Casino-entertainment giant Caesars Entertainment announced that a revamped Caesars Sportsbook app will launch in Nevada later this year, with faster payouts and more betting options including same-game parlays. Caesars customers in Nevada currently using the Caesars Sportsbook by William Hill app will now migrate to the new platform.
The announcement was made by Caesars Digital co-president Eric Hessian during the company’s second-quarter earnings call last week: “Caesars plans to have all of its sportsbook customers using the new app by the end of the year to substantially enhance the customer experience,” he said, as reported by the Las Vegas Review-Journal.
The new app is already available in several states and launched Wednesday in Washington, D.C., and last week in Wyoming. It offers an expanded betting menu with more live betting and same-game parlay, a type of betting that involves betting on multiple outcomes within a sporting event. Additionally, the new Caesars app will have more ways to deposit funds and quickly redeem winnings.
A spokesperson for Caesars Entertainment confirmed that the stay would take place in Nevada this year, but did not offer a specific timetable, according to the LVRJ. Caesars offers sports betting in 25 North American jurisdictions, including 18 mobile apps.
During its earnings call, the company reported delivering net revenues of $2.8 billion, up 10.6% from $2.5 billion in the comparable prior-year period. However, the business also posted a net loss of $123 million, down against a net income of $71 million in Q2 2021. Meanwhile, same-store Adjusted EBITDA was slightly down to $978 million compared to the $1 billion seen in the same quarter last year.
The company’s sports betting operation has held its market share of about 15% nationwide, despite pulling back nearly $500 million in advertising spending, and Caesars CEO is confident that it will be a profitable business “at least by the fourth quarter of 2023.”
“Our second quarter results reflect a consolidated EBITDA record for our brick and mortar properties led by an all-time quarterly EBITDA record in Las Vegas and continued strength in our regional markets when compared to 2019,” commented Tom Reeg, Chief Executive Officer of Caesars Entertainment.