Indy Gaming: Analyst says Circa now one of Nevada’s leading sports betting operators

In the last year, Eilers & Krejcik said Circa has been either Nevada’s third or fourth largest sports betting provider, alternating spots with the Red Rock Resorts-owned STN Sports. In the past three months, Circa has collected 10.8 percent of Nevada’s sports betting revenue.

But between May 2022 and May 2023, Circa accounted for 11.6 percent of Nevada sports betting revenue, trailing BetMGM by just 1.1 percent.

“Circa is playing something of a different game to most operators, with its high limit, low hold model versus the feature-rich single game parlay-heavy approach of [the] leading operators,” said Eilers & Krejcik analyst Chris Krafcik.

The other Nevada-specific sports betting dynamic is the absence of DraftKings and FanDuel, the nation’s two leading sports betting operators. Because the state requires in-person registration at a sportsbook to open a mobile account, the companies have shied away from Nevada. Krafcik said the rule “provides a natural advantage for incumbents with larger retail footprints. That dynamic has clearly helped Caesars/William Hill maintain a commanding top-line lead.” The lack of DraftKings and FanDuel, which Krafcik said could be “disruptors” in a state “vulnerable to disruption,” has allowed companies such as Circa to carve out their slice of the market. Satellite locations at The Pass Casino in Henderson and the off-Strip Tuscany on East Flamingo Road allow Circa to acquire new online customers through sign-ups and serve as “deposit centers” for mobile accounts. Palm said Tuscany might be second to Circa’s flagship sportsbook for mobile sports wagering deposits.

“Mobile business is obviously where it’s at. It’s a huge factor in what we do.” Palm said.

In an interview last September, Stevens said having a sportsbook at Legends Bay gave Circa a foothold in Northern Nevada and would attract business from Northern California — a state that does not have legal sports betting. Next week, Circa is holding a sign-up effort at Legends Bay for its two professional football contests with a prize pool of $14 million. The casino didn’t open until Aug. 30 last year and Circa missed out on the early sign-ups for the football contests.

“Derek has been advertising in the San Francisco, Oakland and San Jose markets in trying to get our name out there,” Palm said. “At this point, it’s still an untapped market in Northern Nevada.”

-Courtesy of Sports Betting Operator

Source: The Nevada Independent

Preview image: Courtesy of Circa Resort and Casino