Bet365 has generated significant buzz over the last 12 months as one of the key second-wave of US sportsbooks, in a group that includes ESPN Bet and Fanatics Sportsbook.
Last summer, much attention was paid to bet365 rising to become the third most popular sportsbook in Ohio, a signal the company intended to become a serious player nationwide.
Post-PASPA, the business did not engage in the enormous marketing spend required to attain market share that ensnared many of the first wave of prospective sports betting operators.
This ultimately led to a slew of market exits and consolidation between 2022 and 2024, including CDI’s TwinSpires Sportsbook, PointsBet, FoxBet, Kindred, PlayUp and the majority of WynnBet’s operations.
Bet365 now appears to be gearing up for a significant US push, with the improvements in product highlighted in its yearly accounts published this month.Research firm Regulus Partners wrote this month: “Whether or not bet365 deploys its balance sheet for regenerative M&A or continues to be a reliable but less threatening cash machine for its owners then becomes a very big question for the gambling industry as a whole.”
The landscape in Indiana
Bet365 achieved its Indianan launch through a market-access agreement with the French Lick Resort, replacing BetRivers.
“At bet365, we don’t do ordinary, and as the home of the country’s first professional baseball game, ‘The Greatest Spectacle in Racing’, and a rich basketball history, neither does Indiana,” said a bet365 spokesperson.
“New and eligible sports fans in the Hoosier State, renowned for their passion and loyalty, can enjoy the bet365 experience featuring market leading offerings like amazing Bet Boosts, the fastest In-Game product and unique Same Game Parlays.”
The company has launched with two promotional offers. These include a $150 bonus bet for a $5 stake and an up to $2000 safety net on the first bet.
The state is mid-tier in terms of mobile sports betting GGR, reporting a monthly record of $50.6m in December 2023.
Competitively, the market is a classic FanDuel-DraftKings duopoly, with the traditional DFS giants reporting $19.3m and $18.1m respectively.
In terms of second-tier operators, recent entrant ESPN Bet reported $4.7m for the month. Caesars-owned William Hill and BetMGM on the other hand recorded $2.1m and $3.8m each.