CAESARS INCREASES MARYLAND CASINO STAKE

Dave Schwab Sports Betting Expert

2 minute read

Caesars Entertainment has been extremely transparent with its intentions concerning legal US sports betting. The Nevada-based gaming and entertainment giant is looking to make a major impact in this rapidly expanding sector.

The purchase of UK-sportsbook William Hill was the first big piece of the puzzle. The creation of Caesars’ digital division also helped to lay the necessary groundwork. The end result is Caesars Sportsbook as the company’s mobile sportsbook app.

To gain influence with sports bettors in Louisiana, Caesars became the naming sponsor of the New Orleans Saints’ Superdome as their home stadium. Louisiana has plans to go live with legal sports betting before the end of the year.

Arizona remains on track to launch its legal sports betting industry on Sept. 9. This is in conjunction with the start of the new NFL regular season. To boost exposure in that state, Caesars signed a deal to become the primary sponsor of college football’s Fiesta Bowl.

When it comes to Maryland’s planned launch of legal sports betting, Caesars remains active as well.

A recent company press release announced plans to increase Caesars Entertainment’s equity stake in Horseshoe Baltimore. The plan calls for a 76% ownership stake of that land-based casino.

The company purchased a minority interest from a joint venture partner. The identity of that partner along with the deal’s financial terms were not part of the company release.

It was noted that Caesars will “consolidate the results of the property” on the company’s financial statement.

The increased equity stake of this popular Baltimore casino is not overly significant on its own. However, this is just another move that solidifies Caesars commitment to expanding its presence in new legal sports betting markets.

Maryland legalized sports betting earlier this year through the legislative process. Gov. Larry Hogan signed House Bill 940 into law on May 18. The state continues to work through the regulatory process in hopes of going live sometime this year.

Caesars already understands the value of retail sportsbooks in certain geographies. Horseshoe Baltimore is Maryland’s second-biggest casino. MGM National Harbor outside of Washington DC is the largest land-based gaming venue in the state.

Gaming revenue at Horseshoe Baltimore was up 22.4% in July to $19.34 million according to Maryland Lottery and Gaming. The casino’s location near M&T Bank Stadium sets the stage for a successful retail sportsbook launch. This is the home field of the NFL’s Baltimore Ravens.

The entire Baltimore Inner Harbor area should be conducive to legal sports betting. The MLB’s Baltimore Orioles are also nearby in Oriole Park at Camden Yards.

Caesars Sportsbook Maryland is also set to go as one of the approved legal mobile operators in the state.

Written by Dave Schwab, our US Sports Betting Industry expert. You can learn more about our author's expertise here.

Dave Schwab

Dave Schwab has been covering the sports betting industry for the past 12 years as the main focus of his specialty marketing company for online content. This endeavor followed a previous career in the field of sales and marketing in the wholesaling sector.Most of his weekly pieces focus on the rapidly expanding legal US sports betting industry. However, he still does extensive work covering betting angles that can provide a competitive edge to avid players. Dave believes that it is always a challenge to take past results and current form to try and correctly determine a future result. Sports brings out the unpredictability in what should be a fairly predictable outcome based on the stats, facts and recent trends in a particular matchup. More from Dave Schwab