I just received your new book All About Sports Betting by Blair Rodman. And today I was shocked to see the news that Caesars is taking over the Westgate Sportsbook. What does Mr. Rodman think of the news? Why is this happening? And what’s the initial reaction to the news in the sports betting community?
[Editor's Note: Blair Rodman, author of our new book All About Sports Betting as the question states, was more than happy to weigh in on this unhappy development.]
For one thing, it’s the end of an era.
The Hilton (Westgate) SuperBook was a huge step forward for Las Vegas sports betting. Its physical book model has been copied throughout Nevada and across the country as sports betting has expanded. The architect of the SuperBook was Art Manteris. I just read his own book, The Bookie, which is an interesting history of the SuperBook and the evolution of sports betting in Nevada (although Manteris was known to be no friend of pro bettors).
Primarily, Caesars taking over the SuperBook follows the national trend toward consolidation. Mom-and-pop stores on Main Street, independent bookstores and pharmacies, small grocers, local media, banking, etc. have been squeezed out by large corporations buying up competitors. This leads to less competition and fewer choices for consumers.
Sports betting is no different. Outside of Nevada, DraftKings and FanDuel dominate the industry and make it hard for others — operating with tiny marketing budgets, relatively speaking — to gain market share. Las Vegas, which in the 1990s had upwards of 30 independent sports books, is now reduced to about 10.
In Nevada, consolidation started with William Hill, which had taken over so many small books that they operated over half of the sports books in the state by 2010-11. In turn, in 2021, William Hill was bought out by Caesars, greatly expanding their hold on the industry. And now, the Westgate acquisition is a sad development for serious bettors, as the SuperBook offered independent lines and competitive juice. Its Super Bowl prop menu and football contests were revolutionary and hugely popular among bettors of all levels.
One reason for the Westgate sale could be the success of Circa, which uses the same bettor-friendly model and perhaps is doing it better. Another possibility might be that the owner of Westgate, whose background is in timeshares rather than gaming, simply wanted out of the sports book business.
For the serious bettor, the opportunity to shop (look for) the best line for their desired bet among books is a bedrock principle. One of the few competitive books being replaced by a book not known for offering attractive lines and juice is a big loss. Consolidation sucks!
