Caesars Sportsbook Becomes First to Accept In-person Sports Wagers in Maine Through Partnership with First Tracks Investments LLC

Rhea-AI Summary

Caesars Entertainment (NASDAQ: CZR) has launched Maine's first in-person sports wagering location at Oddfellahs, a new sports bar in downtown Portland. This milestone is achieved through a partnership with First Tracks Investments The venue offers a Vegas-style sportsbook experience with 36 screens, self-service betting kiosks, and a ticket window. Caesars Sportsbook has been offering mobile sports wagering in Maine since November 2023, in partnership with three Wabanaki Nations.

The company emphasizes its commitment to responsible gaming, having received RG Check accreditation in Ontario. Oddfellahs enforces a strict 21+ policy for entry and wagering. This expansion marks a significant step in Caesars' growth strategy and Maine's sports betting landscape.

Positive

• First to launch in-person sports wagering in Maine, potentially capturing early market share
• Partnership with First Tracks Investments expands Caesars' reach in the state
• Existing mobile sports wagering presence in Maine since November 2023
• Received RG Check accreditation for responsible gaming practices

Negative

• None.

Insights

Gaming Industry Analyst

The launch of Maine's first in-person sportsbook marks a significant milestone in the state's gaming landscape. This move by Caesars Sportsbook could potentially increase market share and revenue streams in the newly-opened Maine market. The partnership with First Tracks Investments demonstrates Caesars' strategy of leveraging local partnerships to gain a foothold in new territories.

The timing is crucial, coinciding with the start of the NFL season, which typically drives high betting volumes. The Vegas-style setup and integration with mobile betting could provide a competitive edge. However, the scale of a single location in Portland may constrain immediate financial impact. Investors should monitor customer acquisition costs and revenue per user metrics in upcoming quarters to gauge success.

Legal and Regulatory Expert

The successful launch of Oddfellahs represents a regulatory win for Caesars, showcasing their ability to navigate complex state-by-state gaming laws. The collaboration with local authorities, including the Maine Gambling Control Unit and the emphasis on responsible gaming (evidenced by the RG Check accreditation) demonstrates Caesars' commitment to regulatory compliance.

This proactive approach to regulation could position Caesars favorably for future expansion in other states. The partnership with Wabanaki Nations for mobile betting also highlights a strategic approach to local engagement. Investors should note that maintaining these relationships and regulatory goodwill will be important for long-term success in Maine and potential expansion to other markets.

Market Expansion Strategist

Caesars' entry into Maine represents a calculated market expansion strategy. By being the first-mover in physical sportsbooks, Caesars gains a competitive advantage in brand recognition and customer acquisition. The dual approach of launching both mobile and in-person betting demonstrates a comprehensive market penetration strategy.

The integration of entertainment, dining and betting at Oddfellahs creates a diverse revenue model that could prove resilient. However, the success in a smaller market like Maine may not significantly impact Caesars' overall financial performance immediately. Investors should watch for potential replication of this model in other emerging markets as an indicator of Caesars' broader expansion strategy and its ability to capture market share early in newly legalized states.

State-of-the-art sports bar Oddfellahs powered by Caesars Sportsbook is now accepting sports bets in downtown Portland

PORTLAND, Maine--(BUSINESS WIRE)-- Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today celebrated the first in-person sports wagering location in the state of Maine at the newly opened sports entertainment venue, Oddfellahs, powered by Caesars Sportsbook. Made possible through Caesars Sportsbook’s partnership with First Tracks Investments LLC, the new state-of-the-art sports bar brings in-person sports betting to the Pine Tree State for the first time.

Oddfellahs today commemorated its grand opening in the heart of downtown Portland at 55 Market St. with a ceremonial first bet placed by Portland Mayor Mark Dion alongside representatives from Caesars Sportsbook, First Tracks, the Portland City Council, and the Maine Gambling Control Unit.

“We’d like to thank Governor Janet Mills, the Maine Gambling Control Unit, the Portland City Council and the entire state legislature for making today possible,” said Eric Hession, President of Caesars Digital. “It’s great to see the momentum following our launch of mobile sports wagering in the state through our historic partnership with three of the Wabanaki Nations. With the first in-person sportsbook now operational, we look forward to collaborating with First Tracks on additional in-person opportunities in Maine.”

“Building something new is always a challenge, but great teams make great things possible,” said Michael Cianchette, CEO of First Tracks Investments, LLC, operator of Oddfellahs. “This is an exciting venture for Maine’s harness racing industry, Wabanaki tribes, and sports fans across the state to access a new entertainment venue. We’re excited for whatever comes next and look forward to providing sustainable, responsible opportunities.”

Oddfellahs offers sports fans 21 and older full food and beverage service combined with an elevated sports viewing and wagering experience. Full-service sports wagering is available through self-service betting kiosks and a ticket window on-site in addition to convenient cash deposits and withdrawals for Caesars Sportsbook mobile accounts.

Sports fans should expect the ultimate viewing experience modeled after a Vegas-style sportsbook with 36 screens to catch sporting events at any time of the year, including every game of the NFL season. The sports entertainment destination is open for lunch and dinner seven days a week, opening at noon on Monday through Thursday and at 11:00 a.m. Friday through Sunday, staying open for each day’s advertised games.

Caesars Sportsbook brings its industry-leading reputation in Responsible Gaming to in-person wagering in Maine with a focus on promoting Responsible Gaming. In March and June 2024, Caesars Sportsbook received the prestigious RG Check accreditation from the Responsible Gambling Council in Ontario, Canada, which recognizes companies that achieve the highest standards for their Responsible Gaming practices.

Caesars enforces an enhanced 21+ gaming policy that ensures Caesars Rewards membership and accounts are only available to individuals 21 and older, where permitted by law. This policy applies to all Caesars Sportsbook in-person and mobile operations in Maine, including at Oddfellahs, where entry is limited to those 21 and older.

Caesars Sportsbook has offered sports wagering on mobile and desktop in Maine since its launch in Nov. 2023, made possible through Caesars’ historic partnership with three of the Wabanaki Nations: the Houlton Band of Maliseet Indians, the Mi’kmaq Nation and the Penobscot Nation. Sports fans can download the Caesars Sportsbook app on iOS and Android or visit caesars.com/sportsbook on desktop for a sports wagering experience that delivers premium rewards via the industry-leading customer loyalty program, Caesars Rewards®.

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. For more information on Maine’s first retail sportsbook, follow Oddfellahs at @oddfellahsmaine on Facebook and @oddfellahs on Instagram.

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 First Tracks Investments LLC

First Tracks Investments, LLC is a Maine family-owned business which stepped into the harness racing industry following the sale and ultimate closure of Scarbough Downs. Since 2021, it has broadcast Maine harness racing to locations around the world from the Cumberland Fairgrounds. In its first 3 years of operation, over $10 million was wagered on Maine racing through its worldwide network of retail and mobile harness racing outlets. Its newest venture is Oddfellahs, Maine’s first retail sportsbook and sports bar opening in September 2024 at 55 Market Street in the heart of Portland’s historic Old Port. First Tracks is led by Michael Cianchette and is affiliated with several other Maine businesses, including the Portland Regency Hotel and Spa, Casco Bay Ford, and Pine Ridge Acres.

Responsible Gaming in Maine

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/20240913489273/en/

Caesars Entertainment, Inc.

Dominic Holden, dholden@caesars.com

Brad Harwood, bharwood@caesars.com

Oddfellahs

Joel Dube, jdube@portlandproperties.com

Source: Caesars Entertainment, Inc.

FAQ

When did Caesars Sportsbook launch in-person sports betting in Maine?

Caesars Sportsbook launched in-person sports betting in Maine on September 13, 2024, with the opening of Oddfellahs sports bar in downtown Portland.

What is the minimum age to place bets at Oddfellahs powered by Caesars Sportsbook (CZR) in Maine?

The minimum age to enter Oddfellahs and place bets is 21 years old. Caesars enforces a strict 21+ policy for all its operations in Maine.

How long has Caesars Sportsbook (CZR) been offering mobile sports wagering in Maine?

Caesars Sportsbook has been offering mobile sports wagering in Maine since November 2023, through partnerships with three Wabanaki Nations.

What features does the Oddfellahs sports bar powered by Caesars Sportsbook (CZR) offer in Portland, Maine?

Oddfellahs offers a Vegas-style sportsbook experience with 36 screens, self-service betting kiosks, a ticket window, full food and beverage service, and cash deposits/withdrawals for Caesars Sportsbook mobile accounts.