Bet365 became the newest Pennsylvania online gambling operator after launching a sportsbook and online casino in late July. The platform generated impressive results despite debuting in the latter part of the month.
The international gaming giant had many industry experts wondering how bet365 would fare in an already mature market, in both verticals. If July is any indication, bet365 Casino PA and bet365 Sportsbook PA might be able to turn some heads by the end of the year.
bet365 quickly records over $1 million in iGaming revenue
Bet365 had its sights set on the PA gambling market since January 2023 when it partnered with Churchill Downs and Presque Isle Downs to replace Twinspires. That finally came to fruition when the operator launched late last month.
After a three-day soft launch, Bet365 officially went live in the Keystone State on July 19. According to the Pennsylvania Gaming Control Board, results from the soft launch do count towards the state’s revenue figures.
Including the soft launch that began July 16, the bet365 platform was live for 16 days in July and produced nearly $1.1 million in PA online casino revenue.
This is certainly an impressive display, despite just over two weeks of being operational. Over that time, bet365 averaged $67,701 in daily revenue. Extrapolating to a full month with 31 days, the operator would have generated around $2.1 million.
Bet365’s New Jersey iGaming platform brought in a total of $1.7 million last month, meaning its PA product is already outpacing its NJ counterpart.
Comparing to other operator iGaming launches
Bet365 entered a crowded Pennsylvania iGaming market with stiff competition. Two other latecomers to the state, Bally’s and Golden Nugget, both launched PA online casinos last summer. Here is how Bally’s performed in its first three months:
- June 2023: $908,697 (23 days fully operational)
- July 2023: $1.9 million
- August 2023: $2.6 million
Golden Nugget fared much better in terms of revenue in its first three months:
- August 2023: $1.7 million (11 days fully operational)
- September 2023: $6.4 million
- October 2023: $5.2 million
While Golden Nugget revenue shot up after its first month, Bally’s growth in PA took a much more gradual path. This past July, Bally’s recorded $4.3 million.
Bet365’s path is likely to compare more to Bally’s than Golden Nugget, with a more gradual uptick over the next several months. The iGaming site is already on track to start recording north of $2 million in monthly revenue in its first full month (August). Time will tell if, or when, bet365 can exceed the $4 million threshold, and potentially beyond.
Bet365 yields strong opening sports betting month, too
Competing in the PA online sports betting market might be a taller task for bet365, given that FanDuel and DraftKings are the dominant market leaders in the state. However, judging by the new operator’s first month, perhaps it can carve out a niche.
Operating in full for less than two weeks, bet365 generated $6.3 million in handle and $1.2 million in revenue. The site also delivered an impressive hold percentage of 19.7%.
Bet365 sportsbook already finished ahead of Betway, which just departed the market last month. It also came within striking distance of the following platforms in terms of handle:
- Caesars: $16 million
- betPARX: $12.5 million
- PlaySugarHouse: $9.4 million
It certainly wouldn’t be surprising if bet365 passes any one of those operators over the next few months, especially with the NFL season on the horizon. Bet365 PA appears to be on a path for success in both verticals based on a strong first half-month.
