Caesars Entertainment and Eastern Band of Cherokee Indians Expand Relationship to Offer Mobile Sports Betting Throughout North Carolina

Rhea-AI Summary

Caesars Entertainment, Inc. (NASDAQ: CZR) expands its relationship with the Eastern Band of Cherokee Indians to bring its flagship sports wagering platform online in North Carolina for the launch of legalized mobile sports wagering. The agreement grants Caesars Sportsbook with mobile sports betting market access via a license held by the Eastern Band of Cherokee Indians Tribal Casino Gaming Enterprise, subject to regulatory approvals. The launch is set for March 11, 2024, with sign-ups and deposits starting on March 1. Caesars Sportsbook will have exclusive rights to mobile sports wagering at the two casinos and on Eastern Band of Cherokee tribal lands in western North Carolina.

Insights

Market Research Analyst

The agreement between Caesars Entertainment and the Eastern Band of Cherokee Indians to launch mobile sports wagering in North Carolina represents a strategic expansion in the burgeoning U.S. sports betting market. This move is indicative of an industry trend where gaming companies are seeking to capitalize on new state-level legalizations of sports betting. The exclusive rights granted to Caesars for mobile sports wagering on Cherokee tribal lands and at their casinos could potentially create a competitive moat, enhancing the company's market share in the region.

From a market perspective, the timing of the launch aligns with a broader push for digital transformation in the gaming industry, where mobile platforms are becoming increasingly important. The early sign-up and deposit window could help Caesars build a user base and gain a first-mover advantage in the state. This strategy might lead to an uptick in user engagement and revenue growth for Caesars, as mobile betting typically offers higher margins compared to physical sportsbook operations.

Financial Analyst

Financially, the expansion into mobile sports wagering could have a material impact on Caesars Entertainment's revenue streams, particularly if the North Carolina market responds favorably to the new offering. The integration of Caesars Rewards into the mobile experience is a clever cross-promotion that could increase customer loyalty and spend across Caesars' properties. This could have a positive effect on the company's bottom line, as loyalty programs are known to enhance customer lifetime value.

The stock market often reacts to news of expansion and partnerships, especially in growth sectors like online betting. Investors will be monitoring the regulatory approval process and the subsequent rollout closely, as any delays or hiccups could affect investor sentiment. However, if the launch proceeds smoothly, it could serve as a positive catalyst for Caesars' stock (NASDAQ: CZR), reflecting the company's growth trajectory and market expansion efforts.

Legal Expert

The mention of 'subject to all required regulatory approvals' is a critical aspect of this expansion. The legal framework governing sports betting varies significantly across states and successful navigation of these regulations is essential for the launch. Caesars' emphasis on responsible gaming and the enforcement of a 21+ gaming policy aligns with industry norms and regulatory expectations, which may facilitate a smoother approval process. Any potential legal challenges or regulatory setbacks could delay the launch and impact the projected benefits of this partnership.

Furthermore, the exclusivity of the rights to mobile sports wagering granted to Caesars on tribal lands underscores the importance of tribal gaming compacts and the unique legal considerations they entail. These agreements can be complex and are critical to the operation of gaming enterprises on tribal lands, often involving negotiations that balance economic interests with tribal sovereignty.

Agreement confirms Caesars Sportsbook’s intention to offer mobile sports wagering in the Tar Heel State

LAS VEGAS--(BUSINESS WIRE)-- Mobile sports wagering is on its way to North Carolina, and Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced an expansion of its relationship with the Eastern Band of Cherokee Indians to bring the Company’s flagship sports wagering platform online in the Tar Heel State for the launch of legalized mobile sports wagering. The agreement furthers the partnership, granting Caesars Sportsbook with mobile sports betting market access via a license held by the Eastern Band of Cherokee Indians Tribal Casino Gaming Enterprise, subject to all required regulatory approvals.

Caesars Sportsbook intends to go live with mobile sports wagering when North Carolina launches online sports betting on March 11, 2024. Ahead of the official launch, the Caesars Sportsbook mobile app will begin accepting sign-ups and deposits starting on March 1.

The launch builds on the success of the two in-person Caesars Sportsbook locations at Harrah’s Cherokee Casino Resort in Cherokee, N.C., and Harrah’s Cherokee Valley River Casino & Hotel in Murphy, N.C. As part of the expanded relationship, Caesars Sportsbook will have exclusive rights to mobile sports wagering at the two casinos and on Eastern Band of Cherokee tribal lands in western North Carolina.

“Our relationship with the Eastern Band of Cherokee Indians has spanned more than two decades,” said Eric Hession, President of Caesars Digital. “Expanding this longstanding partnership allows us to build on the premier sports wagering experience enjoyed at our in-person sportsbooks by bringing a responsible way to enjoy sports at a deeper level to the hands of North Carolinians 21 and older across the state. We’re thankful to the Eastern Band of Cherokee Indians and to the North Carolina State Lottery Commission and its Sports Betting Committee for making this possible and we look forward to the launch of mobile sports betting in the Tar Heel State.”

“We are excited for this new venture with Caesars Entertainment and the enhancements it provides to our Tribal enterprise,” said Michell Hicks, Principal Chief of the Eastern Band of Cherokee Indians. “We look forward to the continued opportunities that will benefit the future of our membership.”

Caesars Sportsbook will immerse sports fans 21 and older in North Carolina into a customized online sports wagering experience that emphasizes local sports and showcases the amenities and experiences they can enjoy at Harrah's Cherokee and Harrah's Cherokee Valley River through exclusive offers and marketing on the app that showcase the two properties. The Caesars Sportsbook app delivers premium rewards via one of the industry’s largest loyalty rewards programs, Caesars Rewards®. Every wager placed with Caesars Sportsbook earns Tier Credits that contribute to status and Reward Credits redeemable for unique Caesars experiences like discounted getaways at various Caesars destinations across North America – including at destinations in the heart of the Las Vegas Strip – extraordinary culinary and entertainment experiences, as well as bonus cash in the app and unique sports experiences.

Caesars Entertainment and the Eastern Band of Cherokee Indians have maintained a status as industry leaders in Responsible Gaming throughout the duration of their partnership. As a trailblazer in Responsible Gaming, Caesars enforces an enhanced 21+ gaming policy that ensures Caesars Rewards accounts are only available to individuals 21 and older, where permitted by law. This 21 and older policy will apply to all in-person and online sports wagering operations conducted by Caesars Sportsbook in North Carolina.

For real-time industry updates and to join the empire of like-minded Caesars, players can engage with the Caesars Sportsbook social handle @CaesarsSports on X (formerly Twitter), Instagram, and Facebook.

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment Company in the U.S. and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the Company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call or text 1-800-GAMBLER. For more information, please visit www.caesars.com/corporate.

About Harrah's Cherokee Casinos - An Enterprise of the Eastern Band of Cherokee Indians

Harrah's Cherokee Casino Resort is located in the heart of the Great Smoky Mountains of Western North Carolina. The casino has over 3,000 games. The property also features over 1,800 hotel rooms, the Le Fu Men gaming area, 12 dining options, the luxurious 18,000 square foot Mandara Spa, 10 retail shops, the 3,000 plus seat Event Center, Caesars Sportsbook, North Carolina’s first and premiere sports betting venue, and The Cherokee Convention Center. In addition to the 56-acre property, guests have privileged access to the Eastern Band of Cherokee Indian-owned Sequoyah National Golf Club. Harrah’s Cherokee Casino Resort is also home to the UltraStar Multi-tainment center which features 24 bowling lanes, an arcade, and three bars.

Harrah's Cherokee Valley River Casino & Hotel is located near Murphy, North Carolina. The Cherokee County, NC property features over 1,000 games, The Food Market, The Landing Café, a 300-room, full-service hotel, and Caesars Sportsbook, North Carolina’s first and premiere sports betting venue. Harrah's Cherokee Valley River Casino & Hotel hosts the UltraStar Multi-tainment Center which features 16 bowling lanes, an arcade, and bar.

Responsible Gaming in North Carolina

Must be 21 or older to gamble. Know When To Stop Before You Start.® Gambling problem? Call 1-800-GAMBLER.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240130000882/en/

Media Contacts:

Dominic Holden, dholden@caesars.com

Brad Harwood, bharwood@caesars.com

Source: Caesars Entertainment, Inc.

FAQ

What is Caesars Entertainment, Inc.'s ticker symbol?

Caesars Entertainment, Inc.'s ticker symbol is CZR.

When is the launch of legalized mobile sports wagering in North Carolina set for?

The launch of legalized mobile sports wagering in North Carolina is set for March 11, 2024.

What are the exclusive rights granted to Caesars Sportsbook in North Carolina?

Caesars Sportsbook will have exclusive rights to mobile sports wagering at the two casinos and on Eastern Band of Cherokee tribal lands in western North Carolina.

What is the Caesars Sportsbook app offering for sports fans in North Carolina?

The Caesars Sportsbook app will provide a customized online sports wagering experience emphasizing local sports and showcasing the amenities and experiences at Harrah's Cherokee and Harrah's Cherokee Valley River through exclusive offers and marketing.

What rewards program does the Caesars Sportsbook app offer?

The Caesars Sportsbook app delivers premium rewards via one of the industry’s largest loyalty rewards programs, Caesars Rewards®, including Tier Credits and Reward Credits redeemable for unique Caesars experiences.

What is Caesars Entertainment's policy on Responsible Gaming?

Caesars enforces an enhanced 21+ gaming policy to ensure Caesars Rewards accounts are only available to individuals 21 and older, where permitted by law, for all in-person and online sports wagering operations conducted by Caesars Sportsbook in North Carolina.