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Caesars Entertainment (CZR) Unveils Sportsbook App in Kentucky

After introducing retail sports betting in Kentucky, Caesars Entertainment, Inc. CZR unveiled its premier sports wagering app, Caesars Sportsbook, accessible on mobile and desktop platforms in the Bluegrass State.

Sports enthusiasts can now download the app on iOS and Android or access it through on a desktop, ensuring a premier sports wagering experience and exclusive rewards. It offers a range of features designed to enhance their sports betting experience.

The app offers live streaming for key sporting events and fast in-app scoreboards, ensuring quicker payouts and a wide range of in-play betting choices. It simplifies the betting process with user-friendly features.

Furthermore, it links sports betting to exceptional rewards through Caesars Rewards. Every bet made contributes to Tier Credits and Reward Credits. These credits lead to status upgrades and extraordinary experiences, including discounted getaways, bonus cash in the app, and world-class dining at Caesars destinations.

Focus on Digitalization

The company is continuously investing in digital initiatives and is optimistic about its contribution to its growth. During the second quarter of 2023, the company emphasized specific tech enhancements to boost product offerings and drive better customer engagement. This includes the rollout of the new iCasino product Caesars Palace online (in multiple states), testing its in-house player account management system (anticipated to roll out in 2024) and transitioning sports betting operations in Nevada to its Liberty tech stack. Meanwhile, the company is optimistic about the rollout of the net native iOS Sportsbook app.

The company, which shares space with Boyd Gaming Corporation BYD, Las Vegas Sands Corp. LVS and MGM Resorts International MGM also focuses on sports betting expansion to drive growth. To this end, the company formed a new Caesars Digital segment comprising sports betting, iGaming and poker. The company integrated its digital offerings with Caesars Rewards at online and physical casinos. During the second quarter of 2023, revenues from Caesars Digital came in at $216 million compared with $152 million reported in the prior year quarter.

A Brief Review of the Other Players

Boyd Gaming: The company benefits from solid contributions from online gaming and management fees (from Sky River Casino). The incorporation of the Boyd Interactive platform for managing its online casino operations contributed to growth. Also, ongoing visitation recovery and a robust pipeline in the Las Vegas Locals segment bode well. Boyd Gaming has also been undertaking efforts to expand online betting offerings.

MGM Resorts: The company benefits from increased business volume and travel activity, primarily at MGM China and Las Vegas Strip Resorts. Also, the focus on international expansion, asset-light strategy and non-gaming activities bode well. The company is optimistic regarding its BetMGM operations, anticipating revenue contributions of $1.8-$2 billion in 2023.  The company continues to focus on sports betting expansion. MGM Resorts is optimistic about the U.K. launch of the BetMGM brand as it believes this to be a step closer to expanding the brand in international markets.

Las Vegas Sands: The company has benefited from impressive travel and tourism recovery in Macao and Singapore. Also, the company’s long-term commitment of a $3.8-billion investment in Macao and Marina Bay Sands's renovation and refurbishment program bodes well. Backed by long-term commitment investments, LVS aims to capitalize on the likely structural growth in Macao in the coming years to stay ahead of the curve regarding the quality and scale of its products and amenities. The company is also focused on expanding non-gaming opportunities in Macao.

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Las Vegas Sands Corp. (LVS) : Free Stock Analysis Report

MGM Resorts International (MGM) : Free Stock Analysis Report

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