Caesars has gone all in nationally on the iGaming market after rebranding to Caesars Palace last summer. Despite the Pennsylvania Gaming Control Board not breaking down revenue by operator, PlayPennsylvania has found four prominent indicators that suggest Caesars’ platform is growing in the Keystone State.
The EKG Line newsletter is reporting that Caesars has improved market share nationally since launching a standalone online casino. Not only is Caesars Casino PA seeing the benefits in the Keystone State, it’s showing strong results in New Jersey and Michigan, too.
1. Harrah’s Philadelphia licensee gradually improving in Pennsylvania
Caesars and Tropicana are both partnered with Harrah’s Philadelphia to be able to operate PA online casinos within the state. Because of that, it’s difficult to discern exactly how much revenue Caesars contributes to the licensee. However, we can come to the conclusion that Caesars makes up the majority of the revenue for Harrah’s Philadelphia.
Despite earnings slipping slightly in April — which follows a state-wide trend as March is traditionally one of the strongest months — the licensee improved over the last several months, including each one in 2024:
- January: $9.8 million
- February: $10.6 million
- March: $11.5 million
- April: $10.5 million
Back when Caesars announced the rebrand to Caesars Palace last August, Harrah’s Philadelphia generated just $6.4 million that month. The operator has certainly come a long way since the change of direction.
2. Caesars has gained market share nationally
The EKG Line has also cited improvements to the Caesars brand on a national scale. Over the last five months, Caesars has recorded nearly 6% in gross gaming revenue share across all iGaming markets in the US. The operator did not even reach 5% in July and August of last year.
Caesars has not blown anyone out of the water by any means. It’s been a slow and gradual improvement as the months have progressed. The EKG Line called it a “small but material improvement in share.”
Rebranding to Caesars Palace, and providing the standalone app, is beginning to pay dividends for the company. President of Digital, Eric Heisson, said during the Q1 2024 call earlier this month:
“iGaming set new quarterly records for active customers, volume, GGR and net gaming revenue driven by the success of our New Caesars Palace Online App, which despite only launching roughly seven months ago, now makes up more than 50% of the net gaming revenues in this segment.”
3. Noticeable growth in neighboring New Jersey
Pennsylvania and New Jersey share a good number of players who cross state lines on a daily basis. Caesars’ online brand in the Garden State has seem similar increases to the Keystone State. This year alone, the operator has recorded the following earnings:
- January: $10.3 million
- February: $11.4 million
- March: $13.1 million
- April: $11.4 million
The New Jersey Division of Gaming Enforcement did not provide skin-by-skin totals prior to 2024. However, an educated guess can be made that Caesars did not make nearly as much before rebranding.
4. Caesars making moves in Michigan, too
The Great Lakes State is another market that rivals Pennsylvania, and a good indicator of improvement, too. The operator has posted similar statistics in Michigan as it did in New Jersey:
- January: $10.2 million
- February: $10.7 million
- March: $11.3 million
- April: $11.3 million
Caesars actually increased revenue slightly last month in Michigan, while totals in New Jersey and Pennsylvania dropped.
Caesars is in the process of offering another platform in Michigan after purchasing WynnBet’s license earlier this year. Players can access the brand in three ways in the Great Lakes State:
- Standalone online casino
- Online casino merged with Caesars Sportsbook
- Purchase of WynnBet license
There is no cap for the amount of skins a brand could have in Pennsylvania. While it has two already, there’s nothing stopping Caesars from providing another. However, the Caesars Palace brand is growing all by itself.
