Circa eyeing new states for sports betting app; California site next?

Having already created a haven for sports fans in downtown Las Vegas, Circa casino-hotel co-owner Derek Stevens is eyeing future opportunities, including new markets for the brand’s mobile sports betting app and the possibility of a retail location in California.

Stevens said Circa Sports is working on creating its in-house technology before rolling out the betting app in additional states. Circa Sports is currently live in Nevada, Colorado, Illinois, Iowa and Kentucky.

“We’re currently in the process of developing our own tech. We’re going to wait until our tech is completed before we launch in any additional states. We’d like to launch in additional states, but I don’t want to launch with the current tech that we’re using,” Stevens told the Review-Journal during an exclusive interview at the Global Gaming Expo in Las Vegas.

Stevens said the process is taking longer than he would like, but the development team is being deliberate to ensure the best possible product.

‘We’re still probably a year away’

“We’ve been working on this project for a year, and we’re still probably a year away,” Stevens said. “The ability to develop licensed software is something we think could go quicker. I mean, we could build another Circa quicker than getting licensed software done.”

Since opening in 2020, Circa Resort & Casino in downtown Las Vegas has solidified itself as the go-to spot for sports lovers in Sin City. Circa boasts what Stevens dubs “the world’s largest sportsbook,” as well as Stadium Swim, an outdoor sports viewing mecca with six massive heated pools, bikini-clad servers and a 40-foot tall high-definition screen.

The sportsbook has built a reputation as being fair to sharp gamblers and offering some of the best lines in the betting business.

Circa’s retail sportsbook’s success has yet to fully translate over to the online app for two primary reasons. First, the mobile segment is dominated by the two big players, FanDuel and DraftKings, which makes it hard for other brands to gain relevant market share. Second, a hodgepodge of regulatory requirements across the United States makes market access difficult, cumbersome or impossible for some.

Stevens said the regulatory structure in some states can make the landscape less than ideal for an operator that prioritizes brick-and-mortar over digital.

“When you have a regulatory environment that allows for remote registration and remote funding, (there will be) unintended consequences,” he said. “You’re never going to get other investors to invest tens of millions of dollars and create jobs if you’ve got remote registration and remote funding.”

Sports wagering in California

To that end, Stevens is paying close attention to sports wagering legalization efforts in California, which is understood to be one of the two biggest untapped markets in the U.S., the other being Texas.

After two separate measures to legalize sports betting in California were soundly defeated in 2022, the gaming industry went to work trying to mend relationships with state tribal leaders, who are a powerful political force and have near-total control of gambling policy in the Golden State.

A panel of experts at G2E this week said California voters could have another crack at legalizing sports betting as early as 2026, but that 2028 was more likely.

Stevens said that if California were to adopt sports betting regulations similar to Nevada’s, where in-person registration of a mobile sports betting app is required, the capital investment of retail properties would explode.

“If (California does not) have remote registration, then you might see some massive investments that could create a lot of jobs, and we would be the first ones who would do it,” he said.

Stevens co-owns Circa with his brother Greg. They also own and operate the Golden Gate and The D.