WynnBET continues to wind down its online presence which provided an opportunity for Las Vegas icon, Caesars, to purchase its iGaming and sports betting license to gain what will now be a third online casino skin in the Michigan market.
Carpe Diem
Caesars decided to seize the day and took advantage of a flailing brand that wanted out of the online casino and sports betting realms. The Las Vegas-based company recently purchased WynnBET’s iGaming platform in partnership with the Sault Ste. Marie Tribe of Chippewa Indians, which owns and operates Kewadin Casinos.
This now brings three Caesars online casinos to the Michigan Market. Initially, Caesar’s only online casino was attached to its sports betting app but the company decided to launch a stand-alone app, Caesars Palace, back in August. And now, with the purchase of the WynnBET iGaming and sports betting license, Caesars will have three online casino options for its Michigan customers.
“As we continue to grow our iGaming franchise, the assumption of WynnBET’s iGaming operations in Michigan allows us to tap into a significant market and customer base, providing a crucial step forward in growing our digital products and offering players more ways to play,” said Matt Sunderland, SVP & Chief iGaming Officer for Caesars Entertainment, in a press release.
“We are honored to work with the Sault Ste. Marie Tribe of Chippewa Indians and look forward to growing with them in Michigan,” Sunderland added.
Austin Lowes, Chairman of Sault Ste. Marie Tribe of Chippewa Indians, said, “It was paramount that our next partner in iGaming possessed both expertise in the U.S. iGaming market and a history of strong partnerships in Indian country. We believe we found that with Caesars and look forward to being part of their new iCasino offering.”
New Look
Although the financial details of the deal were not disclosed, Caesars did reveal that the WynnBET iGaming platform will be offered in a new version under one of the company’s brands.
Eric Hession, President of Caesars Sports, and Online Gaming, said during the company’s Q4 investor call, “Another exciting thing that we announced is the second branded product that we’ll be able to launch.
“Our expectation is that it’ll be a unique brand in all of the markets where we operate, and we’ll launch that towards the end of the year. It’ll provide an alternative for some of our customers to use, whether they prefer that brand over the Caesars Palace online or they just prefer to mix things up and go back and forth between the brands.”
Expanding Gains
The name of the new online casino has yet to be announced but Michigan’s iGaming proceeds have been ramping up Caesars’ bottom line lately. The iGaming section attached to Caesars’ sportsbook coupled with the stand-alone Caesars Palace app generated $87.4 million in online casino revenue last year. That was up over 32% from $66.2 million in 2022 which had only one iGaming presence through the Caesars sportsbook.
“The core iCasino slot customer has responded positively to our significantly improved offering, and we’re pleased that the new product (Caesars Palace) and brand resonate much better with our Caesars Rewards database than our casino associated with the Sportsbook,” Hession said. “IGaming remains a critical component of our digital growth strategy for 2024 and beyond.”
