Caesars is happy to wait on the sidelines of prediction markets until the new sector is legalised
Caesars CEO Tom Reeg views prediction as gambling that should not be deregulated
Caesars Entertainment has said it will enter the prediction markets sector if the new betting platform is legalised. Caesars CEO Tom Reeg has outlined that prediction markets are 100 per cent a gambling product and would need to be approved and regulated before the Las Vegas giant would go near it.
Caesars CEO Tom Reeg said: “I think it [prediction markets] will take a couple of years to wind its way through the courts, and you will have a patchwork of states where they are not allowed, states where they are allowed. In the current regulatory environment, you should not expect us to be participating in prediction markets. Some of our most valuable assets are our gaming licenses in each of the states where we operate, and it has been made clear to us in a number of states that if we pursue that avenue, some of our bricks-and-mortar licenses could be at risk.
“But notwithstanding, if there becomes clarity that there is a legal path for prediction markets that satisfies regulators on the brick-and-mortar side, we will find a way to participate. But I would tell you unequivocally, we view this as gambling that should not be deregulated. These are not swaps. They are not miraculously finding the other side of a five-team parlay at the same time one side comes in. But we will let that play out through the courts. Notwithstanding, our handle grew in the fourth quarter and continues to grow. We are not seeing any impact that we can see in our regulated markets as we operate today.”
