi, West Virginia, Colorado, Indiana, Illinois, New Hampshire, Iowa, New Jersey, and Pennsylvania.