North American expansion for Bet365

Posted: Feb 02, 2023 14:21 Category: Americas , Online , Sportsbetting , Posted by Lea Hogg

Bet 365 launched in Ohio on 1 January after being granted a licence to operate in the jurisdiction. Previously Bet365 withdrew applications for online licences in Massachusetts and its application for a licence in New York was turned down in 2021.

The company may expand to Iowa, Indiana and Arizona but plans are still not confirmed by the company.  As a leading gaming operator in Europe, Bet 365 has not prioritised a rapid expansion into the US Market.

For example Flutter Entertainment that operates Paddy Power and Betfair has acquired FanDuel. The merged entity has now become the leading sportsbook in the US. Coral and Ladbrokes operated by Entain merged with MGM Resorts and operated in the US as BetMGM.  This is the ranked as #3 in the sports betting sector while the merged entities of Caesars with William Hill operating as William Hill in the USA is ranked #4.  Boston-based DraftKings is ranked #2 after it acquired SB Tech and went public in the US.

Bet365 has less than 1 percent market share in New Jersey and Colorado. Ohio’s first revenue report is expected to be released in February.

Most US companies have lost value in the last year. The only operator to post a positive revenue quarter in the US is FanDuel.

Online gambling in Virginia

Online gambling activities in Virginia date back to 2016, when Daily Fantasy Sports (DFS) was legalized.  The market expanded after the arrival of online sports betting in 2021.

Sports Betting

Virginia online sports betting became fully legalised in July 2020 after the bill passed through in April and the first sites launched in January 2021. There is not much of a sportsbook history in Virginia and the state has chosen a slightly different route than others that already have legal sports betting. Instead of creating a new regulatory body, activity is overseen by the Lottery Board.

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