Caesars Confirms it Isn’t Looking to Offer Prediction Markets

Caesars Sportsbook isn’t planning to abandon its state partners any time soon.

The Las Vegas sports betting giant confirmed it was not interested in pursuing sports prediction markets. Caesars CEO Tom Reed told investors as much during an earnings call, saying they aren’t willing to risk their sports betting licenses across the US. 

“We will not put any of our licenses at risk,” Reeg told investors when asked about the new industry. “We believe what’s happening in prediction markets is sports gambling. If there’s a path that develops where we can participate in a way that doesn’t put licenses at risk, you should expect we would be prepared to go down that path, but we’re watching it the same as you are.”

Illinois joined a growing list of states that have threatened to revoke state DFS and sports betting licenses if an operator offers sports prediction markets. The majority of US states have seen lawmakers and officials come out against sports prediction markets, calling the industry an illegal form of gambling. 

With Reeg’s recent comments, it appears that Caesars believes its relationship with states is worth more than risking entering a new industry.

Las Vegas Giants Wary of Prediction Markets

Caesars isn’t the only Las Vegas operator to hold off on entering the world of sports prediction markets.

MGM Resorts International CEO Bill Hornbuckle has also been wary of entering the new industry. While he refused to rule it out in the future when speaking at the 2026 G2E summit, he also said the company will wait until more guidance is given on the legality of these markets.

Like Caesars CEO Reeg, Hornbuckle said they aren’t willing to risk their relationships with states. The growing list of states asking sportsbooks to avoid the new industry has had a significant effect on the operator. However, the CEO also shared that he doesn’t believe sports prediction markets guarantee success.