Posted on: Nov 26, 2021, 5:01 a.m.
Last update on: November 26, 2021, 01:55 a.m.
A one-of-a-kind partnership was unveiled earlier this week when Caesars Sportsbook and the Indianapolis Colts announced a deal offering fans a $ 500 discount for season tickets to next year’s Colts games in exchange for opening an account with the sports betting operator.
To qualify, Colts fans must first renew or purchase season tickets for the 2022 season, with new season ticket holders agreeing to purchase at least two tickets per game. From there, they would have to download the Caesars Sportsbook app on their phone, create an account, make a deposit, place a $ 50 bet.
In return, these new Caesars users would receive $ 500 in rebate. Certain conditions and exclusions apply. More information is available on the Colts website.
A check of the Colts’ tickets page on the team’s website Thursday night showed a season ticket available for $ 470. Many more are available starting at $ 530 per ticket. There is also a $ 10 service charge for the purchase.
Sports bettors deserve promotions and offers that treat them like royalty, ”Chris Holdren, co-president of Caesars Digital said in a statement. “Our partnership with the Colts allows us to keep that promise and continue to reward loyal Colts fans. “
While existing Caesars Sportsbook customers will not be eligible for the discount, the Colts and Caesars are offering a free $ 100 bet on the Colts January 2 game against the Las Vegas Raiders for any current Caesars customer who purchases or renews its season pass.
Caesars gains market share in Indiana
The subscription offer comes as sports betting looks to expand its reach in today’s legal markets and expand its customer base. This is especially true in Indiana, which legalized sports betting in 2019 and has become one of the nation’s top markets.
In October, state-licensed sports betting grossed $ 461.1 million, the highest on record.
By offering a discount on season tickets to new users, the deal is designed to attract Colts fans who may not already be in sports betting or who do not have a relationship with Caesars Entertainment, which is the largest casino operator in the state of Indiana.
Since the name change of the William Hill Sportsbook app to the company’s flagship brand in August, Caesars has seen significant growth in traffic from Indiana online punters. In July, the William Hill app grossed $ 7.9 million, according to figures from the Indiana Gaming Commission. From August through October, Caesars reported monthly sales of $ 16.9 million, $ 30.7 million and $ 40.2 million, respectively.
However, while the handle – or the amount bet – increased exponentially in just three months, Adjusted Gross Receipts (AGR) did not initially keep pace. Aside from a $ 3 million month in June, no other month has exceeded $ 1 million in revenue this year. In October, online earnings were just $ 435,658.
For the prospect, Caesars’ physical sports betting is more profitable. With three casinos, three off-track betting houses, and retail sports betting still operating at two former Caesars properties in the state, Caesars has the largest physical network in Indiana. Combined with its online book, the company grossed $ 63.8 million in October and an AGR of nearly $ 2.3 million.
Indiana defines the AGR as the total of the handful minus all winnings paid, including “the cash equivalent of any commodity of value assigned as a prize” and bad debts. The IGC also includes futures bets in the month the bet was placed to be processed, but income from futures bets is only reported in the month it was cashed.
Aggressive national campaign
Caesars doesn’t just focus on Indiana for its growth in sports betting. Since the rebranding campaign began just before the football season, the Las Vegas-based company has embarked on an ambitious nation-wide marketing campaign. In July, the company secured the naming rights for the Superdome, which will host the Final Four next April and the Super Bowl in 2024.
The campaign also includes television commercials which have been exhausted by some. However, Caesars has also sought to partner with sports teams as well as famous athletes and others related to the sports world – such as former ESPN presenter Kenny Mayne – to promote the app. sport bets.
Earlier this month, Caesars announced an ambassadorial deal with the Manning family that will include Archie Manning and his sons Peyton, Eli and Cooper in commercials and live events. Peyton is a legendary NFL quarterback who spent most of his career with the Colts and led them to a Super Bowl victory in the 2006 season.
The subscription deal with the Colts is the latest venture between the two companies. Earlier this year, the Colts announced that Caesars would be the team’s official casino partner. Caesars operates the two closest casinos to the largest city in Indiana.