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Caesars Entertainment, Inc. CZR recently announced a strategic partnership with Genius Sports Limited to boost its NFL-backed sportsbook offerings. Following the announcement, shares of the company moved up 3.4% during trading hours on Sep 7.
The NFL season is a phase when sports betting sees a huge surge, given that the same has historically been the favourite pastime for Americans. Although the company has been associated with the NFL (since April 2021), partnership with Genius Sports paves a path for enhanced sportsbook offerings through leveraging NFL official data and Next Gen Stats.
Per the agreement, Caesars Entertainment will have access to Genius Sports data feeds and NFL content (exclusive to Genius Sports). Also, the company will gain access to the data-powered in-play content for other top-tier U.S. and global sports, including NASCAR, English Premier League, Argentinian and Colombian soccer as well as Liga MX.
The association involves Genius Sports as a programmatic advertising partner in lieu of providing latest marketing technology to drive customer acquisition, engagement and retention for Caesars Entertainment’s digital sportsbook and casino products.
With reference to the partnership, Kenneth Fuchs, Head of Sports, Caesars Entertainment, stated, “We know how exciting NFL betting is for our players and through our partnership with Genius, we can now provide bettors with the live NFL data they need to make wagers like a true Caesar.”
The company is optimistic about this partnership as it intends to improve NFL sportsbook offerings through Genius Sports portfolio of live sport, in-game betting products and media services.
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Coming to price performance, shares of Caesars Entertainment have gained 44.1% so far this year compared with the industry’s 14.1% growth. The company is benefitting from solid performance of the regional destination properties. This along with the integration of digital offerings with Caesars Rewards bodes well. Recently, the company launched the Caesars Sportsbook app in Arizona for downloading and depositing purposes to cash in on the NFL event. Also, a single-wallet product is in the pipeline. We believe that the closure and non-U.S. divestiture of William Hill represents a fully-integrated digital gaming opportunity for the company in the longer term. Earnings estimates for 2021 have moved up in the past 60 days, depicting analysts’ optimism regarding the stock’s growth potential
Zacks Rank & Key Picks
Caesars Entertainment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same space include Bluegreen Vacations Holding Corporation BVH, SeaWorld Entertainment, Inc. SEAS and RCI Hospitality Holdings, Inc. RICK. Bluegreen Vacations and SeaWorld Entertainment sport a Zacks Rank #1, while RCI Hospitality carries a Zacks Rank #2 (Buy).
Bluegreen Vacations and SeaWorld Entertainment’s earnings for 2021 are expected to surge 172% and 176.4%, respectively.
RCI Hospitality has a three-five-year earnings per share growth rate of 12%.
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Caesars Entertainment, Inc. (CZR) : Free Stock Analysis Report
RCI Hospitality Holdings, Inc. (RICK) : Free Stock Analysis Report
SeaWorld Entertainment, Inc. (SEAS) : Free Stock Analysis Report
Bluegreen Vacations Holding Corporation (BVH) : Free Stock Analysis Report
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