Caesars’ new online casino platform, Horseshoe online casino, is now available to Michigan gamblers.
State regulators allow operators to have up to two separate iGaming brands. Horseshoe is Caesars’ second platform in Michigan, joining its Caesars Palace skin, which launched last year.
Horseshoe Casino Michigan will be another revenue stream for the Caesars brand, a top-five operator in the Great Lakes State.
Caesars acquired WynnBET’s license in February, setting the stage for an early October launch. It operates the license through a partnership with the Sault Ste. Marie Tribe of Chippewa Indians.
WynnBet exits Michigan as Horseshoe launches
Under Michigan law, operators can launch two Michigan online casino brands. Only DraftKings operates a second platform, Golden Nugget.
With Horseshoe going live, it marks the end of WynnBET’s Michigan product, which launched at the start of the state’s industry in January 2021. WynnBet collected $175.1 million in lifetime revenue, ranking eighth in market share of the 15 operators.
While the initial deal was struck in January, the companies completed the transaction in June.
The number of iGaming operators remains at 15, which is the maximum amount allowed by Michigan regulators.
Customers can access Caesars brands three ways
Caesars is now providing many ways for players to play on its brand. Those include:
- The limited online casino options through the Caesars Sportsbook app
- The standalone, more robust Caesars Palace online casino app
- Horseshoe Online Casino
Caesars is taking advantage of a market that caps the amount of online casinos that can be offered in the state. In markets such as Pennsylvania and New Jersey, there are an unlimited number of operators.
Despite some restrictions, Caesars has already carved out a considerable market share. It acquired 6.4% of the market and finished fifth in August revenue, producing $12.6 million.
Caesars continues to be a top brand in MI
On multiple quarterly calls, Caesars brass has been extremely excited about the launch of Horseshoe Casino. It’s expected to be a tremendous compliment to the Caesars brand.
During its Q2 2024 earnings call, President of Caesars Sports and Online Gaming, Eric Heisson, set up the expectations for Horseshoe.
“I also would tamper the expectations. Horseshoe is a great brand, and we feel like it’s going to resonate with a lot of customers,” he said in July.
“But Caesars is even a better brand. And quite frankly, that’s going to be the flagship app that we have, and it’s got a year’s lead over Horseshoe. So I would expect the Horseshoe to perform very strongly, but I don’t think it will command the market share that Caesars has.”
Through August, Caesars Palace MI online casino averaged $11.4 million in monthly revenue. Judging by Heisson’s comments, Caesars would be happy if Horseshoe collected around $5 million monthly once it gets rolling.
Caesars will certainly be a formidable operator in the Great Lakes State with the addition of Horseshoe.
