It may not have the cache of Duke-North Carolina or even NC State-Wake Forest, but make no mistake: bet365 is making rivals when it comes to mobile sports betting in the United States.
Monday’s launch in North Carolina will mark bet365’s third debut since Jan. 30, having entered Indiana at the end of January and Arizona on Feb. 5. It had a modest bow in the Hoosier State with $1.1 million handle in two days of action, crafting an anomaly of a hold at 27.8% that resulted in $315,000 in revenue.
North Carolina will be bet365’s 10th state, with its recent expansion the closest thing constituting a flurry compared to the deliberate pace of previous starts.
No one is expecting bet365 to supplant FanDuel and DraftKings as the top two sports betting apps regardless of state. But the England-based book has shown the willingness to spend…and spend…and spend, which can help put it in a favorable long-term position to be among the coveted second tier of operators — ones that carve out niches for themselves in multiple marketplaces in the top five for handle and revenue.
bet365 holds its own on level playing fields
| Mobile Sportsbook | Ohio Handle (Jan. 2023-Jan. 2024) | Adjusted Gross Revenue | Win Rate | Kentucky Handle (Sep. 2023-Dec. 2023) | Adjusted Gross Revenue | Win Rate |
|---|---|---|---|---|---|---|
| bet365 | $501,009,487 | $66,562,103 | 13.29% | $65,698,458 | $12,532,582 | 19.08% |
| BetMGM | $562,963,196 | $75,277,933 | 13.37% | $36,419,374 | $4,620,834 | 12.69% |
| BetRivers | $50,041,654 | $2,732,100 | 5.46% | $0 | $0 | 0.00% |
| Caesars | $380,831,376 | $29,341,112 | 7.70% | $43,302,984 | $4,086,374 | 9.44% |
| DraftKings | $2,763,642,016 | $312,059,151 | 11.29% | $327,595,766 | $39,179,348 | 11.96% |
| ESPN BET (PENN) | $435,526,143 | $43,602,799 | 10.01% | $39,584,511 | $5,384,710 | 13.60% |
| Fanatics/PointsBet* | $169,539,438 | $18,782,752 | 11.08% | $15,735,684 | $1,190,878 | 7.57% |
| FanDuel | $3,002,925,668 | $445,290,590 | 14.83% | $327,403,196 | $39,687,552 | 12.12% |
| *Combined totals in OH |