The NJ online gambling market will soon have another player. Carousel Group and Caesars Entertainment Inc., entered into a multi-state market access agreement to launch SportsBetting.com in three states.
The 10-year deal, announced earlier today via press release, will allow Carousel to launch its online sportsbook and casino in New Jersey, pending license approval.
The NJ launch is expected by the end of 2021.
The Malta-based company will also launch online sportsbooks in Indiana and Iowa.
Last year, Carousel launched SportsBetting.com in Colorado. The deal with Johnny Nolon’s Casino was the company’s U.S. debut.
Carousel + Caesars ‘perfect’ partners
Carousel Group president and CEO Daniel Graetzer said Caesars was the “perfect strategic partner,” to help the company “aggressively,” expand in the U.S.
“We are also finalizing major updates to our products, including new mobile apps and a cutting-edge casino platform,” Graetzer said. “Bettors continue to be more product savvy, which is why we built a user-centric tech company with full control over the user experience. Our design principles along with our in-house tech and operations will be the key to our long-term success in the U.S.
More on Carousel Group, Caesars deal
The agreement with Caesars will reportedly increase Carousel Group’s addressable market in the U.S. from $109 million to an estimated $1.8 billion, with 24.5 million people residing in the target states.
At the moment, NJ is the crown jewel of the multi-state strategy. NJ’s online gambling revenue more than doubled from 2019 to 2020. Last year, the Garden State’s online casino operators collectively reported $970.34 million.
Caesars Interactive NJ, the online arm of the gaming industry giant, reported just under 10% ($94.8 million) of market revenue.
The Caesars, Harrah’s, WSOP, 888, and WynnBet online brands operate under the license.