SiGMA

Caesars sees digital hitting a turning point after strong 3Q22

Posted: Nov 02, 2022 13:26 Category: Americas , Land-Based , Online , Posted by Sharon Singleton

Caesars Entertainment reported strong 3Q22 figures from its digital division and projected online will provide a positive contribution moving forward. 

The Las Vegas-based operator reported a 121 percent increase in revenue from Caesars Digital division to $212 million.

Digital reported an adjusted EBITDA loss of $38 million, its lowest quarterly loss since rebranding from Caesars Sportsbook in August last year. The net loss narrowed to $63 million, from $190 million a year earlier. 

On a call with analysts, CEO Tom Reeg said that Caesars Digital had turned EBITDA-positive in October, some 12 months ahead of its projected schedule. 

“We expect that we have inflected and digital will be a contributor as we move forward which is extremely positive for us.”

Caesars upgrades digital offering

Commenting further on developments in its digital unit, Eric Hession – President, Caesars Sports & Online Gaming, said its sports betting operations are benefiting from efforts to improve customer experience over the summer. In particular, he pointed to faster cash out times and customer service response time. In-play parlay and alternative line offerings were also welcomed by customers.  

When it comes to iCasino, Hession said there is an aggressive roadmap of product improvements that will be rolled out as completed. The full product range will be seen from the second half of next year. 

Caesars has launched online sports betting in 27 U.S. jurisdictions so far, of which 19 offer mobile. It will launch online sports betting in Maryland from this quarter, pending regulatory approval and in Ohio from Jan. 1st. 

Overall, the operator reported net income of $52 million, compared with a net loss of $233 million a year earlier. Revenue edged higher to $2.9 billion from $2.7 billion. 

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