While the company has been hemorrhaging cash for several years, Caesars sports betting is now expected to be generating a profit for the company by the fall of 2023. This according to their CEO, Tom Reeg . In a story reported on Yahoo! Finance, Caesars online gaming and sports betting lost over $550 million in just the first quarter of this year. But according to Reeg, the company has a plan. First up, they will cut their marketing spend, saving over $250 million. The second step in the recovery process is for Caesars to narrowly target their more “profitable customers”…

Caesars sports betting now operates 17 sports books across the United States, and Nevada, New Jersey, Massachusetts and Pennsylvania in particular. The company is now eying Iowa as the next field for expansion with legislation still pending. During the quarter, Caesars landed an important partnership with DraftKings which continues to be part of the corporation’s attempts to break into new revenue streams. While adopting DraftKings’ solutions, Caesars will continue to push forth with its own branded app. There has been significant backing from the likes of NFL, Bleacher Report and a number of sports organizations. Tribal operators have been disinclined…