Yahoo Finance Caesars Entertainment (CZR) Expands its Presence in Race Betting
Caesars Entertainment, Inc. CZR introduced its horse racing account wagering app, Caesars Racebook, in New York State. The expansion strengthens the partnership between Caesars Entertainment and NYRA Bets, contributing to the growth and future prospects of horse racing in the state.
Made in collaboration with NYRA Bets, Caesars Racebook provides bettors with a secure, state-of-the-art platform. Leveraging the success of CZR's Caesars Sportsbook app, the company is set to unveil Caesars Racebook in New York during the heart of the Saratoga race meet. The app allows horse racing enthusiasts to engage in pari-mutuel wagering on global horse racing events while integrating with Caesars Rewards, a prominent loyalty program in the gaming industry.
Focus on Race Betting
Following the success of Sports betting, Caesars Entertainment continues to focus on partnerships to drive growth. The company expanded its partnership with NYRA Bets to boost the presence of its horse racing account wagering app Caesars Racebook. So far, CZR has successfully launched it in sixteen states — California, Colorado, Florida, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, Montana, North Dakota, Ohio, Oregon, Pennsylvania, Washington and Wyoming. The company is optimistic in this regard and anticipates the initiative to drive growth.
Owing to its focus on horse racing, CZR is sponsoring the National Horseplayers Championship held annually at the recently rebranded Horseshoe Las Vegas. CZR also initiated the construction of Harrah’s Columbus Racing & Casino, an upcoming establishment in Columbus, NE, featuring a casino, sportsbook and a mile-long thoroughbred racetrack set to open in 2024.
CZR intends to launch its Caesars Racebook in additional states across the United States, after the regulatory approvals. The expansion will provide users with the benefits of NYRA Bets, including race replays, handicapping insights and more.
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Shares of Caesars Entertainment have gained 26.7% year to date compared with the industry’s 22.1% growth.
Zacks Rank and Key Picks
Caesars Entertainment carries a Zacks Rank #3 (Hold).
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