As online gaming and sports gambling continue to grow, operators are having to make tough decisions. How much do they want to invest in their physical retail locations compared to the software and time that is used to develop an app? It’s one that Caesars Sportsbook is trying to answer themselves. Last summer, the operator went all-in on their national approach and rebranded to Caesars Palace for their iGaming market. According to the EKG Line newsletter, Caesars has improved its market share nationally. Pennsylvania is benefitting from the success of Caesars. The best offshore sportsbooks are also monitoring these trends, adjusting their own strategies to stay competitive.
Caesars and Tropicana are partnered with Harrah’s Philadelphia
For Harrah’s to operate as an online casino in Pennsylvania, they had to partner with Caesars and Tropicana. The partnership makes it difficult to determine how much revenue Caesars contributes to Harrah’s license. March was the most profitable through the first four months of 2024, generating $11.5 million. When Caesars rebranded last August, Harrah’s Philadelphia generated $6.4 million. The industry operator has come a long way in the previous year.
One significant reason why Caesars rebranded last year was to grow its national online casino market. The EKG Line newsletter reported that Caesars has improved the brand on a national scale. Exactly what they were looking to accomplish. In the last five months, Caesars has recorded nearly 6% in gross gaming revenue shares across all US iGaming markets. Massive increases compared to July and August last year when Caesars failed to hit 5%. Rebranding to the standalone Caesars Palace app was the right decision for the operator.
Along with the growth in PA, New Jersey, and Michigan have had success with Caesars
With Pennsylvania and New Jersey being bordering states, they have similar customers who use their online casino apps. Players will travel across state lines daily just to place a bet. In the first four months of 2024, New Jersey has generated $46.2 million. The Garden State was one of the first to allow legalized gambling. New Jersey continues to be one of the most profitable iGamig states in the US. Additionally, Michigan generated $43.5 million over the first four months of 2024. However, they did increase slightly in April while New Jersey and Pennsylvania dropped.
