After failing to secure a bid in New York, bet365 has looked for ways to build a foundation in the United States. Things haven’t been easy because the sports betting industry has become a ruthless sector as companies like FanDuel, DraftKings, BetMGM, and Ceasars make up the Big four in most states.
bet365 Will Be Available in Virginia Soon
bet365 will launch its fourth in a matter of a week or two, according to Gina Smith, the Virginia Lottery Board‘s deputy director of gaming compliance. However, no set launch date is set in place.
One of bet365’s rivals is Betfred; Betfred continues to find a presence in the United States as it recently gained market access in Las Vegas. Its partnership with the Cincinnati Bengals put the company on the map as the team is set to face the Kansas City Chiefs in the AFC Championship on Sunday.
The company also accepted a bet from Jim McIngvale (Mattress Mack)- Houston Astros to win the World Series. Betfred incurred losses, however, the setback also brought the company increased attention within the industry.
Betfred was the last sportsbook to join the Old Dominion, while bet365 became the first operator to join the market. As of late December, Betfred has partnered with Loudoun United FC of the United Soccer League. bet365 must explore additional strategies to achieve the level of popularity it holds in Europe.
It’s Been Hard for Smaller Sportsbooks to Gain Market Share in the State
The market share in Virginia is mainly dominated by three sportsbook operators, which feature FanDuel, DraftKings, and BetMGM. There were minor variations in terms of handle share from the previous quarterly meeting.
FanDuel and DraftKings, the top two sportsbooks in Virginia, respectively, both experienced a slight increase in handle share, with each gaining less than one percentage point. FanDuel led the way with over 41 percent of the market share, while DraftKings was miles behind with over 23 percent.
BetMGM, on the other hand, saw a decrease of one percentage point in its handle share, but it still held the third position among operators in the state, with approximately 18.3 percent. Caesars failed to reach double-digits, only securing close to eight percent of the market share.
Barstool, PointsBet, and BetRivers secured the next three spots. Barstool came close to acquiring four percent of the handle share, Pointsbet obtained over two percent, and BetRivers achieved slightly more than one percent. Every other sportsbook operator in the state fell below the one percent mark.
bet365 Needs to Make its Opportunity
bet365 needs to work on its market campaign, as it has been difficult to gain market share in the United States. It has continued to expand partnerships with the PGA Tour on an international level but needs to make progress in the United States.
Companies like Fubo shut down their sports betting interactive unit to focus on the TV side of the business. This will be a tough test for the sportsbook, but gaining market access to as many states as possible will help the company grow in the industry.