Bet365 is gearing up to enter its second mobile sports betting jurisdiction across the United States. According to its license partner, it will take place during the second quarter of 2022.
Bet365 Sportsbook to Enter Colorado in Q2
Peter Hoetzinger, who is the co-CEO of Century Casinos, expects Bet365 to launch at any point between April and June, as a statement was made during Century’s year-end earnings call. This would allow the brand to acquire new customers to use its platform before NFL starts again.
Colorado is one of the states in the sports betting industry with a low barrier to entire. Many sportsbook competitors already have partnerships with sports franchises in the state. If Bet365 wants to be successful in the Centennial State, the company will need to increase its presence in the state.
Bet365 hasn’t had much success in the United States compared to its status in Europe and other countries aboard. The sportsbook is known for what the soccer market offers its users in places like Europe. However, its approach has been relatively quiet in the United States.
Bet365 has limitless cash flow around the globe but has struggled to do so in the United States. Those involved in the sports betting industry wonder when the company will make a splash, and Colorado entering Colorado might help start the process.
Where is Bet365 Available in the United States
The sportsbook is currently only available in New Jersey. But there are a lot of competitors bettors across the state can choose from. Bet365 tried to enter its neighboring state, New York, but the selection process for receiving an approved license was highly competitive.
The sportsbook’s brand hasn’t had much exposure in the United States as competitors like Caesars, DraftKings, FanDuel, and others have enjoyed much more success post-PASPA. Fans visiting Yankee Stadium may have seen Bet365’s logo in center field before the Empire State’s market launched.
The brand had a 20-year agreement with Resorts World in New York for retail and online sports betting. Sadly, they failed to receive an approved license. Bet365 was the only qualified sportsbook to miss out as it was not clear its addition to the market would justify a one percentage point drop from the 51% tax rate.
Bet365 is looking at other potential markets in the United States that have yet to establish a sports betting market. The company has a partnership with the San Antonio Spurs in Texas.
As of right now, the Lone Star State doesn’t offer legalized sports betting to its residents. There is no doubt that Texas could be a very lucrative market as it is the second-most populous state in the nation.
If Bet365 still wants to conduct business in New York, it may have a third chance to do so. Assemblyman Gary Pretlow and Sen. Joe Addabbo Jr., who are advocates of the sports betting market, introduced bills to allow more sportsbook operators to enter the state.
It all depends on whether or not this would be a good financial decision for the state as New York has the highest tax rate based on revenue which is 51 percent. Adding seven more operators by January 2024 would bring down the tax rate to 25 percent, as the bill states.