The latest professional sports team to partner up with a legal sports betting operator comes out of Tennessee, as the Memphis Grizzlies announced yesterday that they had formed a partnership with Caesars Sportsbook.
This partnership will see Caesars become the "Official Sports Betting Partner" of the NBA’s lone team in Tennessee, which entitles them to the naming rights of the Caesars Sportsbook Lounge inside of FedExForum — the home stadium of the Grizzlies — as well as marketing opportunities with the Grizzlies brand.
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— Caesars Sportsbook (@CaesarsSports) August 3, 2022
Caesars Sportsbook is now an Official Sports Betting Partner of the @memgrizz!
In addition, we are now the presenting sponsor of multiple shows on @grindcitymedia including the @ChrisVernonShow ???? pic.twitter.com/3VgAYlmG7O
The press release also revealed that Caesars will feature prominently in Grind City Media (the content production team inside the Grizzlies organization), where Caesars Sportsbook will become the presenting partner and official advertiser for many of the Grind City Media shows.
"We are thrilled to partner with Caesars Sportsbook, one of the biggest names in sports and entertainment," said Grizzlies President Jason Wexler in the release. "The alignment of Caesars Sportsbook with Grind City Media digital shows, content, and features will enhance our continued development and execution of best-in-class content for all of sports fans to enjoy."
"We also look forward to the opportunity to welcome our fans to FedExForum to visit the newly rebranded Caesars Lounge to watch their favorite sports programming or for hosting a private event."
Not the first NBA deal for Caesars... and others
Caesars Sportsbook has been active in approaching NBA teams for partnerships. Besides this agreement with the Memphis Grizzlies, the company has also announced partnerships with the Cleveland Cavaliers, New Orleans Pelicans, New York Knicks, Philadelphia 76ers, and Washington Wizards.
They also haven’t been the only legal betting operator making moves with NBA clubs. A number of NBA brands have partnered up with sportsbooks, including the Golden State Warriors teaming up with DraftKings and the Los Angeles Lakers with FanDuel.
Trying to jolt statewide slowdown
Sports betting has been legal in Tennessee since November 2020 but the monthly betting numbers have been on the decline. The June results saw the state post its lowest handle of 2022, as operators had an adjusted hold percentage of just 5.9% — a number that must average 10% by the end of the year.
Caesars Sportsbook also recently reported its Q2 performance for 2022, where its net revenue grew from $2.5 billion to $2.8 billion compared to Q2 2021, yet Caesars posted a GAAP net loss of $123 million, compared to a net income of $71 million during the same period in 2021.
