Caesars Entertainment has struck a deal with ESPN to open an odds-making studio on the Strip.
The ESPN-branded wager hub will open in 2020 at The LINQ Hotel & Casino in Las Vegas, Caesars announced Tuesday morning.
The companies did not release financial terms of the deal, but the arrangement boils down to this: Caesars will provide odds-making for ESPN programming – and ESPN will highlight the Caesars brand.
“Everybody is trying to figure out the right sports betting partnership from a media standpoint,” said Chad Beynon, a gaming analyst with Macquarie Securities. “For Caesars, [ESPN] is one of the best partners in the industry.”
The forthcoming studio will serve as a Vegas nerve center for odds-related content that will feed ESPN shows, as well as ESPN.com and mobile ESPNapp.
"The sports betting landscape has changed, and fans are coming to us for this kind of information more than ever before," said Mike Morrison, vice president of business development at ESPN, in a statement. "We are poised to expand our coverage in a big way, and working with a category leader like Caesars Entertainment will help us serve these highly engaged, diverse sports fans with the best and most relevant content possible."
The gaming and sports broadcasting giants plan to collaborate during major sporting events and marquee events like the NFL draft.
The deal marks the second time Caesar’s has landed a sports betting studio in Las Vegas. In February, Bleacher Report announced a deal with Caesars to open a studio inside the Caesars Palace sportsbook.
The latest studio deal on the Las Vegas Strip positions the Caesars brand in front of sports bettors all over the country.
“Now we have 10 states in the U.S. that have legalized sports betting in some form or fashion," Beynon said. "It's a good deal."
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