Gambling Giant Bet365 Granted Entry into Pennsylvania Market
UK online gambling firm bet365 has been admitted into the thriving Pennysylvania market as it looks to further its US growth ambitions.
Via an agreement with Churchill Downs Incorporated and, by extension, its subsidiary, Presque Isle Downs & Casino, the two entities have sealed a multi-year deal for bet365 to provide its services to the residents of the Keystone State.
Any completion of the agreement is still subject to regulatory approval, which is understood to be a case of when and not if.
Opportunity to Prove Itself in a Major US Market
This would be a significant landmark for the UK betting firm based in Staffordshire and provide a big chance for it to really establish itself in what is one of the biggest markets in the US.
Pennsylvania has witnessed considerable growth over the last year, with reports in October indicating that September saw a 7.9 percent year-on-year increase in gambling revenue, aided mainly by a 77.7 percent rise in sports betting.
This is great news for bet365, which markets itself as, first and foremost, a sports betting firm, despite also having a formidable online casino.
As is routine in the US, any operator wanting to offer its services in its choice of state must first partner with a land-based entity, and, as a result, bet365 has reached an accord with Churchill Downs - something which has been greeted with enthusiasm by the US company.
We are pleased to partner with a global leader in the online gaming industry. Our relationship with bet365 enables us to maximize the value of our company’s sports betting and iGaming market access in Pennsylvania.
Currently, bet365 has somewhat of a threadbare presence in the US, with licenses to operate in only Colorado, New Jersey, and, most recently, Ohio. Despite this, it is the largest single-entity online gambling operator in the world, with revenues of almost $4 billion annually.
There is hope that it can steadily increase its presence in the US and, over time, compete with native brands, such as FanDuel, DraftKings, and Caesars Sportsbook, which effectively dominate the market.
Meanwhile, a statement from bet365 revealed: “Off the heels of our launch in Ohio, we are thrilled to announce our partnership with Churchill Downs Incorporated. Once live, the world’s favorite online sports betting brand will be available to sports fans in Pennsylvania, offering fantastic site features, including Bet Boosts, Same Game Parlay, Cash Out, and Edit Ben, on top of our market-leading sign-up offer.”
What Is Next for bet365?
The immediate priority for the gambling firm is to cement its presence in the states that it already operates in, and alongside New Jersey, the Pennsylvania market presents more than an adequate challenge.
Getting its marketing and branding just right will be key as far as customer acquisition is concerned, and being relatively unknown among US enthusiasts, this could go either way.
Pennsylvania is currently dominated by the aforementioned brands, while BetMGM has also staked its claim.
However, bet365 can ill-afford to be cautious in its US growth plans if it wishes to penetrate the online gambling hierarchy, and it will no doubt be already looking at further opportunities in terms of new states where it feels that it can make an impact.