The deal will also see Caesars named as the official casino partner for the team.
Plans are also in place to open a retail sportsbook at Rocket Mortgage FieldHouse – home of the Cavaliers – pending regulatory approval.
The 10,355 square foot sportsbook will also utilise official Cleveland Cavaliers logos and marks, broadcast and digital content, in addition to TV-visible in-game signage.
The Caveliers deal represents Caesars’ latest sports team agreement. The company has partnered with the NFL’s Buffalo Bills, Indianapolis Colts, and Baltimore Ravens, in addition to sponsoring the NHL’s Washington Capitals.
Chris Holdren, co-president of Caesars Digital, said: “We’re ready to welcome Ohio sports fans into the Caesars sportsbook empire, while also making history with our second sportsbook at an NBA arena.
“Building upon our already established roots with Scioto Downs in Columbus, we’re excited to announce our partnership with the Cavaliers at an exciting time in their franchise’s history. As we prepare to launch sports betting in Ohio later this year, this wide-ranging partnership enables us to connect with the Cavs’ passionate and highly engaged fanbase.
“Caesars sportsbook at Rocket Mortgage FieldHouse will be a first-class venue providing an exciting atmosphere for sports betting and more.”
Sports betting is soon to be implemented in Ohio, after the state’s House and Senate approved sports betting legislation back in December.