Bet365 Jumps into Virginia's Competitive Mobile Sports Betting Scene
Betting giant Bet365 commences operations in Virginia, expands its reach to four states across the U.S.
In a bold move, bet365, an official partner of the NFL's Washington Commanders, has joined Virginia's bustling mobile sports betting market. The commonwealth is now the fourth U.S. state to host the globally recognized European sportsbook, following in the footsteps of New Jersey, Ohio, and Colorado.
Virginia sports enthusiasts can now choose from over a dozen top-tier mobile betting sportsbooks, including BetMGM, BetRivers, Caesars Sportsbook, FanDuel, DraftKings, PointsBet, and the soon-to-be-launched Betfred. But, as of now, there are no additional sports betting licenses available for application.
Excited about their U.S. expansion, a bet365 representative shared, "Fresh off our successful Ohio launch, we're stoked to bring the world's beloved online sports betting brand to Virginia!"
The Massachusetts market initially caught bet365's attention, but a recent "hiccup" with their partnership with Raynham Park resulted in a retreat. Massachusetts launched retail betting this year, while Virginia welcomed bet365's arrival in its mobile sports betting scene.
Market Share Dynamics in Virginia
A Virginia Lottery gaming report unveiled market share figures from January 2022 to November 2022. The data reveals that, notably, FanDuel leads the pack with a 41% share of the sports betting handle during that period. DraftKings follows closely behind with a 23% share, and BetMGM ranks third with an 18.3% share.
BetMGM's aggressive use of promotions during the reported timeframe earned it the title of the operator with the most promotional handle in Virginia from January-November 2022.
Caesars Sportsbook ranks fourth among operators with a 7.9% share, followed by Barstool Sportsbook (3.9%), PointsBet (2.4%), BetRivers (1.2%), and WynnBET (about 0.9%).
As a new player in a competitive market, bet365 faces a battle to carve out a share, especially since established brands like FanDuel and DraftKings are deeply ingrained in Virginia. However, bet365 will benefit from a legislative change that allows them to deduct promotional expenses from their taxable revenue for their first year of operation, a feature that will likely help them attract customers.
A recent legislative change, however, may limit how long bet365 and other operators can continue to deduct promotional expenses from their taxable revenue. Nathan Click, the national spokesperson for the Sports Betting Alliance, a national coalition of sports betting operators, expressed his concerns about this change in a controversial op-ed published by the Richmond Times-Dispatch, hoping for a reconsideration during the 2023 legislative session.
- The line between the top sports betting operators in Virginia is thin, with FanDuel leading the pack with a 41% market share, followed closely by DraftKings with 23%.
- The entry of bet365 into Virginia's sports-betting scene marks a significant wager for the globally recognized European sportsbook, as they aim to carve out a share in the competitive market.
- As newcomers, bet365 will leverage financial incentives, such as the ability to deduct promotional expenses from their taxable revenue for their first year of operation, to attract customers and establish themselves in the business.
- In the ever-evolving world of sports betting, the finance aspect plays a crucial role, with operators such as bet365 hoping to line their pockets with a significant share of the lucrative Virginia market.
