Last Updated May 03, 2022, 20:45 PM
Caesars Sportsbook Announces Partnership with the New York Mets
US Sports Betting Industry Expert
On this past Wednesday, Caesars Sportsbook made an announcement to further its investment in the New York sports betting market. The announcement was of a multi-year partnership with the sportsbook working as an official New York sports betting partner of the New York Mets. As part of this deal, a deluxe 13,000 sq. foot sportsbook lounge will be opening this baseball season.
However, there will not be any retail sports betting taking place at this sportsbook lounge. Instead, fans will be able to use the lounge to use the Caesars Sportsbook app to place their bets. In addition, the partnership will also include in-game signage for Caesars that will be visible on television broadcasts, as well as content, for during Mets’ games and other digital properties.
Mobile sports betting in New York officially launched on January 8th, 2022. Caesars Sportsbook was one of the first sportsbooks to make a big play for the market. The operator reached a high level of visibility with a huge ad campaign that touted its promotional offer for new users.
So, when the Caesars Sportsbook launched in New York at the beginning of the year, the sportsbook was able to fly to the top of the pack. This is most likely due to the fact that out of the gate, Caesars offered the most enticing bonus offer of the NY sportsbooks. However, once the initial offer lowered after a few weeks in the market, it became comparable to the other heavy hitters who had launched for New York sports betting, like DraftKings, FanDuel, and BetMGM.
Despite Caesars initial dominance in the newly launched market, by the third month, Caesars had fallen to second with FanDuel rising to first. DraftKings and BetMGM came in third and fourth respectively in the New York market. But, with this new deal between the Caesars Sportsbook and the Mets, Caesars is looking to recapture the market and its former glory.
The Caesars Sportsbook has been struggling to keep its hold on the number two spot in the New York sports betting market. DraftKings, a major player in the sports betting world, has been making great gains and is looking like it will be claiming the spot soon.
Caesars definitely needs this new deal as the company has also ended the majority of its marketing in the state, most likely due to its high cost which has been said to lower profits and disquiet investors. Its competitors continue their campaigns, which puts Caesars at a disadvantage. Though the company did try to capitalize on March Madness betting with some ads.
Caesars is not new to partnerships with New York professional sports teams as they have entered into agreements with the New York Rangers as well as the New York Knicks.
It will be some time before we see whether this new deal with the Mets helps to keep Caesars in bettors’ minds as we move into the spring betting season. New York sports betting has proved to be a huge market, seeing millions of dollars in handle being bet each month. In fact, the New York mobile sports betting market has even been able to set multiple records in the short time since its launch.
The New York sports betting market launched at an advantageous time, at the beginning of the year in January. That means bettors in the state were able to take advantage of such great betting seasons as Super Bowl betting and recently, March Madness.
Now that the NFL season has ended as well as high promotional offers and marketing campaigns for operators, the total betting taken in in the market has gone down the past couple months. But, with spring comes the start of the baseball season, so MLB betting could help boost betting numbers. In addition, the playoffs for the NBA and the NHL will be coming up too and are sure to be a boon for the sports betting market.
Other New York sports teams have entered into partnerships with sportsbooks. The Brooklyn Nets have a partnership with Betway, FanDuel, and the New York Lottery. The New York Islanders have a partnership with Betway, Jackpocket, and the New York Lottery. The New York Knicks have a partnership with BetMGM and also with Caesars. The New York Rangers also have a partnership with BetMGM as well as Caesars.
Written by Allie Nelson, our US Sports Betting Industry Expert.
The featured image for this post was sourced on Getty Images.