Caesars Entertainment – FairOdds Network

February 26, 2025

Caesars slips to FY24 net loss, remains confident about digital EBITDA target

Caesars Entertainment reported a net loss during its 2024 financial year after a drop in group revenue, but the gambling giant remains confident of long-term earnings goals for its digital arm after the division reported further growth.

Group revenue for the 12 months through to 31 December 2024 topped $11.2 billion (£8.89 billion/€10.71 billion). This is 2.5% lower than the previous year, according to data published yesterday (25 February) by Caesars.

Caesars attributed this primarily to its Las Vegas and regional segments, with both divisions seeing declines in 2024. Managed and branded revenue was also down, although there was some positive news from the digital segment.

Revenue from the digital business, which comprises igaming and online sports betting, was up 19.5%. This continues an upward trend seen in recent years, but the trajectory was not as high as seen in 2023 (77.6%).

Caesars: Digital EBITDA to reach $500 million in 2025

While digital growth may not have been quite ..

September 15, 2024

Caesars contributes $4m to campaign against legal Missouri sports betting

Caesars Entertainment made $4m (£3m/€3.6m) in contributions to a campaign that aims to convince voters to say no to the Missouri legal wagering initiative backed by the state's professional sports teams.
The ‘Missourians Against the Deceptive Online Gambling Amendment’ political committee was formed on 10 September. And, according to records on the Missouri ethics commission (MEC) website, the casino giant funded the campaign on 13 September. The company made three separate contributions under the names of its casinos.

Tropicana St Louis, which is now the Horseshoe Casino, and the Isle of Capri Casino Booneville each donated $1.3m. Harrah’s North Kansas City contributed $1.4m.

Caesars so far is the only casino company in the state to take a clear stance on the issue of legal Missouri sports betting.

The initiative, which will be listed as Amendment 2 on the November ballot, survived a legal challenge last week. It would legalise statewide digital sports betting with platforms..

June 28, 2024

State of the Union: Big fine in Philly, Caesars NYC plans and more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Live! Philadelphia fined $100,000

The Pennsylvania Gaming Control Board this week issued a $100,00 fine to Live! Philadelphia for taking sports bets over the phone. At the PGCB meeting, it was revealed that more than $287,000 in wagers were taken by phone. Of the bets, three were taken via text message and lost and the bettor never laid down the funds.

Live! Philadelphia representatives told the PGCB that it had terminated the employees who took a total of 15 bets via phone or text message. In addition, all have also been placed on the involuntary exclusion list. Live! Philadelphia also now bans personal phones for sportsbook employees while at work and lowered its surveillance notification threshold to $10,000.

Caesars proposes Times Square makeover

Caesars Entertainment has plans to plant trees, improve..

March 15, 2024

Caesars-licensee BIG Brazil nearing lottery accreditation in Rio de Janeiro

BIG Brazil, a licensee of Caesars Sportsbook, has announced it will look to achieve accreditation with the Rio de Janeiro State Lottery (Loterj).

André Feldman, president of BIG Brazil International Games, visited Loterj president Hazenclever Lopes Cançado on Thursday. While declaring his interest in operating sports betting with Caesars in Brazil, Feldman also requested information on becoming accredited by the Loterj to offer lottery in Rio de Janeiro.

In February 2023, BIG Brazil International Games partnered with Caesars to introduce sports betting in Brazil when legalised. After Bill 3,626/2023 was approved in December, sports betting is expected to be regulated by late 2024.

“Expectations are high,” Feldman said. “We intend to enter the Caesars Sportsbook brand in Brazil, starting in Rio de Janeiro. We are already working on composing all the technical documentation to, in the next few days, officially enter into the Loterj accreditation.”

Cançado added: “We are very happy wi..

March 4, 2024

Caesars first to launch sports betting in North Carolina with tribal partnership

Caesars Entertainment has become the first operator to launch legal online sports betting in North Carolina, rolling out its sportsbook in partnership with the Eastern Band of Cherokee Indians.

North Carolina is not due to launch full-scale legal sports betting until 11 March. However, Caesars’ deal with the tribe and the Indian Gaming Regulatory Act has made it possible for the operator to go live ahead of this date.

Players can place bets at two Cherokee-run casinos: Harrah’s Cherokee Casino Resort and Harrah’s Cherokee Valley River Casino & Hotel. Betting is also permitted on the Eastern Band of Cherokee Indians’ tribal lands.

caesars’ tribal deal will see the operator first to go live

Caesars’ online sports betting offering will be extended across all North Carolina when the market fully launches next week. The operator has been running retail sportsbooks in the state for a number of years, with the online offering to complement these.

“We’re thankful to be able to offer wage..

January 30, 2024

Caesars agrees tribal deal to launch online sports betting in North Carolina

Caesars Entertainment has announced it will launch mobile sports betting in North Carolina after expanding its relationship with the Eastern Band of Cherokee Indians.

The operator is set to go live when North Carolina launches its online sports betting market on 11 March. Ahead of the launch, the Caesars Sportsbook app will start accepting sign-ups and deposits from 1 March.

On 24 January, the North Carolina State Lottery Commission approved the launch date of online sports betting. The market will be live for those aged 21 and over in time for March Madness. Charlotte in North Carolina is set to host some of the tournament’s early-round games.

Caesars already has two land-based locations with the tribe, with Harrah’s Cherokee Casino Resort in Cherokee and Harrah’s Cherokee Valley River Casino & Hotel in Murphy. As part of the expanded deal, Caesars will now hold exclusive rights to mobile sports wagering at those two casinos, as well as on Eastern Band of Cherokee tribal lands in w..

October 17, 2023

G2E 2023: Like Covid never happened

The dog days of the pandemic feel long in the past and the gaming industry was in a bullish mood at G2E 2023, Buck Wargo writes. Despite potential economic headwinds, international expansion and high hopes for igaming mean many left Las Vegas with the sense the industry is in good health.

It was like the pandemic never happened.

The Global Gaming Expo returned to Las Vegas last week, upbeat and optimistic about igaming’s future.

The industry faces headwinds in the coming months from the US economy and a potential Culinary Union strike in Las Vegas, but attendees at the show remained positive.

G2E attracted more than 25,000 people over its four days, just shy of 2019’s record 27,000 turnout. Attendance continued to bounce back after 2020’s cancelled event and a 2021 edition that drew only 13,000 delegates.

A greater return of international visitors and exhibitors – more than 125 countries were represented – helped boost attendance numbers. There were 368 exhibitors, up from 350 a y..

July 7, 2023

Caesars launches mobile sportsbook in Puerto Rico

Caesars Entertainment has become the latest operator to launch online sports betting in the US territory of Puerto Rico.

Consumers in Puerto Rico can place bets on the Caesars Sportsbook mobile betting app or accompanying website.

Online betting will initially only be available to citizens of Puerto Rico. Non-residents visiting the island will have the ability to register for the app later this summer.

The app and website will be integrated with the Caesars Rewards loyalty programme. For every bet placed, users will earn tier credits, which can be exchanged for experiences at Caesars Entertainment destinations.

Read the full story on iGB North America

May 17, 2023

Caesars to launch in Kentucky after Keeneland and Red Mile racetracks deal

Caesars Sportsbook has partnered with Keeneland and Red Mile racetracks ahead of the launch of sports betting in Kentucky.

As part of the agreements, the sports betting platform will gain market access for mobile sports betting in the state. The agreements will also kick off plans to open brick-and-mortar retail sports betting locations in Central Kentucky, which will be subject to approvals from the Kentucky Horse Racing Commission.

Kentucky’s governor, Andy Beshear, signed sports betting into law last month.

Read the full story on iGB North America

February 22, 2023

Caesars Sportsbook app goes live in Massachusetts

Caesars Entertainment has announced that the Caesars Sportsbook app is live in Massachusetts from today (22 February), in anticipation of the launch of online sports betting in the state.

On 31 January, retail sports betting became legal in the state of Massachusetts. However, online sports betting is not expected to go live until next month.

In advance of the March launch, the Caesars Sportsbook app has been made available to download. From today, bettors can register and make deposits in order to access early sign-up offers.

Read the full story on iGB North America

January 23, 2023

Caesars enters sports betting partnership with Massachussetts’ Raynham Park

Caesars Entertainment has partnered with Massachusetts’ Raynham Park to open a retail sports betting facility there, pending approvals, after the racing centre ended its ties with Bet365.

Caesars will operate a 30,000sq ft retail location at a 13-acre site, with construction set to be completed during H2 2023.

The 60,000sq ft entertainment complex at the former greyhound racecourse, located just south of Boston, will also feature two restaurants, bars and private event space.

To read the full article visit iGB North America

January 6, 2023

How much do sportsbooks spend on marketing and will it lead them to profit?

Russell Karp of DataArt explores how leading US sportsbooks spend their marketing dollars, examines their strategy and results and looks for a path to profitability.

Fall and winter are intensely hot seasons for sports betting with NFL, NBA, college football and basketball, NHL and MLB post-season action. So it’s no surprise that the last three months of the year became the most expensive in terms of advertising.

BIA Advisory Services forecasted that up to $1.8bn would be spent in 2022 to promote gambling products online, with a sizeable chunk going towards sports betting. In the first week of the year alone, ad spending by the four biggest sportsbooks rocketed to a lofty $24m.

But how do these heavy marketing investments impact the sports betting business? And are sportsbooks getting a return on their investment?

Where does the money go?

To acquire as many users as possible, as early as possible, sportsbooks invest heavily in marketing. A larger share of voice, paired with attra..

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Tag: Caesars Entertainment