The Cleveland Cavaliers are the latest professional sports team to strike a deal to bring a sportsbook to its home venue.
Caesars Entertainment announced a multiyear deal with the team that includes plans to open a sportsbook in Rocket Mortgage FieldHouse. Both entities will cover the build-out’s costs as part of the deal. Forbes valued the Cavaliers at $1.65 billion in October.
Caesars Sportsbook isn’t new to professional sports arenas.
- It hosted the first sportsbook in a professional team’s venue when it opened a William Hill Sportsbook at Capital One Arena — home of the Washington Wizards, Capitals, and Georgetown Hoyas — in May.
- In Arizona, Chase Field — home of the Arizona Diamondbacks — is in the process of getting a Caesars Sportsbook, too.
Sports betting is already legal in Ohio, but no online operators have been approved. The target date to officially launch in the state is reportedly Jan. 1, 2023, with hopes to start sooner, and on April 1, the state will be allowed to begin issuing sports betting licenses.
Construction of the betting site is expected to begin shortly, and the 10,355-square-foot venue is anticipated to open by the end of the year, subject to approvals.
More Sportsbooks and Stadiums
United Center, home to the Chicago Bulls and Blackhawks, announced plans for a FanDuel Sportsbook lounge in January. FanDuel opened a sportsbook inside the Footprint Center, home to the Phoenix Suns and Mercury, in September.
In January, the Arizona Cardinals released details for a BetMGM Sportsbook slated to open ahead of the 2022 season. The company also opened a sportsbook at Nationals Park that same month.