In its third-quarter earnings call, Caesars Entertainment addressed plans to hit the gas and pump the brakes on its online sports betting products.
Caesars, which launched NFL streaming services through its mobile app, plans to expand its hybrid sports/sports betting streaming services by adding a betting overlay to sports streaming content. It also hopes to expand its streaming services into other sports, as licensing allows.
That may not translate into new promo content during the North Carolina online sports betting launch because Caesars plans to keep its promo spend at the low end of the industry.
Overall, Caesars highlighted this as the strongest quarter in company history across all its segments.
Bet while watching NFL games from same screen on Caesars app
Starting this NFL season, Caesars became one of a few online operators to offer live streaming of nationally televised NFL games through its app.
Eric Hession, president of Caesars Digital, noted that they had seen “an uptick in customers watching our app” during the NFL season.
Now, Caesars plans to add a sports betting overlay to its streaming service.
“The next big step,” said Hession, “is going to be able to overlay wagering opportunities while customers are watching it. That we don’t have yet. It’s under development, and that’s why we still consider this to kind of be a trial.”
BetVision, the feature created by Genius Sports that Caesars plans to use, will allow bettors watching games to view a few augmented game overlays involving stats and betting markets.
When it goes live, hopefully in time for the NC sports betting launch and the 2024-2025 NFL season, bettors can stream nationally televised NFL games from their Caesars apps. While watching, they can view and place bets without leaving the game.
This kind of interoperability will keep Caesars up to speed with the online operators nipping at its heels. Namely, ESPN Bet, which has plans to launch its own sports/sports betting hybrid streaming service through the ESPN Bet app.
NC sports bettors won’t see promo overkill from Caesars at launch
Not surprisingly, Caesars plans to stay on the low end of the promo spend spectrum in the coming quarter and beyond.
In North Carolina, where operators cannot subtract promo spending from taxable revenue, Caesars may be one of many operators to pump the brakes on promo spend.
Acknowledging coming sports betting launches in states like North Carolina, Maine and Nebraska, CEO and Director of Caesars Entertainment Thomas Robert Reeg said, “you’ll see some launch spend there, but you should expect OSB will be pretty stable for us.”
Despite staying on the low end of the industry in promo spend, Caesars presenters did stress that the brand would “focus on investing in our best customers” through customer retention programs.
Hybrid sports/sports betting streaming services represent one of those customer retention programs. However, North Carolinians considering the Caesars Sportsbook mobile app should also read this statement to mean that dedicated Caesars Rewards members will be taken care of by Caesar.
Operators tuning up their products ahead of NC launch
When North Carolina online sports betting launches in 2024, top national operators like Caesars Sportsbook plan to upgrade their products and create more fluid user interfaces for bettors looking to navigate sports viewing and sports betting.
The online sports betting launch window opens on Jan. 8 and closes on June 14, 2024. Our money is on a launch closer to the deadline as regulators still have a long way to go to prepare the market. Will Caesars be among the first books to launch in the Tar Heel State? We expect so.
Image Credit: Ross D. Franklin / AP Images
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