US Sports Betting Update – Caesars Sportsbook ties up deal to sponsor the New York Mets
Caesars Sportsbook has signed a multi-year deal to become the official sports betting partner of the New York Mets. The sportsbook’s branding will be featured at Citi Field, while Caesars Rewards members will be offered VIP experiences at the stadium as part of the agreement. Caesars is also building a 13,000 square foot retail sportsbook lounge at Citi Field, which will include a multi-tiered dining room and panoramic views overlooking left field.
“New York is a key state for us following the successful launch of our Caesars Sportsbook app in January,” said Chris Holdren, co-president of Caesars Digital. “The Mets’ fanbase is one of the most loyal in baseball and this partnership offers us the chance to treat those passionate fans like Caesars. We look forward to opening our space at Citi Field during an exciting time for the franchise.”
Regaining the Initiative
Caesars became the early market leader when legal online sports betting got underway in New York back in January. Its handle for the first nine days was $257.7 million, leaving it comfortably ahead of runner-up FanDuel, which took $200.4 million in wagers. That was largely a result of its outrageously generous welcome package – a $300 no deposit bonus, plus a 100% deposit match worth up to $3,000 – along with heavy TV advertising during NFL games.
However, it has now slipped down to third place after reverting to a more modest sign-up bonus and easing off on the expensive commercials. FanDuel is now the clear market leader, followed by DraftKings, while Caesars is some way back in third. For the first 27 days of March, FanDuel handled $599.2 million and generated revenue of $55.9 million. DraftKings took $388,7 million and earned revenue of $14.6 million. Caesars only handled $250.4 million in that time, although its revenue of $16.4 million was higher than that of DraftKings.
Caesars is well ahead of BetMGM, PointsBet, BetRivers, WynnBET and Resorts Sportsbook in New York, but it clearly needs to work hard to catch up with FanDuel. It hopes that the sponsorship deal with the Mets will boost the brand in the Empire State. Caesars has NFL, NBA, NHL, MLB and several individual teams, and it is the odds provider for ESPN and CBS too. Partners include the Arizona Diamondbacks and Cleveland Cavaliers, and it obviously. sponsors the Caesars Superdome in New Orleans
New York Weekly Handle Dips
Online sports betting in New York fell to $327.8 million in the week to March 27, according to the latest revenue figures from the New York State Gaming Commission. It represented a 23.4% decline on the $428 million handled in the previous week. However, that was to be expected, as there were just 12 March Madness games in the week ending March 27, compared to 52 in the prior week.
The record weekly handle in New York remains at $472.1 million, which was taken in the week leading up to the Super Bowl in February. The highest gross gaming revenue came in the week
ending January 23, during the NFL playoffs, when sportsbooks earned $43.2 million. Last week, the New York gross gaming revenue dipped to a low of $13.9 million – with $9.5 million going to FanDuel. We are now entering a slightly leaner period in the sporting calendar, although the NBA and NHL playoffs will soon begin, and the MLB season is now underway.
Sports fans in New York have now wagered $4.682 billion since sports betting began on January 8. It should smash through the $5 billion barrier when the figures for the week ending April 3 are revealed. Illinois currently holds the record as the fastest state to reach $5 billion in sports wagers. It took Illinois 14 months, while New York will hit that mark in less than three months, highlighting the size of the opportunity for operators like Caesars, FanDuel and DraftKings in the Empire State.
Colorado and Virginia Hit Key Milestones
Sportsbooks in Colorado have now surpassed $6 billion in total handle since the industry began in May 2020. They have just reported a handle of $440.5 million for February, taking the total just past the $6 billion mark. That was down 23.2% from a record of $573.7 million in January, while revenue also dipped to $19.6 million. However, that was to be expected, as February is typically a quieter month in the calendar.
Colorado sports betting has grown 89.1% year-on-year in the past 12 months. It now has more online sportsbooks than any other state, ahead of New Jersey. Betsafe, which is owned by European operator Betsson became Colorado’s 26th online sportsbook in March, while Bet365 is expected to become the 27th when it launches soon.
Virginia also hit a key milestone in Virginia, as its handle went past the $4 billion mark, a little over 13 months since the legal industry was rolled out. The state’s 11 legal online sportsbooks took $401.9 million in wagers during February, pushing the total to $4.1 billion. Virginia sportsbooks have earned revenue of $352.4 million since the January 2021 launch. It is now the ninth largest state for sports betting. Hard Rock Sportsbook joined the market on March 31, taking the total to 12 sportsbooks, and Betway and SI Sportsbook are poised to launch soon.
It was not such a good month for Delaware, which reported revenue of just $54,281 for February, down from $1.9 million the previous month. The handle dropped to $5.4 million. There is only retail sports wagering in Delaware.
While some states are still reporting their February figures, Oregon has already filed a report covering March. It said that the handle was $36.2 million. That was 8.2% down on February, but 50.5% higher than March 2021. That is encouraging for state regulators, who recently decided to switch from the Scoreboard app to a new monopoly brand, DraftKings. The Oregon industry could receive a further boost soon, as a bill seeking to legalize college sports betting is under consideration in the Senate.