Caesars will continue its pullback of online sports betting marketing spend, but executives feel there is still market share growth to be found.
Last year, the company relaunched its Caesars Sportsbook and secured 15% overall online US sports betting market share, according to Tuesday’s second-quarter Caesars (CZR) earnings call. CEO Tom Reeg said the company will pull back planned ad spend dollars heading into football season but expects to maintain, or even grow, its market share.
“If you’re watching TV, part of our ESPN deal includes advertising buys. So you’ll see some commercials largely on ESPN, and you’ll see some local ads that run locally as well,” Reeg said. “I mean, compared to last fall, it’s going to seem like we’ve left the air entirely, but you will run into a commercial or two depending on where you are and what you’re watching.”
Overall, Caesars revenue climbed 10.6% to $2.82 billion for the quarter, including a 29.9% increase in its digital revenue, up to $152 million. With the company posting an overall net loss of $123 million, here are some key takeaways about its sports betting business.