It is hard to overstate just how far the legal sports betting industry has come in the US. Just over three years ago, sports betting outside of Nevada was illegal. Now, sports betting is not only allowed but is thriving in half of American states. Leagues and teams have partnered with sportsbooks and now comes word that one of America’s iconic sports venues, the Louisiana Superdome has agreed to a naming rights-deal with one of the US sports betting Heavyweights, Caesars Entertainment.
Caesars will take over naming rights of the 73,000-seat Louisiana Superdome from Mercedes-Benz (who previously held that honor for 10 years) immediately on what has been identified as a 20-year deal. Caesars will pay the New Orleans Saints, the primary occupant of the stadium $138 million over the 20 years, which averages out to $6.9 million per year.
“Today, the Louisiana Joint Legislative Committee on Budget approved the naming rights convention for the Superdome,” Saints spokesman Greg Bensel said in a statement. “This approval was a procedural step in securing the naming rights for the Superdome and now we move to finalize our partnership agreement. Once that is official, we will have a formal announcement.”
Breaking Down the Deal
For Caesars, it is all about exposure and that is what they will get almost immediately under the deal. Sponsorship branding will start right away on Caesars signage on the interior and exterior of the Superdome with the massive sign on the roof of the iconic property being the most important. The goal is for all signage to be ready for the New Orleans Saints pre-season home opener August 23.
The deal will run for 20 years and as mentioned, it will cost the betting provider $138 million over the span of the relationship. All of the money is slated to be part of the much-needed $450 million renovation the stadium is scheduled to go through.
A branded Caesars lounge isn’t in the plans just yet, nor is a retail facility at the stadium.
More About the Iconic Venue
The Louisiana Superdome is one of the most recognized stadiums in all of North American sport. It has hosted a total of even Super Bowls, is scheduled to host College Football’s BCS Nations Championship game as well as The NCAA Final Four. It is also Louisiana’s hub of conventions, mass-gatherings and other pop-culture events.
Caesars will now be an indirect part of all of those happenings thanks to the venue being named the “Caesars Superdome”.
“The Caesars Superdome represents the state of Louisiana’s most prominent sporting and multi-purpose event facility, which is also recognized around the world,” the information document detailing the agreement explained. “Caesars will promote this prominent facility in their marketing efforts and serve as a ‘brand ambassador’ for events hosted in New Orleans.”
Louisiana on Their Mind
There has been a lot of buzz around the potential legalization of sports betting in Louisiana. Voters in 55 of 64 parishes voted on the 2020 election ballot to welcome a new platform to the state and Gov. John Bel Edward signed the sports betting legislation into law in June.
Legislation has been bogged down in the state, but all indications are that by the Super Bowl, the bulk of Louisianans will be able to place a bet legally. The Superdome news gives Caesars a leg up in what is expected to be a competitive market that includes NFL’s New Orleans Saints, the NBA’s New Orleans Pelicans and one of the truly elite college programs in the country, the LSU Tigers.
Louisiana’s sports betting scene figures to draw from Texas that hasn’t even considered legalization as well as Arkansas and Oklahoma. The state’s 4.6 million residents (24th largest population-base in the country) are expected to be active on the state’s platform as well, once it is up and running.
Caesars has positioned itself to take advantage right away of the ripe Louisiana betting scene.
Three years ago, it was unthinkable that the NFL, its teams, and even its stadiums would be aligned with legal sports betting interests. But that is where we are today.
The sport’s most iconic building rebranding announcement with Caesars represents the NFL’s near-complete evolution on legal sports betting. The Superdome could pave the way for more venues aligning with sports betting providers and is further proof that the legal wagering gold rush in the US is alive and well.