Caesars Entertainment launched Horseshoe Online Casino in early October. Since then, the new iGaming platform has gone live in three U.S. states and Ontario.
Caesars' latest offering is named after the company’s iconic Horseshoe brand, first introduced by Benny Binion back in 1951. Caesars debuted its online casino app and desktop platform in Michigan on Oct. 7 through its partnership with Sault Ste. Marie Tribe of Chippewa Indians.
Caesars’ online casino Michigan debut was soon followed by launches in Pennsylvania and West Virginia and Ontario. The casino company also plans to launch in New Jersey pending regulatory approval.
“The Horseshoe brand is anchored by a promise to put the player first. A brand with such a storied past deserves an online equivalent that pays respect to the legacy it has established in gaming, and that is what we’ve created with Horseshoe Online Casino," said Matt Sunderland, chief iGaming officer for Caesars Digital. "This launch reinforces our multi-brand online casino strategy by seamlessly bringing another one of our world-class Caesars brands into the palms of layers’ hands.”
iGaming should continue to drive Caesars' bottom line
Overall, Caesars didn’t have stellar Q3 2024 as the casino juggernaut posed a $9 million loss. Caesars, however, was pleasantly surprised by the performance of its digital division. Caesars Digital enjoyed a 40.9% year-over-year increase in revenue, reaching $303 million for the quarter. Adjusted EBITDA rose from $2 million in Q3 2023 to $52 million, which was an all-time quarterly record.
After deducting expenses and allowances, Caesars Digital’s enjoyed $11 million in net income, up from $4 million in the second quarter.
“I think the future is very bright for our digital business,” Caesars CEO Tom Reeg said. “I think that business is going to end up generating a hell of a lot more than the $500 million target everyone has been wringing their hands about for the last three years. We feel very good about that.”
Meanwhile, Caesars is not pausing on its retail business. In September, the company launched Maine’s first in-person sportsbook. In partnership with First Tracks Investments LLC, Caesars announced the opening of Oddfellahs in downtown Portland. To celebrate the launch, Portland Mayor Mark Dion placed a ceremonial first bet at the Vegas-style sports bar.
