Hard Rock Sportsbook has enough reasons to be cautious as 2022 comes to a close. Runaway inflation and other poor economic conditions prevail. And the owner, the Seminole Tribe, is embroiled in legal action over sports betting in its home base of Florida, according to Sports Handle.
Yet the tribe has had a busy year as November rolls towards Thanksgiving.
The company opened four mobile sportsbooks: Arizona, Virginia, Indiana and Tennessee. In addition, the company opened retail locations in a Hard Rock casino in northern Indiana and the Bristol casino in Virginia. Sportsbooks operate in New Jersey and Iowa and will soon be in Ohio and Illinois.
The January 1 start-up promo in Ohio includes a $300 free bet.
Sports betting aside, Hard Rock International bought the Mirage Las Vegas from MGM Resorts last December.
“Our overarching strategy is the same as it’s been from day one, before Florida even became a planned launch, which is to take Hard Rock, one of the world’s most recognizable brands, and bring it to digital casino, sportsbook, and social games players,” Matt Primeaux, executive managing director and president of Hard Rock Digital, told SportsHandle.
Despite its growth in sports betting, marketing money will be spent in a rational way, Primeaux said.
“Our 2023 will continue to see new states and potentially countries opened and the debut of innovative new products, including our in-house casino platform,” he said. “We also intend to accelerate our marketing efforts while continuing to acquire at rational [cost per acquisition].”
The company gained 2.7 percent market share in Indiana in its first partial month of operation, good for sixth overall in that state and in the vicinity of Barstool and Caesars, both with a track record of more than a year. Within the first month of launch in Indiana, Arizona, Virginia and Tennessee accounted for 10 percent of new first time accounts.
Credit the Mystery Wheel promotion, in which users spin the wheel for a chance to win free bets up to $5,000.
Unlike publicly traded companies, Hard Rock International doesn’t have to satisfy shareholders with quarterly profits.
“The rational spend is key, as we’re able to think about the long-term growth and sustainability of our digital business without getting tied up in the glamor metrics like handle or market share that many in our industry have historically focused on to pump their business,” Primeaux said.
