Caesars Entertainment launched its new sportsbook app earlier this month. Caesars Sportsbook is available for bettors in 8 states and it’s already making big waves. The app’s downloads reportedly continue to grow, bringing the company a higher market share, rising from 7% to 21%.
Caesars Sportsbook: The Most Dynamic Sports Betting App
Earlier this month, Caesars Entertainment released its dynamic betting app dubbed Caesars Sportsbook. The debut of the app coincided with a comprehensive marketing campaign outlining that Caesars Sportsbook offers extensive odds, flexible limits and it is “the most dynamic sports betting app.” As a result of the launch, sports bettors in Michigan, New Jersey, Colorado, Iowa, Indiana, Virginia, West Virginia and Tennessee can access Caesars’ app.
Besides its new sportsbook app, the company recently unveiled that it hit record revenue for Q2 2021. Early this month, Caesars revealed that its net revenues for the second quarter hit $2.5 billion, a significant increase from the $127 million for the same period last year.
The Company Plans to Invest in Sports and Online Market, Enjoys Increase in Market Share
The company has also revealed that it plans to sell a single Las Vegas Strip asset, according to a Q2 2021 earnings call transcript. Caesars’ CEO, Tom Reeg said that the sale of the asset is expected to take place next year. Additionally, he acknowledged that Caesars plans on investing a significant sum into sports and online operations. “If you think about something of – north of $1 billion of investment into sports and online,” stressed Reeg. Although that’s undoubtedly a hefty investment, the company plans to complete it within multiple years.
Now, according to a report released by Casino.org, Thomas Allen, an analyst for Morgan Stanley, acknowledged that downloads of Caesars’ app have grown significantly. He outlined that “Caesars has seen a meaningful inflection in app download market share” since the launch of the app early in August. Allen explained that Caesars’ share of the market jumped from 7% to a staggering 21%.
Moreover, Morgan Stanley’s analyst revealed that there is a connection between the sports betting market share and the number of app downloads. Allen outlined that if there is a higher share of the market, “this should bode well for actual betting share.” He did not miss saying that currently, Caesars’ stock looks “very attractive.“
The iGaming and sports betting segments continue to become more competitive, and those operators with deeper pockets are rapidly moving up in the ranks. Caesars’ investment in iGaming and sports betting over the next several years, part of which will be covered by the sale of the William Hill assets, will give the company a quick and significant injection of funds to fuel its growth and take control of more of the market. Caesars expects to close a potential sale sometime before the end of this year.