Caesars Sportsbook and Casino

What Caesars Sportsbook and Casino does

Caesars Sportsbook and Casino is the online sports betting and iGaming platform operated by Caesars Entertainment, Inc. (NASDAQ: CZR), a publicly traded parent formed through the 2020 merger of Eldorado Resorts and Caesars Entertainment. The platform conducts business through the legal entity American Wayering, Inc., domiciled in Nevada, and offers mobile and online wagering on professional and college sports, in-game/live markets, futures, and props alongside a real-money online casino (Caesars Palace Online Casino) featuring slots, table games, and live dealer content. The product is delivered through iOS/Android mobile apps and a web platform, distributed across at least 12 U.S. states where mobile wagering is legal (NV, NJ, PA, MI, IL, NY, CO, NC, MA, TN, MO, plus Massachusetts and others), with recent expansion into the Las Vegas retail channel via the April 2026 partnership to operate the Westgate SuperBook venue.

The underlying technology centers on a proprietary customer database that enables targeted marketing and segmentation, with Q1 2026 metrics showing a hold rate of 8.3% (up from 5.4% at end-2022), average revenue per monthly unique player of $219 (up 15%), and digital net revenue of $374 million (up 11.6% YoY). Both digital products are integrated with the Caesars Rewards loyalty program, which links online wagering to redemption opportunities across Caesars Entertainment's land-based resort portfolio — a structural feature that distinguishes Caesars from digital-only competitors such as DraftKings and FanDuel.

Revenue is generated primarily through transaction fees on sports wagers (sportsbook handle) and online casino play, supplemented by loyalty and promotional economics. Go-to-market combines a self-serve mobile-app acquisition model with top-of-funnel sports team and event sponsorships (e.g., Washington Capitals NHL, Del Mar Summer Racing), affiliate/comparison-site partnerships, and retail venue operations. Pricing to consumers takes a freemium shape anchored on welcome bonuses such as first-bet matches (up to $250 nationally, with state-specific variants up to $1,950 in New York) and profit-boost tokens. The strategic posture is a deliberate shift away from handle-volume competition toward higher-margin, database-driven monetization, with a long-term digital adjusted EBITDA target of $500 million reaffirmed by CEO Tom Reeg.

Name

Caesars Sportsbook and Casino

Legal name

American Wagering, Inc.

Website

https://edmn.fa.us2.oraclecloud.com

Company type

Public

Founded year

1934

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Caesars Sportsbook and Casino is the online sports betting and iGaming arm of Caesars Entertainment (NASDAQ: CZR), offering mobile sports wagering and real-money online casino play across at least 12 U.S. states, integrated with the Caesars Rewards loyalty program.

Ownership category

akta.pro rank

Product category

Online Sports Betting

NAICS

Other Gambling Industries (713290), Casinos (except Casino Hotels) (713210)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Sportsbooks (Online & Mobile Operators) (MPAEACAA)

Keywords

• Online sports betting
• Mobile sportsbook
• Online casino gaming
• Real-money wagering
• Sports betting platform

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Sports Betting Handle: Revenue generated from sports wagers placed on the platform, with Q1 2026 digital net revenue of $374 million. The company shifted strategy toward higher-margin operations with improved hold rates of 8.3% in Q1 2026
2. Online Casino: Real-money online casino offerings including slots, table games, and live dealer options across regulated U.S. states
3. Promotional Offers and Loyalty: Caesars Rewards loyalty program driving customer retention and engagement across both digital and physical casino properties

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Caesars Sportsbook and Casino operates a mobile and online platform for real-money sports betting and online casino gaming, available to consumers in U.S. states where mobile wagering is legal. The offering is owned and operated through American Wagering, Inc., a subsidiary of Caesars Entertainment, Inc., and is integrated with the Caesars Rewards loyalty program that links digital wagering activity to Caesars Entertainment's broader land-based and digital gaming properties.

Product overview

Caesars Sportsbook and Casino operates a dual-product portfolio consisting of Caesars Sportsbook (mobile/online sports betting) and Caesars Palace Online Casino (real-money online casino gaming). The sportsbook allows wagering on professional and college sports, live betting, and futures across multiple U.S. states where legal. The online casino offers slots and table games. Both products are part of the Caesars Entertainment ecosystem, with integration into the Caesars Rewards loyalty program that spans both online and land-based casino properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Caesars Sportsbook

Quantifiable outcome

• 11.6% year-over-year revenue growth to $374 million in Q1 2026
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• Westgate Las VegascoreStrategic or Co-development Partner · 22 April 2026Caesars Sportsbook partnered with Westgate Las Vegas to operate the Westgate SuperBook, with transition planned before the football season. The partnership involves Caesars overseeing operations, expanding wagering options, and introducing new technology inside the venue and via the Caesars Sportsbook app. This comes after Caesars announced it would take over day-to-day operations of the SuperBook, with the deal submitted to the Nevada Gaming Commission for approval in April.
• Del Mar Thoroughbred ClubminorGTM or Marketing Partner · 15 April 2026Caesars Sportsbook announced as Opening Day presenter for Del Mar's 2026 Summer Racing Season, running July 17 through September 7. The season features 37 stakes races including the $1,000,000 Pacific Classic race on August 22. Del Mar generated $125 million in economic impact for San Diego County when it hosted the 2025 Breeders' Cup.
• Washington CapitalsminorGTM or Marketing PartnerCaesars Sportsbook sponsorship with the Washington Capitals NHL team as part of broader sports betting industry sponsorships with sports teams and leagues.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• BetMGM: Joint venture between MGM Resorts and Entain; offers sports betting and online casino across the same U.S. state footprint, leveraging MGM Rewards — the most direct competitor to Caesars Rewards loyalty integration.
• BetRivers (Rush Street Interactive): U.S. online sportsbook and casino operator owned by Rush Street Interactive (NYSE: RSI); multi-state licensed competitor with similar omnichannel orientation through sister land-based properties.
• ESPN BET: Operated by Penn Entertainment in partnership with ESPN; offers sportsbook and online casino in regulated U.S. states, competing for the same recreational bettor persona targeted by Caesars.
• FanDuel: U.S. online sportsbook and iGaming operator owned by Flutter Entertainment; competes head-to-head with Caesars Sportsbook across all legal U.S. states and is the market-share leader.
• Hard Rock Bet: Online sportsbook operated by the Seminole Tribe-backed Hard Rock Digital; active in NJ, IA, AZ, OH, IN, and other states, competing with Caesars on state-by-state market share.
• DraftKings: U.S. online sportsbook and iGaming operator publicly traded on NASDAQ; ranks ahead of Caesars in the 5W AI Visibility Index and competes directly in mobile wagering and online casino.
• Circa Sports: Las Vegas-based sportsbook operated by Derek Stevens' properties; smaller operator but a meaningful competitor in Nevada and other states, and just hired a senior Westgate bookmaker.

Broad incumbents

• bet365: Global online gambling incumbent (UK-based, privately held by the Coates family) rapidly expanding into U.S. sports betting states; broader product portfolio (sports, casino, poker) and brand scale make it a broad incumbent peer.

Emerging players

• Fliff: U.S. social sportsbook operator using sweepstakes mechanics in states without legalized online sports betting; meaningfully expands the addressable market adjacent to Caesars' licensed footprint.
• PointsBet (U.S.): Australian-rooted sportsbook with a U.S. operations arm focused on a handful of legal states; partial product overlap with Caesars Sportsbook and competes for the same promotional-driven customer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/caesarssportsbookandcasino

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caesars Sportsbook and Casino