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CZR Boosts Digital Gaming With Horseshoe Online Casino Launch

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Caesars Entertainment, Inc. (CZR - Free Report) in partnership with Sault Ste. Marie Tribe of Chippewa Indians, recently announced the launch of Horseshoe Online Casino in Michigan. The launch solidifies Caesars as a leading force in both traditional and digital gaming spaces. Also, the initiative enhances its portfolio of online gaming platforms, which includes Caesars Palace Online Casino, Caesars Sportsbook & Casino and WSOP.COM.

The new platform mirrors the immersive environment of a real-life casino with a revolutionary multi-lobby navigation system. Players can explore high-limit slots, private live dealer tables, progressive jackpots and a variety of classic games like poker and roulette.

The Horseshoe Online Casino platform offers a diverse collection of exclusive, custom-branded gaming titles. This includes games like Horseshoe Rising Rewards by Games Global, 2x3x Horseshoe by AGS, Horseshoe 3 Coin Cowboy by Bragg Gaming and Horseshoe Slick Riches LuckyTap by Design Works Gaming.

Players in the United States can also earn Caesars Rewards Credits through gameplay, redeemable for exclusive experiences at more than 50 Caesars destinations across North America. Additionally, the platform offers promotions, allowing digital players to win real-world prizes, including travel packages, dining experiences and VIP nightlife at top destinations like Horseshoe Las Vegas.

The company is optimistic in this regard and anticipates the initiative to drive growth in the coming periods.

Focus on Sports Betting & Technology

In 2023, CZR focused on enhancing the sports betting experience with improvements in product and technology. Customers responded well to upgrades in same-game parlays, in-game wagering and streaming. The percentage of customers making parlay wagers continues to improve with an increase in average legs per wager. The company is optimistic about its ability to enhance hold throughout 2024.

During the second quarter of 2024, net sports betting revenues increased 19% year over year. The upside was driven by a flat handle and a hold rate of 7.2%, which increased by approximately 80 basis points year over year. The company stated benefits from increased state or jurisdictional legalization, new product launches and improved customer adoption. As of June 30, 2024, the company operated sports betting in 32 jurisdictions in North America, out of which 26 offer mobile sports betting. The company's sports product continues to improve, with customers responding positively to the increased mix of parlay and in-game offerings.

Going forward, the company intends to focus on product enhancements, including cash-out speed, customer service, parlay and alternative line offerings to drive growth.

Zacks Investment Research
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In the past three months, shares of Caesars Entertainment have gained 20.8% compared with the industry’s 11.3% growth.

CZR’s Zacks Rank & Key Picks

Caesars Entertainment currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Zacks Consumer Discretionary sector are Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , DoubleDown Interactive Co., Ltd. (DDI - Free Report) and Carnival Corporation & plc (CCL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Norwegian Cruise Line has a trailing four-quarter earnings surprise of 5.7%, on average. The stock has rallied 20.6% in the past year. The Zacks Consensus Estimate for NCLH’s 2024 sales and earnings per share (EPS) calls for growth of 9.9% and 127.1%, respectively, from the year-ago levels.

DoubleDown Interactive has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has surged 88.1% in the past year. The Zacks Consensus Estimate for DDI’s 2024 sales and EPS indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.

Carnival has a trailing four-quarter earnings surprise of 318.1%, on average. The stock has increased 41.9% in the past year. The Zacks Consensus Estimate for CCL’s 2025 sales and EPS indicates an increase of 3.6% and 26%, respectively, from the year-ago levels.

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