DraftKings inks betting deal with Michigan’s Bay Mills tribal casino

Sports betting operator DraftKings has added Michigan to its list of legal wagering states via a deal with a local tribal casino operator.

On Thursday, DraftKings announced that it had signed on with the Bay Mills Resort & Casino outside Sault Ste. Marie, Michigan, which is operated by the Bay Mills Indian Community. The deal covers a retail sportsbook as well as mobile and online betting, although Michigan isn’t expected to have its digital betting regulations in place until next year.

The deal, which is subject to the standard regulatory conditions, will expand DraftKings’ presence in US legal betting states to 10, joining Colorado, Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia.

DraftKings share price, which has been on an absolutely untethered-from-reality tear since its listing on the Nasdaq exchange in late-April, is currently up around half-a-buck to $40.70, roughly four times its value at the time of its initial public offering.