When bet365 launched mobile operations in Colorado at the start of this month, it certainly raised eyebrows in boardrooms across the sports betting landscape, even in the executive suites of giants like FanDuel, DraftKings and Caesars Sportsbook.
For years, bet365, the most successful operator in the United Kingdom, has been viewed as a sleeping giant in the U.S., a private company that keeps its cards close to the vest while potentially creeping up on the major operators.
Colorado gave the company a second U.S. foothold, along with New Jersey, and it has been approved for a license in Virginia, perhaps just the first few dominoes to fall in the company's North American strategy. It also is live in Ontario and has a deal in place with the San Antonio Spurs in case Texas legalizes sports betting. It tried and failed to land a license in New York, where only nine skins were available. Like everybody else, it's keeping an eye on California and Florida.
“I think there are three or four companies who could come into the space and be real competitors,” said Chad Beynon, managing director and senior analyst at Macquarie Group. “Bet365 is one of those companies. They're well-financed, they're successful in a market right now where there have been a lot of losses and unprofitable businesses, and it's been hard to access capital.