Sports Betting
Caesars Sportsbook’s $303 million Q3 revenue was a 40.9% YoY increase
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished3 hours ago on October 30, 2024
On Tuesday, Caesars Entertainment announced a $9 million loss for Q3 in 2024. However, Caesars was pleasantly surprised by its progress in sports betting and iGaming. The online operator enjoyed a solid 40.9% year-over-year increase in revenue. They had reached of total of $303 million in Q3 of 2024.
An all-time quarterly record was set when adjusted EBITDA increased from $2 million in 2023 to $52 million in Q3 of 2024. Caesars was able to collect $11 million in net income once they deducted expenses and allowances. The $11 million in net income was up from the $4 million in Q2 of 2024. Their $11 million in Q3 of 2024 is a massive increase from the -$29 million this time last year.
iGaming and online betting are thriving at Caesars
Eric Hession is the president of sports betting and online gaming at Caesars. He noted that online casino net revenue grew 83% year-over-year. Volume rose 55% YoY from Q3 in 2023. In the last 12 months, their EBITDA is $126 million. Hession explained how the 50% growth in volume was slightly below the 55% they had planned for.
Secondary Caesars online casino brands are now readily available in Michigan, West Virginia, and Pennsylvania. By the end of the calendar year, Caesars has plans to expand into New Jersey and Ontario. Eric Hession is “tremendously” pleased with how their digital growth has continued to thrive.
In Q3, sports betting net revenue grew 36% year-over-year. That was from an 8.6% hold, up two full points from their figures in Q3 2023. This past April, Caesar began enhancements to their digital application in 32 North American jurisdictions. It included a successful marketing campaign to help increase customer retention and revenue growth.
What was Caesars’ overall revenue?
Caesars’ $2.87 billion total revenue in Q3 was below expectations. Additionally, it was down from the $3 billion in total revenue from Q3 in 2023. Their Las Vegas segment saw a 5.2% year-over-year drop to $1.06 billion in revenue. Caesars recently announced the $500 million sale of the World Series of Poker rights to NSUS Group. The deal includes $250 million upfront and then another $250 million in five years.
