Oakland Raiders and Caesars Entertainment Pen 15-Year Gambling PartnershipDecember 20, 2018 10:17 am
The Oakland Raiders have become the latest American football team to sign a partnership deal with a gaming firm after announcing a 15-year agreement with Las Vegas-based Caesars Entertainment.
Last month, the American casinos and hotel company also announced an agreement with another National Football League (NFL) team, namely the Baltimore Ravens. In addition, Caesars currently has sponsorship deals in place with the National Hockey League’s (NHL) New Jersey Devils, and the National Basketball Association’s (NBA) Philadelphia 76ers.
Burgeoning Sports Betting Industry
Since New Jersey won its case in the Supreme Court to legalize sportsbooks throughout the country, individual states have been lining up to pass sports gambling legislation in their own jurisdictions. So too have some of the nation’s biggest sports franchises.
In September, Dallas Cowboys became the first NFL franchise to partner with a casino after striking a deal with WinStar World Casino and Resort, while in October the New York Jets became the first NFL team to pen a sponsorship deal with an online gambling firm, 888 Casino.
The Raiders and Caesars Deal
Currently based in Oakland, California, the Raiders are expected to complete relocation to their new $1.9 billion, 65,000 seat Las Vegas Stadium in 2020. Caesars is now set to become its first founding partner, with the firm subsequently granted exclusive branding and merchandise rights within the stadium. Caesars will no doubt be hoping that the deal will produce additional sports betting customers to help grow its sportsbook, and commenting upon the fifteen-year partnership agreement, Chris Holdren, Caesars Entertainment’s chief marketing officer Chris Holdren, stated:
“With this deep partnership, Caesars will become an essential part of the game time ritual for Raiders fans everywhere. From activations to exclusive experiences, fans of the silver and black will see Caesars as their home on game day.”
Meanwhile, The Oakland Raiders will also be hoping that the deal will produce additional fans for them, as well as help them to stay competitive within the industry. Elaborating further, Raiders president Marc Badain explains:
“We are honored to align with a company that shares the Raiders’ values of improving the local community and delivering exceptional customer service in creating this transformative project.”
The Oakland Raiders
Founded in 1960, the Oakland Raiders is one of the NFL’s larger franchises, with has a net worth of $2.4 billion. The team competes in the American Football Conference (AFC) West division, and has enjoyed much success over its history. This includes winning 15 division titles, 4 AFC championships, and 3 Super Bowls. The Raiders have also had 26 former members inducted into the Pro Football Hall of Fame, including current owner Al Davis, Jim Otto, Gene Upshaw, Art Shell, Ted Hendricks, Mike Haynes, Howie Long, Marcus Allen and more recently Randy Moss, to name but a few.
Caesars Entertainment has been in business since 1990, and is currently one of the world’s biggest gaming company with more than 50 luxurious casinos and hotels around the world, as well as several golf courses. A few years back the firm ran into difficulties after racking up $24 billion in debt, though, and in January 2015 filed for Chapter 11 bankruptcy protection. In 2017, however, it emerged from its bankruptcy and according to its latest share price of $7.28, the company currently has a market cap of $4.77 billion.
As mentioned, Caesars’ casino resorts are multi-faceted operations with several different lines of business under one roof, including casino, hotel, retail, nightlife, food and beverage, entertainment, and meetings. Its latest deal with the Oakland Raiders should therefore help it to target these segments on many different levels, whilst elevating its customers’ experience overall .