Caesars Sees Its Digital Division Report Strong Q1 Performance
Caesars Digital, the online division of the Caesars Entertainment group, has achieved significant revenue growth in the first quarter of 2024. This is despite the combined Caesars Entertainment Q1 figures showing a decrease in GAAP net revenues compared to the same period in the previous year.
Caesars Digital Strong Q1 2024 Performance
LISTEN TO THIS ARTICLE:The Q1 trading results for Caesars Digital saw its Net Revenue figures up to $282 million, which is an increase of 19% year-over-year. Another key indicator Adjusted EBITDA reached $5 million compared to $4 million in the same period for the previous year.
In further detail, the statement outlined the results for Caesars Digital were driven by the Online Sports Betting and iCasino verticals. There was an increase in Net Revenue in Q1 for sports betting and iCasino offerings, with a growth of 23% and 54% respectively. The sports betting figures for the quarter were attributed to events including the Super Bowl and March Madness.
The iCasino offering at Caesars Digital enjoyed a big surge, and leadership at the group pointed to increased customer satisfaction with game content and marketing as a reason for the success. The results have been announced shortly after Kim Harris Jones joins the Board of Directors
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Caesars Digital Outlines Plans for the Rest of the Year
During the first quarter of the year, the group launched Mobile Sports Wagering in North Carolina and is planning to continue to focus on the growth of its digital division for the rest of the year. Sports betting from Caesars is now available in thirty-one states in North America, with its mobile sports offering in twenty-six of these.
The gaming company also has a payment platform called TAM. This service allows players to use a wallet with the operator, that can be used across different states and is expected to be introduced by 2025.
Caesars Digital delivered $282 million in net revenues, up 19% year-over-year and generated $5 million of adjusted EBITDA during the quarter. Results in our Digital segment were driven by strong momentum in both online Sports Betting and iCasino during the quarter.
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