Caesars Entertainment Inc announced a new iGaming product that it hopes will bridge the gap between in-person and online gamblers at Caesars Palace locations and online.
The idea is to easily transfer online rewards over to in-person rewards, according to reports.
"We're pushing real-world experiences at Caesars properties to online customers," Caesars Digital head of iGaming Matt Sunderland told Yahoo Finance. "We're doing the same in physical properties to push customers to digital, to sort of have this complementary experience."
Shares of Caeser’s tumbled 4.6% to $56.29 in after-hours trading following a 1.9% gain during the Monday session.
The company has soft-launched the Caesars Palace Online Casino over the past handful of weeks and expects to soon begin operations in Pennsylvania, Michigan, West Virginia and Ontario, Canada.
The app will include traditional casino games such as poker and blackjack, plus virtual slot machines and roulette.
Investors will be watching for more information on the new app when Caesers reports earnings after the closing bell. On the company’s last earnings call in May, CEO Tom Reeg said, "We really think the opportunity there starts in earnest beginning of third quarter when we launch the new iCasino app."
iGaming is seen as a huge growth opportunity for casinos. In the first four months of 2023, it accounted for $1.99 billion in total revenue. Sports betting generated $3.67 billion over the same span, albeit in 26 more jurisdictions.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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