UK-based sports betting and gaming operator bet365 has completed the purchase of a $135 million office building in Denver, cementing its place in the city.
Local media in Denver reported that records show Hillside New Media Holdings US Inc., bet365’s US operating arm, completed the purchase of 1701 Platte St. for $135 million.
The building was sold by 1701 Platte Owner LLC, an entity connected to San Francisco-based real estate investment firm Shorenstein. bet365 had been leasing the 248,783-square-foot building since last fall, creating hundreds of jobs.
Colorado Governor Jared Polis welcomed the company establishing its headquarters in the state, commenting, “We are thrilled to welcome bet365 and nearly 1,000 jobs to Colorado and congratulate them on the grand opening of their new U.S. headquarters here.”
The company committed to hiring at least 300 people in its first year of operations, eventually expanding closer to 1000. The confirmation of the building purchase shows that the plan is on track.
bet365 Increasing Presence In The US
Since 2023, bet365 has launched online sportsbooks in numerous U.S. states, including Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina, Colorado, New Jersey, Ohio, Virginia, and others. The company is now active in 13 states across the country.
The expansion into more US states has led to an increase in revenue. Global revenue for FY 2023–24 stood at £3.72 billion ($4.65 billion), up 9% from the previous year. Sports betting revenue grew 11% YoY, with U.S. market expansion cited as a major contributor.
The increased revenue led to the company posting an operating profit of £396.6 million ($503.7 million), up from an operating loss of £37.3 million ($50.6 million) the previous year. The loss in FY 2022-23 is attributed to a big push into the US with market launches in Colorado, Ohio, Virginia, and Iowa.
bet365 Joins Other Sportsbooks To Push Further Expansion
In addition to expanding its reach into more states, the company has also joined the Sports Betting Alliance (SBA) to increase its control in the market.
The SBA was formed by leading US sportsbooks, FanDuel, DraftKings, Fanatics Sportsbook, and BetMGM. Together, the sports betting companies lobby for favorable conditions in the betting landscape in the country.
Recently, the SBA has spoken out against tax increases in various states, most notably in Illinois. The decision of lawmakers to add a $0.25 or $0.50 tax on each bet placed at online sportsbooks in the state was called “discriminatory” by an SBA spokesperson.
The SBA is also active in lobbying for more states to legalize online gambling options. Currently, 39 states in the country have legal sports betting, with seven states also offering legal online casinos.
In joining the organization, Trip Stoddard, a bet365 spokesperson, said the company aims “to stamp out illegal and unregulated betting and bring regulated sports betting to all 50 states.”
US Part Of Global Expansion
In addition to targeting the US as an area for expansion, bet365 has also moved into the market in Brazil. The company signed a stadium sponsorship deal with soccer club Palmeiras in May this year to increase its branding in the country.
North and South America are primary targets for the company, which shut down its operations in China earlier this year. The company also transferred the ownership of Stoke City FC to co-CEO John Coates to concentrate more on global markets.
Commenting on the sale, the company states it was “the best, most sustainable way for Bet365 to continue its global expansion”.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
