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Caesars Entertainment, Inc. CZR recently unveiled its first branded online casino live dealer studio in Pennsylvania. The studio, developed in collaboration with Evolution Gaming, serves players at Caesars Palace Online Casino, Horseshoe Online Casino and Caesars Sportsbook & Casino.
The launch of the live dealer studio underscores CZR’s commitment to innovation and enhancing its digital gaming presence. This initiative is expected to drive player engagement and revenue growth, reinforcing its leadership in physical and digital casino markets.
The Philadelphia-based studio offers a variety of options, including five blackjack tables (one VIP exclusive), one roulette table and one baccarat table. Each table features custom branding with imagery from Caesars Palace and its online platforms. Some tables are co-branded with professional sports leagues, while the VIP-exclusive blackjack table provides a high-limit, 1-to-1 live gaming experience previously available only in physical casinos.
In addition, the platform integrates with Caesars Rewards, allowing players to earn credits redeemable for exclusive experiences across more than 50 Caesars destinations in North America.
The company is optimistic and anticipates the initiative to drive growth in the coming periods.
Focus on Sports Betting & Technology
Increased focus on sports betting enhancements bodes well. During the third quarter of 2024, net sports betting revenues increased 36% year over year. The upside was driven by a hold rate of 8.6%, which increased approximately 210 basis points year over year. The company stated benefits from increased state or jurisdictional legalization, new product launches and improved customer adoption.
As of Sept. 30, 2024, the company operated sports betting in 32 jurisdictions in North America, out of which 26 offer mobile sports betting. The company’s app enhancements led to a higher mix of parlay and cash-out options, driving structural hold improvements this quarter. Based on the positive response to these enhanced parlay features, the company now anticipates that reaching a structural hold above the 10% threshold is feasible within the next few years. This progression is expected to show steady increases as it builds from a relatively low starting point.
In both iCasino and Sports, the company has observed better retention, supported by targeted marketing campaigns. Since April 2024, the company has been developing and testing these campaigns with 40 active (as of third-quarter 2024). Further refinements to these campaigns are anticipated to drive additional gains in retention as it approaches 2025.