Earnings+More - Caesars’ mountain to climb in Michigan
Caesars’ mountain to climb in MichiganMichigan player data analysis, B&M gaming in January, OSB promo spend analysis +More
Always gonna be an uphill battle. Caesars’ iCasino complicationsMountain to climb: The size of the task facing Caesars Entertainment in hoping to invigorate its iCasino operations in Michigan via the acquisition of the player database of WynnBet and catch the top three in the state is shown in the market research undertaken by Betting Hero.
The Betting Hero data for Michigan somewhat matches the pattern from the actual GGR data in the state. In January, BetMGM led with 27%, followed by FanDuel on 24%, DraftKings at 20% and then Caesars with 5.6%. 🤔 Caesars off the pace when it comes to first mentions
Gaining access: Caesars announced at the time of its Q4 earnings that it had bought WynnBet’s operations in Michigan, which it said was generating ~$3m in GGR a month. The company said the player base was towards the higher-end and slots-centric.
Favoritism: More hopeful data for Caesars, perhaps, comes from the question put to consumers in Michigan by Betting Hero regarding which is their favorite iCasino app. Here, as can be seen, Caesars has managed to triple its responses, albeit from a low base, to 6% of respondents. 👍 But Caesars is gaming ground in the popularity contest
Diverse, high quality sports content is a key feature that sportsbooks must provide to attract and retain players. For this reason we’re delighted to announce our streaming partnership with Infront Bettor, a leading provider of live sports content to the iGaming industry. Bringing this content to market will add considerable value to our sports offering and increase engagement and activity on our betting brands. To find out more, go to www.soft2bet.com. +More by the numbersVariable gears: E+M noted earlier this month the differential performance of iCasino over B&M gaming in January, with iCasino up nearly 20% while the weather-affected land-based variant was down 3.1%.
By the numbers on social: Dustin Gouker does the math on a recent report claiming black market bets far outstripped legal bets on the Super Bowl and… the figures don’t work out. Tickets are now available for the Earnings+More: Capital Markets Forum taking place at the New York Stock Exchange on the afternoon of Monday, May 6. Consisting of six panels discussing various pivotal topics impacting the North American betting and gaming sector from corporate development to M&A and investor relations, the event features speakers from:
Follow this link for more information on how to obtain your ticket. Use the code EARNINGS100 for a $100 discount available to E+M subscribers. The big chill: January’s B&M declinesA touch of frost: Plummeting temperatures across the midwest and east coast and heavy rains in the south were accompanied by falling GGR across many major B&M gaming states in January, according to the data released to date. ❄️ Snow joke: B&M GGR in January falls in line with the temperature Weather report: Regional casino operators were keen to get the message across that “severe winter weather,” in the words of Boyd Gaming CEO Keith Smith, was but a passing storm. “With these storms now passed, customer trends over the past two weeks have rebounded to fourth quarter levels, giving us optimism in the direction of this business,” Smith told analysts.
At Caesars, CEO Tom Reeg said January was a “debacle from a weather standpoint,” noting that across the market there were three or four weeks that were “significantly” weather-impacted. But even with the handicap, Reeg noted the company was likely to see growth across all its business segments in Q1.
Kambi Group is the leading provider of premium sports betting technology and services, empowering operators with all the tools required to deliver world-class sports betting and entertainment experiences. The Group’s services not only include its award-winning turnkey sportsbook but also an increasingly open platform and a range of standalone sports betting services from frontend specialists Shape Games, esports data and odds provider Abios, and AI-powered trading division Tzeract. Together, we are limitless. For more info, go to www.kambi.com OSB promos in JanuaryChasing losses: With the data from six states that disclose the amounts given away by operators as free bets now in for January, the differing strategies of the leading operators provides for some distinct compare-and-contrast analysis.
Diff’rent strokes: There were clear differences in the operator-by-operator data. In absolute terms, ESPN Bet pulled back substantially on its MoM promo spend, down by 87% to a mere $3m, while FanDuel took the opposite route and appeared to revert to its previous stated policy of leaning into its own promotional activity when it sees a pullback elsewhere.
However, as the team at Jefferies noted, FanDuel’s promo spend as a proportion of GGR remains the lowest among the major operators. “Put differently, while FanDuel spent the most in absolute dollar terms – indeed, double that of DraftKings – it was also the most promotionally efficient,” the team added.
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