Caesars Entertainment is going big on sports betting. The company formed a 15-year partnership with the Las Vegas Stadium and becomes the first founding member of the facility.
Las Vegas Stadium is still being built. Crews started on the construction in September 2017. The marvellous domed stadium comes at a cost of $1.8 billion. It will span 62 acres and will be able to accommodate up to 65,000 sports fans.
The Las Vegas Stadium will be the new home for the Las Vegas Raiders, as well as the UNLV Rebels football team of the University of Nevada.
The stadium may welcome up to 520,000 sports fans for the home games of the Raiders each season. And Caesars will get the best opportunity to offer its sports betting products and online platforms. As a founding member, Caesars will get to put their brand on many of the stadium’s features, like a Caesars-branded entrance and drop-off zone.
Marc Badain, president of the Raiders, said the team is proud to shake hands with Caesars Entertainment. He stated that both Caesars and the Raiders have a common goal of empowering the local community and provide an unmatched experience for the viewers on the stadium and at home.
This deal marks the first-ever sponsorship of the Raiders by a gaming company.
Caesars Sportsbook To Be Branded In Raiders Deal
While it can’t open a sportsbook on the vicinity, Caesars will make sure every fan who enters and leaves the stadium will get exposed to the brand. The gaming company will be branding the entrance and drop-off zone of the stadium.
Digital signage will be scattered throughout the area, possibly covering all major sections and pathways throughout the stadium. Additionally, the Caesars brand will appear or a variety of media materials, including print, radio, TV and online.
The aim of the company is to “become an essential part of the game time ritual for Raiders fans everywhere.” This was shared by Chris Holdren, Chief Marketing Officer for Caesars. His vision is to make Caesars the go-to place for all fans of the Las Vegas Raiders.
To reinforce that approach, Caesars Total Rewards program will offer new exciting bonuses to all members:
- Tickets for various events, including Raiders’ home games
- Tours of the stadium
- Access to some exclusive events in the Raiders training facilities
- Access to the Owners Suite at the 50-yard line of the stadium - an exclusive lodge that also bears the Caesar mark
- VIP dinners on the stadium field
Those are not available just yet, but you should stay tuned. If you’re not yet a member of the Total Rewards program, it’s best to get your account set up, as there are more bonuses available right now.
Caesars Sports Betting Evolution Continues With Pro Sports Teams
It might be the first sponsorship deal for the Raiders, but it’s actually the fourth one for Caesars. Previously, the company struck a deal with another football team, the Baltimore Ravens. This also marks the first partnership formed between a casino and an NFL team in Maryland. A state that is expecting to pass legalized MA sports betting as soon as 2020.
Caesars has tapped into three of the four major sports leagues. The casino and sportsbook operator also partnered with the New Jersey Devils (NHL) and the Philadelphia 76ers (NBA) to promote its online platform in New Jersey and Pennsylvania.
These deals are no longer unprecedented. Since the legalization of sports betting, sports teams have been looking to tap into this new revenue source by partnering up with casinos and sportsbook operators like Caesars.
Some teams have even considered abandoning their states, where sports betting is not yet legal, to relocate to markets with active sports betting economy, where they have a chance to enter a commercial deal and increase their profit.
This is what happened to the Raiders, who were previously in Oakland, California. The new stadium is expected to be ready in time for 2020, when the team is supposedly going to play its first home game in Las Vegas Stadium.
Legalized Sports Betting Generating Revenue For Sports Leagues
The American Gaming Association recently predicted the impact of sports betting on sports teams and associated stakeholders themselves. The researched, produced by Nielsen Sports, concluded that a massive increase in revenue is to be expected across all four major sports leagues. According to the study, up to $4.23 billion more will enter the revenue streams from direct and indirect activity including:
- Indirect revenue from media rights, sponsorships, merchandise and ticket sales - $3.28 billion
- Direct TV advertising revenue from gaming services - $596 million
- Direct sponsorship revenue from gaming services - $267 million
- Data and video revenue - $89 million
NFL will take more than half of the total amount:
- National Football League - $2.326 billion
- Major League Baseball - $1.106 billion
- National Basketball Association - $585 million
- National Hockey League - $216 million
With such serious numbers being predicted, we should expect more sponsorship deals in sports. And as more and more states offer legalized sports betting, it’s going to become common for teams to partner with sportsbooks.