Bet365 is ready to enter its second mobile US sports betting market in Q2 2022, according to its license partner.
Century Casinos co-CEO Peter Hoetzinger anticipates bet365 to launch sports betting in Colorado “next quarter,” according to his comments during Century’s year-end earnings call. That suggests anytime from April through June, which would give the brand plenty of time to acquire customers before NFL betting starts in earnest.
A spokesperson for bet365 did not respond to requests for confirmation.
Bet365 finally ramping up in US?
Bet365 has been quiet in its approach to US sports betting. It is only available online in New Jersey.
The brand at one point had a 20-year agreement with Resorts World in New York for retail and online sports betting. Licenses for mobile New York sportsbooks were only granted through a competitive bid process, though, rendering the deal moot.
Bet365 was the only qualified loser as it was not clear its addition to the market would justify a one percentage point drop from the 51% tax rate:
The committee was unable to make a positive determination that the addition the committee was unable to make a positive determination that the additional license awards about 365 would be in the best interest of the state as the totality. The information reviewed could not support a finding that their licensure would expand the mobile sports wagering and increase the aggregate revenue to the state.
Another chance in NY?
If bet365 has its heart set on New York, it might have a third chance at a bite of the Big Apple.
Two of New York’s online sports betting advocates, Assemblyman Gary Pretlow and Sen. Joe Addabbo Jr., introduced bills to add more operators to the market.
Whether that makes sense financially for the state is the key question, though. Adding seven more operators by January 2024, as the bill says, would drop the tax rate to 25%.
Timing right for bet365 entrance?
Bet365 is not the most well-known brand in America but has international influence and experience.
One consultant suggested the brand was waiting out the overly promotional market in the US:
“They are very shrewd and they know the value is not here yet,” said Peter Nolan, a sports betting industry consultant. “The unit economics of some of these US deals don’t make sense. They are being done for share prices, whereas bet365 makes so much money elsewhere, they can afford to wait.”
The winds are shifting in US sports betting when it comes to marketing, though. Caesars Sportsbook ads will “largely disappear” after March Madness, Caesars CEO Tom Reeg said.
Meanwhile, other gaming companies want out of the industry completely. Churchill Downs said it was shutting down its online casino and sportsbook as other operators show “little regard” for profitability. Wynn Resorts‘ interactive division is reportedly for sale.
