bet365 has become the newest member of the Sports Betting Alliance (SBA), a lobby group for the leading US sportsbooks.
The UK sports betting site is the first new member of the organization since its formation in 2021. BetMGM, DraftKings, Fanatics Sportsbook, and FanDuel are the four founding members.
SBA President Jeremy Kudon commented on the addition by stating, “I’m also excited to have a bet365 in the SBA, that’s not something I ever thought six years ago we would have.”
bet365 expansion in the US
Joining up with the other leading US sportsbooks will increase bet365’s market influence in the country. The company is estimated to hold about 10% of the UK market, and around 4% in the US.
It is now operational in 13 states, with plans to expand further into new territory. Last year the site launched in Pennsylvana and entered the market in Tennessee earlier this year.
It has already partnered with the St. Louis Cardinals to become active in Missouri sports betting when the state opens its market in December this year.
The push into more states in the US led to the company increasing revenue by 9% in the financial year ending March 2024. Revenue was up to £3.72 billion ($4.6 billion), from £3.41 billion ($4.32 billion) the previous year.
This led the company to return to operating profit of £396.6 million ($503.7 million), up from an operating loss of £37.3 million ($50.6 million). The loss in FY 2022-23 is attributed to a big push into the US with market launches in Colorado, Ohio, Virginia, and Iowa.
America is now a priority for the company as it sold its share in English soccer club Stoke City FC and ceased operations in China. Commenting on the decision to sell the 98% stake in Stoke, the company stated it was “the best, most sustainable way for Bet365 to continue its global expansion”.
Ownership was transferred to co-CEO John Coates, but the club is now under his independent ownership rather than the bet365 group.
As well as expanding into more states in the US, the company also launched in Ontario and Brazil’s newly regulated markets.
Extra power for SBA
The addition of bet365 will bring extra weight to the SBA’s already strong presence in the US market. The group has lobbied hard against tax increases and pushed for increased legalization across the US.
The group described the recent proposal to tax every bet in Illinois ““discriminatory, punitive, and constitutionally suspect.” After the plan was announced in the Illinois budget, the SBA rallied support for its cause, leading to 76,000 emails being sent to Illinois lawmakers urging a rethink.
As impressive as that was, it did not lead to any change, and SBA President Kudon said the tax hike was “the biggest gift in the world to the illegal market.”
Despite a strong presence in the country, the regulated sportsbooks are still outperformed by unregulated markets such as offshore sportsbooks.
The SBA hopes their campaign at least made other states reconsider implementing similar tax measures. Ohio has been considering a tax on betting handle as well as revenue, which the SBA opposes.
The group has had success in pushing to legalize sports betting in many states, and it continues to advocate for other states, including Georgia, Hawaii, Kentucky, Vermont, and California, to open up their markets. With bet365 on board, there is more funding to push forward for what prediction markets already claim: legal sports betting in all 50 states.
On the group’s website, its mission statement reads, “SBA believes customers in all 50 states should enjoy the benefits of transparent and legal sports betting and online casino gaming with consumer protections and responsible gaming tools that do not exist on the unregulated market.”
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.
