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Carousel Group Tethers Itself to Caesars for Expanded Market Access

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Carousel Group Tethers Itself to Caesars for Expanded Market Access
Julius Caesar wears a mask at Caesars Palace on the Las Vegas Strip. Photo by David Becker/Getty Images/AFP

Malta-based Carousel Group, owner and operator of online sportsbook SportsBetting.com has been busy in its attempt to access as much of the exploding US legal sports betting market as possible. Their latest move seems like a wise one, tying themselves to one of the most recognizable and aggressive names in the US legal betting scene, Caesars in order to gain market access in three major US bet-friendly states.

It was announced late last week that the Carousel Group has entered a 10-year partnership with juggernaut Caesars Entertainment. Carousel Group had been searching for a way to get their product SportsBetting.com into more top-tier legal betting states after launching in Colorado last year and appears to have done so with their Caesars deal.

“We closed out 2020 with the launch of SportsBetting.com in Colorado and we are thrilled to start 2021 with the announcement of our multi-state agreement with Caesars, a giant in the casino industry and the perfect strategic partner to help us aggressively expand our market access in the U.S.,” Daniel Graetzer, president and CEO of Carousel Group, said in the news release.

Carousel Group’s SportsBetting.com, thanks to Caesars will be made available to bettors in New Jersey, Indiana, and Iowa, as well as its online casino in New Jersey; assuming that it clears all of the regulatory hurdles in the state.

Daniel Graetzer, on the consummation of the deal, said: “We look forward to working with both Caesars and the regulators to launch SportsBetting.com in New Jersey, Indiana and Iowa. We are also finalizing major updates to our products, including new mobile apps and a cutting-edge casino platform.”

All three states that Carousel is primed to enter have seen their legal sports betting platforms exploding as of late. New Jersey has posted $900 million+ handles three straight months, Indiana just set another record in January with a $348.2 million handle, and little-old-Iowa generated an impressive $149.5 million sports betting handle in January.

Carousel’s online platform had been getting a fair amount of traffic in their only jurisdiction, Colorado, but moves into New Jersey, Indiana, and Iowa will exponentially increase their overall reach.

According to a news release, SportsBetting.com’s market is poised to grow from $109 million to $1.8 billion, thanks to an estimated population base of 24.5 million that comes along with their launch into the three states mentioned. New Jersey and Indiana are considered in the “elite category” of bet-friendly states at present, while Iowa is definitely at, or near, the top of the second tier of legal betting markets in the US.

SportsBetting.com’s Angle

SportsBetting.com may be an unrecognizable name for legal sports bettors, but the product has all the hallmarks of a top-tier mobile site. It boasts its own proprietary platform and in-house trading and risk teams and therefore is able to give its customers in the US a laser-focussed, customer-centric, complete online gaming experience in the jurisdictions they are live.

It is that complete and unique betting experience that the brass of SportsBetting.com hopes to set them apart in the increasingly competitive US market. As Daniel Graetzer put it: “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 US.”

Chances of Success

Growth has certainly been a theme in the US legal sports betting industry since the Supreme Court’s 2018 decision to overturn its blanket ban. Markets are getting saturated and access is getting increasingly tough, forcing sports betting providers to get creative with regard to their expansion plans.

Carousel Group and Caesars are two such providers that have found a way to create new opportunities for themselves, and both should benefit going forward. In the immediate future, it looks as though Carousel Group and SportsBetting.com look like the big winners, gaining access to a market that seemed unattainable prior to their Caesars hook-up.

Look for SportsBetting.com in New Jersey, Indiana, and Iowa sooner rather than later and for Carousel Group to continue attempting to make a name for themselves within the legal sports betting scene.