Caesars Entertainment recently reported third quarter earnings. When corporations report earnings, they also usually tout some things to look forward to. Much like the MGM Resorts call earlier in the week, Caesars Entertainment reported that it has a lot happening in the world of sports.
Sports betting expansion
In addition to their Nevada casinos, Caesars Entertainment is currently taking sports bets at Harrah’s and Bally’s in New Jersey and Harrah’s Gulf Coast, Horseshoe Tunica, and soon Tunica Roadhouse in Mississippi.
During their earnings call, Caesars Entertainment confirmed that they have received a license in Pennsylvania to take sports bets. They anticipate starting to take sports wagers in Pennsylvania in less than 90 days.
As proven, Caesars Entertainment is ready to quickly launch sports betting in other states when legalized.
Ancillary benefits from sports betting
Caesars Entertainment isn’t just seeing direct revenue from sports betting. The increased number of casino guests is affecting food and beverage sales. Adjacent outlets to sportsbooks such as restaurants and bars experienced a 10 to 20 percent increase in business.
The Book sportsbook concept, currently being tested The Linq in Las Vegas, is showing two times the food and beverage served than at the previous sports bar in the same location. Caesars is already branding their sportsbooks in Mississippi with this name.
The company expects to open large-scale sportsbooks in New Jersey and Mississippi during the first quarter of 2019.
The mobile sports betting app in New Jersey includes Total Rewards and Caesars Casino. In September, since the launch of sports betting, the app has seen a 20 percent increase in business from the same period last year.
Caesars Entertainment recently signed a few partnerships with professional sports teams. While not directly involved with gambling, these partnerships will help brand Caesars Entertainment as the casino property of choice with sports fans in Las Vegas, Baltimore, Philadelphia and New Jersey.
In the past week, Caesars Entertainment has announced deals with the Philadelphia 76ers and New Jersey Devils. Caesars Entertainment is the first Founding Partner with Las Vegas Stadium. The stadium is under construction will be the home of Las Vegas Raiders in 2020.
Mobile sports betting apps are helping change and broaden the sports betting experience in the US. Sports bars and lounges are becoming sportsbooks. Likewise, sportsbooks are becoming sports bars and lounges.
For Caesars Entertainment, the deals with professional sports teams aren’t direct sports betting partnerships. While there will be Caesars-branded lounges, they won’t be called sportsbooks. The hope is that gamblers will be reminded that they can wager with Caesars right on their mobile phone.
Sportsbook partnerships with professional sports teams help create direct brand awareness for potential sports bettors in attendance. In turn, sports betting helps keep the sports fan more engaged with the games. Altogether, there should be a better experience for the sports fan while the team, venue and casino can all profit.