A Vision of expansion: UK-Based Sportsbook Bet365 plans on significant investment for US growth

Bet365, one of the biggest sports betting operators in the world has applied for an Ohio online sports betting license, investing in the US to further expand its business. Last week the company filed its annual report for fiscal 2022 ending March 27, though little data is available. However, a significant scoop is that administrative costs jumped $382.2 million compared to fiscal 2021. These funds were invested in "raising brand awareness in new markets alongside continued investment in IT infrastructure and technology."

Bet365's Sports Betting Trailing Behind

Admittedly, the presence of Bet365's sportsbook in the US is not performing at its best, being live solely in New Jersey. And apart from a few signs at Yankee Stadium, it doesn't seem to hold any commercial standing overall, especially when compared to its American competitors. Really and truly, months after earning its sports betting license, bet365 still has no firm launch timeline in Colorado, which like New Jersey, also has more than two-dozen live digital sportsbooks, nearly all of which are better known to American audiences. Bet365's other serious American sports betting push was in New York, where it was not one of nine operators to earn a license.

The Company Still Shows Signs Of Promise

Despite the 2% decline reported in sports betting revenue, the company gained 25% in gaming revenue. Furthermore, revenue grew by 2% to $3.4 billion in fiscal 2022 while cash on hand and equivalents added up to $4 billion at the end of the fiscal year. And compared to 13% increase the prior year, the number of active customers has now increased by a good 48%. These findings have prompted discussion among keynote figures in the industry. While some are rather sceptical about the copious amounts of funds the company is investing to raise awareness, others are regarding this cautious approach as a strategic move. Still others have argued that this is the company's way of planting the seed and biding its time until it reaps the fruit of its labour. Senior Content Writer at NoDepositFan, Michael Murdoch has a rich background in online marketing, having spent several years writing marketing copy for large brands like Bet365 as well as other industry leaders. He shares his two cents on this bold move: 'Although this company has seen better days in the realm of sports betting, the operator's decline in revenue is allegedly margin-based, with a substantial increase of 48% in active customers. In other words, they must be doing something right!'

Bet365 Commended By Industry Analysts

Founded in 2000, bet365 has grown into one of the major players in global online gaming. Industry analysts have since commended its cutting-edge tech platform, user interface and the vast selection of betting options it brings to the table. The company has actually grown into one of the world's most lucrative gaming companies. In Ontario, where the market is yet unregulated, bet365 has offered iGaming and online sports betting for years. And even now that the commercial environment has been newly regulated, bet365 is projected as a market share leader. Although no revenue figures have been published since its April launch, bet365 has been one of the province's most downloaded apps in recent months. Eilers & Krejcik Gaming (EKG) which regularly compares major businesses offerings within the gambling industry, said bet365 was "on course to expand significantly its US footprint in 2023 with multiple state launches," while suggesting the firm could also "surprise via M&A." EKG further remarked that bet365 "has the strongest product in the most competitive OSB market in the world (the UK)" and will therefore "challenge for podium position in our US OSB app rankings as it further localizes its US product."