Caesars Entertainment will enter the rapidly growing sports prediction markets space once the activity becomes more acceptable to gambling regulators, according to comments made this week. It doesn’t want to risk its existing gaming licenses until the current sentiment changes.
Prediction market platforms like Kalshi and Polymarket don’t see themselves as offering sports betting, which is why they’re under the oversight of the Commodities and Futures Exchange Commission (CFTC). Caesars CEO Tom Reeg believes these products are clearly a form of sports gambling, echoing the stance of state gambling regulators. He said that Caesars will enter the space once they’re fully legal.
Caesars Sportsbook hasn’t seen a dip in activity despite the growing popularity of prediction markets
President Eric Hession remarked that Caesars Sportsbook hasn’t seen a dip in activity despite the growing popularity of prediction markets. He believes that these platforms get a lot of business from people in states without legal sports betting and from the 18 to 21-year-old demographic who are too young to use traditional sportsbooks.
The executives were making these remarks amid the company’s announcement of its Q3 earnings. Despite lower visitor numbers to Las Vegas hurting the company’s revenue results, CEO Tom Reeg said there are positive signs of improved Nevada performance in Q4.
