In the online sports betting world, FanDuel, DraftKings, BetMGM and Caesars Sportsbooks are generally considered the top four.
But it looks like Bet365 is primed to buck that trend. The European online gaming giant is making a push in North America. After a strong showing in Ohio recently, the company could become a force in the Kentucky sports betting market.
Kentucky recently signed off on emergency regulations, paving the way for a September sports betting launch. From now until that Sept. 7 mark, we’ll see sportsbooks apply for operator licenses in Kentucky and announce partnerships with racetracks.
The company hasn’t announced whether there will be a Bet365 Kentucky platform. But all signs indicate Bet365 will enter the market. If it does, it could find plenty of success in the Bluegrass State.
Bet365 ranked third in Ohio’s sports betting handle in May
One of Kentucky’s northern neighbors started accepting legal sports bets in January.
So far, Bet365 has positioned itself fairly well.
Based on Ohio’s most recent sports betting figures for May, Bet365 ranked third with a handle of $32,094,790. That equated to a 7.5% market share and $4,419,351 in revenue for the month.
The market share is noteworthy, as is the handle and revenue. Those numbers surpassed BetMGM Sportsbook and Caesars Sportsbook, two operators whose handle failed to hit the $30 million mark that month.
Passing Caesars is nothing new for Bet365. The sportsbook recently passed Caesars and Barstool Sportsbook for the number of app downloads over the past few months.
In April, Bet365 accounted for $36,915,067 in Ohio handle, $5,111,655 in revenue and a 7.3% market share. April proved to be a better month in terms of handle and revenue for Bet365, but that’s expected as more numbers from the summer sports lull creep in.
That month, Bet365 ranked fourth in handle, about $1.2 million behind third-place BetMGM. Bet365’s April handle was almost $11 million more than Caesars.
What has Bet365 done to position itself for success?
For starters, it hasn’t shied away from spending money on promotions.
In May, the month where Bet365 ranked third in handle, it spent roughly $3.8 million in promos. That’s on par with the previous month within Ohio.
In March, it spent nearly $17 million on promotions during a jam-packed sports month. That was the most of any Ohio sportsbook and far more than industry leaders FanDuel and DraftKings.
The result? Bet365 ranked in the top five in Ohio revenue and market share during the state’s first four months. Leapfrogging BetMGM in May was a sign that things are paying off.
BetMGM boasts a total handle of $193,090,390 after five months in the Ohio market.
Some of the Bet365 promotions include a “bet $1, get $200 in bonus bets” offer, which is especially enticing to new users. Other operators offer similar deals but off $10, $15 or $20 first bets. The app itself boasts strong reviews and is applauded for its ease of use.
The operator also partnered with the Cleveland Guardians back in January. Bet365 and the team announced a multiyear partnership.
“We’re very excited to work with bet365 as our exclusive mobile sports betting partner and welcome them to the State of Ohio,” Guardians Vice President of Corporate and Premium Partnerships Ted Baugh said in a statement. ” … With nearly 90 million customers registered worldwide, bet365 is one of the world’s leaders in online gambling and will provide our fans a trusted source to complement our organization’s success on and off the field.”
Can Bet365 enjoy similar success in Kentucky?
PlayKentucky thinks so.
Clearly, Bet365 is doing something right. Ohio is a great example and could easily pave the way for success in Kentucky.
It’s incredibly hard for sportsbooks not named Fanduel, DraftKings, BetMGM and Caesars to crack that top four, yet Bet365 seems to have found a recipe to be in the mix. The operator highlights that it is in fact possible to make significant inroads as a state legalizes sports betting.
Should Bet365 apply for a Kentucky license and partner with a racetrack to provide online sports betting, residents can expect a similar marketing push. While there aren’t professional teams within Kentucky to sponsor, Bet365 will almost certainly drop major dollars on Kentucky sports betting bonuses, especially as the state launches in time for the upcoming NFL season.