Las Vegas Sands is discussing with potential partners in the online sports betting industry. According to pay per head bookie reports, the venture into online sports betting indicates a significant shift in its strategy.
Las Vegas Sands’ acting CEO Robert Goldstein plans to use its brands to open a sportsbook. However, talks are still in their early stages.
The company announced that its CEO and founder, Sheldon Adelson, had to take a medical leave. Launching an online sportsbook is something Adelson didn’t want to do in the past. The casino mogul also lobbied to stop the legalization of online gambling at the local and national level. Adelson believed that online gambling, such as slot machines, would make it easy for players to lose money.
Las Vegas Sands’ shares increased by 2.8 percent after the announcement. At present, Las Vegas Sands is the most prominent casino firm. However, it failed to develop any sports betting strategy in the US.
After the US Supreme Court allowed states to legalize sports betting in 2018, the sportsbook market grew exponentially across the nation. Nineteen states now have sports betting. Also, six other states have approved it and are waiting for their sports betting launch.
The US Sports betting market is valued at $1.6 billion in 2020. Experts expect it to increase to $10 billion by 2025. Thus, casino operators are trying to make deals with sports betting firms. DraftKings is the industry leader, as seen by its surging stock value. Earlier this week, MGM Resorts made an offer for Entain. However, the latter rejected the offer.
As you try to get players to sign up in your sportsbook, Las Vegas Sands is falling behind in action. It needs to develop a sports betting strategy soon, or else it will be too late to get into the sports wagering bandwagon.