Posted on: April 6, 2022, 10:18h.
Last updated on: April 6, 2022, 10:34h.
Caesars Entertainment and the New York Mets announced today the gaming company is the official sportsbook partner of the Major League Baseball (MLB) club.
News of the agreement arrives in advance of MLB Opening Day, which is April 7. It also comes just three months after mobile sports betting launched in New York. Not surprisingly, the fourth-largest state is off to a fast start on that front, generating an industry record handle of $1.6 billion in its first month of regulated mobile sports wagering.
Financial terms of the Caesars/Mets pact weren’t revealed. But the agreement allows members to the Caesars Rewards loyalty program to take advantage of a variety of VIP experiences and hospitality assets.
In addition, this partnership features plans to open a new sportsbook lounge at Citi Field, Caesars Sportsbook at the Metro Grille,” according to a statement issued by Caesars and the Mets.
That 13,000 square-foot venue will be located on the Excelsior Level at Citi Field, and is scheduled to open at some point during the 2022 MLB season. The rival Yankees and other New York pro sports teams are looking to bring sports betting kiosks to their home arenas and stadiums.
Caesars Leveraging Its Brand in New York
Caesars is one of the most recognizable brands in the gaming industry, and as the relationship with the Mets proves, the operator is leveraging that brand awareness in New York.
Combine enviable brand visibility and high promotional spending — something its rivals are also engaging in — and Caesars is already a clear leader in the New York sports betting market. Some analysts forecast that as regulated sports betting expands in the state, so will Caesars’ market share.
While the gaming company doesn’t operate a land-based casino in New York, it does run retail sportsbooks at Turning Stone, Yellow Brick Road, and Point Place Casino through the Oneida Indian Nation. Additionally, the Nevada-based company controls its namesake venue, as well as Harrah’s and Tropicana on the Atlantic City Boardwalk — casinos scores of New York bettors are familiar with.
Potentially adding to the allure of the Mets partnership for Caesars are the facts that despite baseball trailing football and basketball in terms of handle, New York is a baseball town, and bettors’ enthusiasm for the Mets is likely to be high this year amid expectations that the team is playoff caliber.
Interesting Caesars/Mets Facts
The Mets are owned by billionaire financier Steve Cohen. The 65-year-old is worth nearly $12 billion — a fortune that was largely built in the hedge fund industry.
Today, he controls a family office known as Point72 Asset Management, which has more than $22 billion in assets under management. According to a recent filing with the Securities and Exchange Commission (SEC), Point72 owns a small stake in Caesars stock. But that’s one of more than 1,000 equity positions controlled by the investment firm, and it was reduced late last year.
The family office also has a small position in Wynn Resorts (NASDAQ:WYNN), which also offers mobile sports betting in New York.