US Sports Betting Update – Caesars Launches Rebranded App and $5,000 Sign-Up Bonus
Caesars Sportsbook is offering new customers a risk-free first bet worth up to $5,000 in a bid to boost its market share. Parent company Caesars Entertainment completed its $4 billion purchase of William Hill earlier this year. It has now migrated all William Hill customers over to a Caesars Sportsbook app, and it is ready to embark upon an ambitious expansion plan.
The new Caesars Sportsbook app is basically a rebranded version of the William Hill app, with a slight change to the color scheme. It now covers some extra sports, but the most notable change comes in the form of bonuses. The $5,000 risk-free bet offer is five times larger than anything else on the market, dwarfing the $1,000 risk-free bet offered by FanDuel. Caesars Sportsbook has also launched a range of promos for existing customers, including free bets, profit boosts, odds boosts, risk-free parlays, Thursday Dingers and Friday Doubles.
Customers can now take part in the Caesars Rewards loyalty program too. This sees them earn points for placing bets, and these points can be redeemed for free bets, hotel visits, dining, shopping, spa treatments and much more. “We are excited to launch our new comprehensive marketing campaign for Caesars Sportsbook,” said chief executive Tom Reeg. “The rebranded and upgraded offerings for our Caesars Sportsbook will provide customized offers, flexible limits, a wide range of betting lines, and an intuitive user experience. Caesars Sportsbook also brings players into an empire of play where, win or lose, every wager gives them more through our award-winning Caesars Rewards.”
Putting the Bettor at the Center of Everything
The Caesars Sportsbook app is now live in eight states – Colorado, Indiana, Iowa, Michigan, New Jersey, Tennessee, Virginia and West Virginia. It plans to launch in Arizona, Maryland and Louisiana soon, as those states are set to roll out legal sports betting industries. In Arizona, Caesars has a market access deal with Arizona Diamondbacks, and it is building a retail sportsbook at Chase Field, the MLB team’s home. In Illinois, Nevada, and Washington, DC, markets where bettors are required to be at or near a Caesars Sportsbook retail location to register, bettors will now have access to the new Caesars Sportsbook by William Hill app. The Caesars Sportsbook by William Hill app offers an upgraded look and link to Caesars Rewards.
William Hill owned a large collection of retail sportsbooks in Nevada, plus operations in Mississippi and New Mexico, along with retail books in lots of other states. It also served as the risk manager for sports betting in Delaware and Rhode Island. Caesars has now absorbed all of those businesses. It is phasing out the William Hill brand online, with a view to selling all non-US assets, but it may keep the William Hill name on some of its retail sportsbooks.
“Caesars Sportsbook puts the bettor at the center of everything,” said Eric Hession, Co-President of Caesars Digital. "We understand that we need to be nimble, we need to give bettors what they want in terms of depth of odds and breadth of sports, and we need to make our app easy and fun to navigate. But beyond that, we want to treat every Caesars Sportsbook player like a Caesar. And that means generous offers and a way to earn through Caesars Rewards.”
Nationwide Advertising Campaign
Caesars is investing in a nationwide ad campaign featuring actor-comedian JB Smoove as Caesar and Patton Oswalt as one of the brand’s biggest fans. Caesars is the official casino sponsor and an official sports betting partner of the NFL. It also has partnerships with the NBA, NHL, MLB, and several individual teams. Caesars recently announced an expanded partnership with the New Orleans Saints, resulting in the team’s stadium being renamed the Caesars Superdome. Caesars Sportsbook will continue to partner with celebrity ambassadors and trusted voices in the sports industry, with more partnerships and content champions to be announced soon.
“Sports bettors deserve a sports betting experience that treats them like royalty,” said Chris Holdren, co-president of Caesars Digital. “In our world, everyone's an emperor, and the Caesars Sportsbook app delivers an experience worthy of them. We invite people to play with us online, stay with us at our resorts and experience their favorite sports in new ways through our unparalleled partnerships.”
Caesars has previously launched its own sportsbook in New Jersey, Pennsylvania, Indiana and Nevada, but it struggled to compete with rivals like FanDuel, DraftKings and BetMGM. There is no news yet on what will happen to the Pennsylvania legacy brand, as that was the only state in which William Hill did not operate, citing high licensing fees and revenue tax. It now stands a much better chance of becoming a major player in the legal sports betting industry, having absorbed William Hill’s customer base, its team and its technology. William Hill was already the market leader in Nevada and Iowa, and it was a top five sportsbook in various other states, but the challenge for Caesars is now to make inroads into large states like New Jersey and Illinois.
Caesars Reports Huge Revenue Increase for Q2
Caesars Entertainment has revealed that revenue increased to $2.5 billion for the three months to June 30. That was an enormous rise on the $127 million it took in Q2 2020. It reported net income of $71 million, compared to a net loss of $100 million for the same period the previous year. Adjusted EBITDA reached a record high. Caesars Digital, the sports betting and online gaming segment, reported net revenue of $117 million and adjusted EBITDA of $2 million, but that is likely to soar in the months ahead.
Shares in the company are up by more than 8% this week, and they have done a 10x since the start of the pandemic. “Our second quarter operating results improved significantly versus the first quarter of 2021 driven by continued strength in our regional markets and a dramatic improvement in results in our Las Vegas segment,” said Reeg. “With the William Hill acquisition now closed, we have officially rebranded our sports betting operations to Caesars and we launched our new comprehensive marketing campaign on August 2, 2021.”