Cleveland Cavs Partner With Caesars For Gambling

Ohio has sports betting in the pipeline and Caesars Entertainment is getting ready.

The Las Vegas-based casino operator on Thursday announced a new partnership with the Cleveland Cavaliers to make Caesars an official sports gambling partner and the official casino partner of the team.

Caesars will open a retail sportsbook on the street level inside the Northwest Atrium area of the team’s arena in Downtown Cleveland, pending approval from Ohio regulators.

“We’re ready to welcome Ohio sports fans into the Caesars Sportsbook Empire, while also making history with our second sportsbook at an NBA arena,” Chris Holdren, co-president of Caesars Digital, said in a statement.

“Building upon our already established roots with Scioto Downs in Columbus, we’re excited to announce our partnership with the Cavaliers at an exciting time in their franchise’s history. As we prepare to launch sports betting in Ohio later this year, this wide-ranging partnership enables us to connect with the Cavs’ passionate and highly engaged fanbase. Caesars Sportsbook at Rocket Mortgage FieldHouse will be a first-class venue.”

The retail sportsbook, to be open year-around, is expected to have approximately 10,355 square feet. Construction is starting soon, with the project expected to open by the end of the year.

Ohio policymakers late last year legalized in-person and online sports betting. While Caesars and its rivals in the upcoming market will look for a strong retail presence, more than 90% of the handle is coming online in states with both options.

Caesars is also eyeing online sports gambling in Ohio via the Caesars Entertainment-owned Eldorado Gaming Scioto Downs Casino in Columbus.

Ohio is projected to rival the sports betting market in neighboring Pennsylvania. In January, the most recent month of reporting from Keystone State books, the handle was $793.7 million, with 93% coming via the internet. The hold was nearly 7 percent.