Puerto Rico is the home of the pina colada, and now it’s the home of a Caesars Sportsbook.
This week, Caesars announced it launched a sportsbook at Puerto Rico’s largest casino, Casino Metro. The new facility is called “MetroBets With Caesars Sportsbook”.
Metro Casino General Manager Ismael Vega said in a statement that the new betting location is a necessary part of his property’s push for sports betting.
“The foray into the world of sports betting is a natural step for our operation, which has been characterized by constant innovation. Due to its complexity, as usual, we were immersed in a process of analysis and preparation to achieve it and we are proud to achieve this alliance with a giant like Caesars.”
Land-based and online gambling is legal in Puerto Rico. The state has three online sportsbooks and two retail sportsbooks, with plans for a third next year.
New Caesars sportsbook coincides with casino expansion
Metro Casino’s Caesars sportsbook has three betting windows and three self-serve kiosks. It has more than 25 LED TVs and an odds board.
The sportsbook opens up 30 new jobs. Additionally, Caesars has plans to launch an online sportsbook next year.
“As we pursued sports betting in Puerto Rico under its unique framework, we wanted to align with the best possible partner that would provide deep, localized knowledge of the market,” Caesars Digital President Eric Hession said. “We found that partner in Casino Metro, which has a strong brand and customer base in
the Puerto Rico market.”
In the meantime, Metro Casino is in the middle of an expansion project that will add 7,000 square feet to its property. Construction should finish in the second quarter of 2023.
Caesars up against other big names for revenue
Puerto Rico legalized sports betting in 2019. However, the rollout has been slow.
Caesars and BetMGM (Casino del Mar) are the only two retail sportsbooks in the state. DraftKings has plans to open a retail sportsbook at Foxwoods El San Juan Casino in 2023.
For now, Caesars should have a relatively easy go of grabbing sports betting revenue. However, the big money lies in online sports betting. Bettors overwhelmingly prefer making online bets over bets at land-based sportsbooks.
Right, Puerto Rico has three mobile sportsbooks: BetMGM, DraftKings, and FanDuel. Cracking into that market will be tough for Caesars. FanDuel typically grabs around half the market share of the states it operates in.
DraftKings is also a major player. And while BetMGM usually lags behind the two leaders, its land-based casino in Puerto helps boost its brand recognition.
Caesars is likely hoping for the same type of land-based boost BetMGM gets. As the fourth operator in a mobile sports gambling market that already has three big names, Caesers needs all the help it can get.