Tuesday December 5, 2023

Caesars Looks to Sports Betting to Bolster Business

  • Caesars is looking at sports betting to bolster its casino business.
  • Its casino business generated $1.5 billion in revenue in Q3 2021.
Caesars/Design: Alex Brooks
Copy Link
Link Copied
Link Copied

Traditional casinos are at the heart of Caesars Entertainment’s business, but the company continues to make strides in sports betting.

Hampered by Caesars casino closings during the quarter caused by Hurricane Ida and California wildfires, the potential of online sports betting has become increasingly apparent. 

  • The company completed its acquisition of sportsbook William Hill in April for $4 billion.
  • It launched its sportsbook app in 11 states with Arizona and Maryland pending review.
  • It expects to be profitable in sports betting by the 2023 football season.

Caesars pocketed $2.69 billion in total revenue in Q3 2021, up from $1.44 billion for the same period a year prior. 

Last year, Caesars merged with Eldorado Resorts in a deal valued at $17 billion, creating the largest casino and entertainment company in the U.S. 

The combined company operates more than 55 casino properties worldwide, including eight hotel properties in Las Vegas, one of which it plans to sell early next year to help alleviate debt.

Caesars isn’t far behind its rival MGM Resorts, which reported $2.7 billion in revenue in Q3 2021, a 140% increase year-over-year, in its latest earnings report on Wednesday.

Copy Link
Link Copied
Link Copied

What to Read

Las Vegas GP Smashes Records For Sportsbooks

High-profile Formula 1 event proves to be popular with bettors.
Nick Saban highest paid college football head coach.

Who Is Highest-Paid Coach in College Football?

Saban remains atop highest-paid head coaches getting over $11 million annually.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
podcast thumbnail mobile
Front Office Sports Today

Premier League Sets New Bar with Media Deals


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers

U.S. Sports Betting On Pace To Hit $100B In Wagers

Sports wagering activity accelerating to unprecedented levels.
November 15, 2023

ESPN Bet Offers Familiar Feel, Hefty Promotions at Launch

PENN rolled out its reskinned Barstool app on Tuesday.
November 20, 2023

ESPN Treads Lightly with Promoting Its Own ESPN Bet

The much-anticipated first weekend didn't lead to over-the-top promotion.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
November 13, 2023

ESPN Bet’s ‘Blueprint’ For Success Has An Unexpected Origin Story

PENN Entertainment looks to replicate success seen with Canada's theScore.
November 10, 2023

ESPN BET Will Attempt To Prevent The Influence Of Insiders

ESPN released internal guidelines that banned Insiders from the new ESPN BET.
Rutgers Scarlet Knights running back Kaevon Merriweather is tackled by Iowa Hawkeyes defensive back Gaven Cooke during the second half at SHI Stadium.
November 10, 2023

Rutgers-Iowa Sets College Football Record for Lowest Over-Under

Rutgers-Iowa's betting total of 27.5 is the lowest on record.
A view of a FanDuel sportsbook location.
November 9, 2023

FanDuel Parent Doubles Down On U.S. Market With Planned Stock Listing

Flutter Entertainment makes move to begin trading on NYSE