Bet365 has now launched a sportsbook and an online casino in the Keystone State. How will it fare? PlayPennsylvania believes the brand, which is an international powerhouse, is going to be among the second-tier operators in both categories.
However, even that could take time.
Bet365 PA online casino has had its sights set on Pennsylvania since January 2023, when it partnered with Churchill Downs and Presque Isle Downs and Casino to replace Twinspires.
Entering a market as mature as Pennsylvania’s will have its challenges for bet365.
Eight Pennsylvania licensees had online casino revenue of more than $5 million in June alone — with four over $10 million each all the way up to $80 million. Six Pennsylvania online sportsbooks had handle exceeding $20 million the same month.
However, bet365 is a known, established global brand and shouldn’t be counted out.
Online casino outlook for bet365 could start slow, then build momentum
Pennsylvania legalized online casinos in 2017, with three platforms launching in July 2019. That number has grown to 20, and bet365’s entrance will make 21 PA online casinos.
The Pennsylvania Gaming Control Board does not break down revenue by operator. However, since Presque Isle Downs and Casino’s only partner is bet365, we’ll get exact totals for the platform, just like we do for Qualified Gaming Entities such as Bally’s and Golden Nugget.
Because most licensees have multiple online partners, totals for FanDuel, DraftKings and BetMGM are tough to nail down exactly. However, it’s not a secret that those three brands are the market leaders.
FanDuel and DraftKings easily produce revenue in the $40 million or $50 million range per month, and even higher. Bet365 online casino PA won’t start anywhere near that.
In neighboring New Jersey, bet365 ranks middle of the pack
We can glean some information from bet365’s performance in New Jersey this year, especially since the operator has an online casino there, like it will have in Pennsylvania.
Bet365 has accumulated $6.3 million in online casino revenue through May in New Jersey, which is an average of $1.3 million per month. Through June, it ranks 18th out of 32 operators. Bet365 launched in New Jersey in 2019.
We would love to give you specific revenue for bet365’s first months in business in New Jersey five years ago. Unfortunately, the New Jersey Division of Gaming Enforcement only began providing operator numbers in 2024.
And, comparing Pennsylvania to New Jersey is limited. There is more competition in New Jersey than there will be in Pennsylvania.
Perhaps a smaller number of platforms in the Keystone State could ultimately help boost bet365.
The first few months of bet365’s existence in Pennsylvania are likely to be slow, as it is for most new operators joining a competitive market. For example, Bally’s launched in June 2023 and hovered around the $2 million threshold for five months before finally clearing $3 million. In May, Bally’s generated $5.3 million, its best month ever.
We’re predicting bet365 will start off hovering just below $1 million for the first few months. Once it gets its footing, it could start generating $2 million to $3 million in monthly revenue in about eight months.
To start out, PlayPennsylvania’s estimation is for bet365 to fall in the third tier along with Fanatics, Wind Creek and Mohegan Sun Pocono.
bet365 could become a second-tier sportsbook operator
A lot of the same analysis on the online casino side rings true for the sports betting vertical. Bet365 Sportsbook PA, without a doubt, is going to start slowly in a state with similar market leaders as NJ.
There is one clear market leader in the Keystone State, and that’s FanDuel, which has led the state in monthly handle for nearly every month since launching in July 2019. It has accumulated lifetime totals of $11.5 billion in handle and $1.1 billion in revenue. DraftKings, which ranks second in both categories, has produced $7.3 billion and $516 million, respectively.
There are only 11 PA online sportsbooks in the Keystone State. Bet365’s launch would make it 12. FanDuel is atop the depth chart, with DraftKings in second. Then, there is everyone else.
There are several operators battling for the second and third tiers within the state. After the two market leaders, the following operators generated at least $20 million in handle last month, which PlayPennsylvania considers the second tier:
- BetMGM
- ESPN BET
- BetRivers
- Caesars
The platforms that produced fewer than $20 million in handle include:
- Fanatics
- PlaySugarHouse
- betPARX
It’s likely that bet365 will be in that third tier of operators, with the opportunity to jump into the second over time.
What challenges bet365 faces entering a mature PA market
Bet365 has simple hurdles to overcome in the face of launching in a market that is right around five years old. A lot of gamblers bet with the operators they already know, such as FanDuel and DraftKings, which will make it difficult for bet365 to acquire significant market share.
Over the last year, the sports betting market in Pennsylvania has consolidated. There have been three operators that have left the state. Betway is the latest to depart, it announced last week. Fox Bet and Unibet also have left.
ESPN BET and Fanatics are the last two platforms to have entered the Pennsylvania market.
Those two operators had a bit of an advantage, though. They each took over the license of an existing sportsbook operator. Meaning, ESPN BET already had Barstool’s customer base, while Fanatics had PointsBet’s.
That gave each brand a leg-up with existing players and marketing material already teed up. Bet365 does not have that luxury as it enters the state as a brand new operator.
bet365 will attempt to lure customers with huge welcome offers
Expect bet365 to attempt to lure customers with some huge welcome offers.
But, bet365’s product will have to be impressive enough to get users to be loyal after chasing the bonus. The one thing going for the operator is its veteran status and brand recognition.
It is a massive brand in other countries, especially in the Ontario market in Canada. However, that doesn’t necessarily mean it’ll be a slam dunk in the Pennsylvania market.
Bet365 is going to have to take the successes it has had in other countries while adjusting to the way Americans, and specifically in this case, Pennsylvanians, gamble.
Should it strike the right balance, bet365 could become a solid operator to compete in the Keystone State.
