Las Vegas-based Caesars Entertainment, an operator of sports wagering in the state of Indiana, announced on Tuesday an extension of its digital sports wagering partnership with Las Vegas-based Scientific Games.
The extension was announced “in preparation for the relaunch” of the major pro sports leagues. Terms of the extension were not disclosed.
Much to the relief of the gambling industry, the major pro sports leagues are set to hold games in 2020, while undertaking extensive public health precautions.
Caesars launched its online/mobile sportsbook in the Hoosier State in mid-May. In May, the book saw just $8,063 in handle and $2,755 in revenue, putting it last among the seven online/mobile sportsbooks live within state borders, according to state figures.
“We’re delighted with our partnership with Caesars Entertainment. We’re working side by side, supporting their excellent teams and playing an important role in delivering digital casino and sports betting products to their players across multiple states,” said Jordan Levin, CEO of Scientific Games’ digital division.
The state of Indiana hasn’t legalized online casino gambling, but it could be discussed in future legislative sessions. The COVID-19 pandemic could expedite such discussions, but Indiana did have a steep uphill climb to pass the gambling expansion package in 2019. New casinos authorized under the legislation have not yet opened.
States are typically very reluctant to add new forms of gambling while a previous expansion package hasn’t been fully implemented.
Why is Caesars dead last?
The Caesars sportsbook should have a much rosier picture on the June revenue report, due out in early July.
It will likely surpass BetAmerica, a Churchill Downs product, which took just $37,323 worth of wagers in May. BetAmerica launched in late 2019, but its brand isn’t quite as strong as its competitors in the state.
Caesars will likely have some months to go before passing PointsBet, which launched in March. The online/mobile sportsbook took $986,258 in wagers in May. Caesars will also have a ways to go before potentially passing BetRivers ($2,396,529) and BetMGM ($1,501,998), which launched in Indiana in October and February, respectively.
And, of course, it has an incredibly challenging path to catching leaders DraftKings and FanDuel, the DFS juggernauts. DraftKings (October launch) dominated in May with $20,132,953 in handle, and FanDuel (also an October launch) took $12,271,816.
The state’s total handle in May was $37,334,940.
In February, Indiana’s sports betting market saw its all-time high of $187.1 million in handle.
