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There’s been talk of the combined Caesars and Eldorado company spinning off its sports betting and iGaming business since news of the merger.

Now, with the merger complete, it looks like the market will get an answer by the end of the year.

New CaesarsCEO Tom Reeg addressed the issue on the company’s second-quarter earnings call last week.

“I’ll tell you again, we want to come to a permanent solution for this business for us,” Reeg said. “… I would still expect that we’ll have something comprehensive to talk to you about inside of this calendar year, but you shouldn’t expect this to be printing something right around the corner.”

Reeg naturally wants to keep expectations realistic but admitted the growth of US sports betting and iGaming is exciting.

“This is the most exciting growth opportunity that I’ve seen in over 25 years in and around this space,” Reeg said. “There’s going to be multiple players that succeed. I’m 100% convinced we’re going to be one.”

Caesars has profitable sports betting, iGaming business

Unlike DraftKings, which reported a net loss of $74 million in its first-quarter earnings, Caesars is already making money in its iGaming and sports betting business, Reeg said.

Caesars’ sportsbooks will be run by William Hill following the merger with Eldorado. Eldorado signed a joint-venture deal in 2018 that gives it 20% of William Hill US and a revenue share of the sportsbooks.

Reeg expects $600 million to $700 million in sports betting and iGaming revenue next year. DraftKings, meanwhile, expects $700 million in 2021.

This year, Caesars is on pace for $125 million in iGaming revenue from New Jersey alone. That business is running on profit margins in the mid-to-high 30s, Reeg said. Caesars owns 100% of that business.

Analyst: business could capture 10% share

Chad Beynon of Macquarie thinks Caesars could capture 10% market share of both US sports betting and iGaming.

Beynon called online gaming a “hidden treasure” of Caesars, saying the business could be worth around $19 per share in a July 22 note.

He estimates Caesars gets about 50% of profits from sports betting revenue through the William Hill agreements.

Beynon forecasts EBITDA at $153 million to $229 million in the combined segments next year based on profit margins of 20% to 30%. That range rises to $209 million to $313 million in 2022.

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Strong US sports betting, iGaming valuations

Sports betting operators, technology suppliers, and iGaming operators going public in the US is a popular trend these days. And it’s easy to see why.

Both DraftKings and platform provider GAN went live with US listings earlier this year. DraftKings started trading in late April around $17 and has skyrocketed since then. It currently sits around $31 but closed at a 52-week high of $43.70 June 1. DraftKings even issued 30 million new shares at $40 each in June.

GAN, too, has seen significant growth. It opened around $10 in early May and is currently around $20, but had a 52-week closing high of $27.58 on July 2.

More gaming companies in the public sphere

Penn National has seen a significant jump in its value as well since acquiring 36% of Barstool Sportsfor a sports betting brand. It hovered around the $25 mark before the acquisition and closed above $45 on Monday.

Another US company is joining the fold soon. Rush Street Interactive, which operates BetRivers, is going public as well.

But just because valuations are strong doesn’t mean Caesars is rushing to meet the market.

“We see the same valuations that you see in this space as we sit here today,” Reeg said. “But I will tell you, as shareholders, we’re not going to react in a knee-jerk fashion to those valuations, and do something that’s not the right solution for the business over the long haul.”

Legalizing a new industry brings with it a lot of conflicting issues to be decided and sports betting Missouri is no different.

However, it’s less common for one side to stand up for something that would likely hurt them in the long run.

A. John Baker, Regional Vice President for Government Relations for Caesars, did just that at a hearing for two MO sports betting bills on Tuesday.

Iowa as a model?

Baker asked lawmakers to include what he called “Iowa Model, ”which means personal registration for the first 18 months of the market:

“It is an 18 month period during which the casinos that have invested in the community and have jobs, hundreds of millions of dollars in properties they have developed in those communities, will have the opportunity to personally enroll customers for a period of time before you Create the online registration process that never leaves you anywhere. Just download the app. “

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Baker’s comments related to Late. Caleb Rowden‘s SB 256, this is an accompanying invoice from MP Phil Christofanelli‘s HB 730.

SB 217 from Senator Tony Luetkemeyer was also heard during the Senate Budget Committee Listen.

Why Personal Registration in Missouri Sportsbook Account?

This is an unusual invitation for a multi-state casino operator to request personal registration. That’s because Missouri presents a unique situation for Caesars.

Caesars pays $ 3.7 billion to the William Hill, a well-known brand in sports betting circles, but not a household name.

The casino operator has after merging with three casinos in Missouri Eldorado::

• Capri Island, Boonville
• Harrah’s Kansas City
• Lumiere Place, St. Louis

Missouri casinos are actually river boats and only legal on both Missouri or Mississippi Rivers. This means that most casinos are located either on the state’s western or eastern border. Caesars has a casino on both borders, as well as the Isle of Capri Casino near central Missouri.

A personal registration could also drive traffic from the DraftKings at Casino Queenwhich is only a few miles away Busch Stadium in the East St. Louis, Illinois. Operators like DraftKings and FanDuel have chosen not to be tied to a casino in states that allow this.

Personally hurts the markets

While Caesars may be better off registering in person, history shows that the model constrains both weather and the overall market.

There are a few examples that describe:

Lots of bills, but none personally

Unfortunately for Caesars, none of them five Sports betting suggestions require personal registration. That probably won’t change either Missouri Gaming Association supports Rowden’s proposal in its current form.

In addition to Luetkemeyer’s bill and Rowden and Christofanelli’s proposal, there are three other bills for sports betting in Missouri:

Given that Rowden is the Senate majority leader, this could indicate that his and Christofanelli’s proposals are the means to legalize sports betting in Missouri.

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Rowden ready to pass legal Missouri sports betting

Rowden is poised to see sports betting legalized in his state, especially as his constituents are already doing so with offshore operators.

“I think it’s time to legalize sports betting in the state,” said Rowden. “… There is really no reason not to do this at this point. It’s already happening, might as well legalize what’s already happening and make some money off of it. “

Rowden was grilled on some of his billing details like his 6.75% Tax rate and suggested three skins per Hoskins casino. But Rowden made it clear that what is most important to him is a legal market.

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“I’ll probably answer any question or comment about it: I’m much less interested in the details,” Rowden said. “I’m much more interested in getting things done. So I am open to any dialogue. “