Caesars Sportsbook has announced a multi-year partnership with the Cleveland Cavaliers, becoming the official sports betting and casino partner of the organization. The agreement between the two parties was announced on Thursday.
Breaking Down the Deal
Pending regulatory approval, the partnership will include the opening of a retail sportsbook on the street level inside the northwest atrium area of Rocket Mortgage FieldHouse. The location will be located near the intersection of Huron Road and Ontario Street.
Caesars has continued to strengthen its presence in the sports betting industry as the company has extended more partnerships. The brand has partnerships with NFL teams which include the Baltimore Ravens, Buffalo Bills, and Indianapolis Colts. In addition, Caesars also sponsors the Washington Capitals of the NHL.
Chris Holdren, co-President of Caesars Digital, stated;
“We’re ready to welcome Ohio sports fans into the Caesars Sportsbook Empire, while also making history with our second sportsbook at an NBA arena.”
“Building upon our already established roots with Scioto Downs in Columbus, we’re excited to announce our partnership with the Cavaliers at an exciting time in their franchise’s history.”
Ohio is gearing to launch its sports betting market at some point this year or as soon as the calendar flips to 2023.
Location of the Sportbook
The retail sportsbook location will have betting windows for cash wagering and will feature custom VIP and hospitality experiences for Caesars Reward members. The area will be open all year round for people who have tickets to events in the venue and those who are just there to place wagers on sporting events.
The blueprint to the venue is set to be 10,365 square feet with a full-service bar. The VIP lounge will have an extensive menu and televisions from wall to wall. With construction set to go underway, both parties to the agreement will cover the costs.
The agreement will give Caesars a strategic advantage as the sportsbook will gain access by being able to use the Cleveland Cavaliers marks, broadcast, and digital content across the organization’s properties. The deal will also include TV-visible in-game signage.
Ohio’s Sports Betting Market
Potential bettors across Ohio are not able to place wagers at this moment, but the market is slowly coming together in the industry. On December 8th, the sports betting bill passed through the Senate without any roadblocks with a 31-1 vote.
The House also approved bill 72012 before Gov. Mike DeWine signed the sports betting bill into law on December 22nd. April 1st is the next important date on the calendar, as sportsbook operators could receive approved licenses starting on that date.
Once the sports betting market launches in Ohio, Caesars will most likely be one of the first operators to offer its products and services to the public. Caesars gained access to the Buckeye State through its partnership with Caesars Entertainment-owned Eldorado Gaming Scioto Downs.
When users get the opportunity to sign up on the platform, they will be able to earn Tier Credits and Rewards Credits through the Caesars Rewards loyalty program.