After abandoning efforts (at least for now) to join the newest sports betting market, in Massachusetts, U.K.-based Bet365 finally went live with Virginia sports betting on Tuesday.
The Virginia Lottery awarded Bet365 a temporary permit to operate in the state back in August.
Bet365 is one of the biggest online sports betting sites in the world and pays its CEO Denise Coates one of the biggest salaries ever awarded in the U.K.
Bet365 was seeking a mobile sports betting license in Massachusetts that would have been tied to Raynham Park, a simulcast-wagering facility located south of Boston. But the company recently withdrew its application. Raynham Park recently announced they will now partner with Caesars Sportsbook for retail sports wagering. Mobile betting in Massachusetts is scheduled to begin in March.
Bet365 Moving Slowly in U.S.
Bet365 has been relatively slow to move into U.S. markets. It does hold sports betting licenses in Colorado, New Jersey, and Ohio. The company's expansion worldwide has brought high costs to the company. For the year ended March 27, 2022, financial results showed profits for the company fell more than 90% from the year before due to significant advertising costs.
The company said recently it will “continue with its long-standing policy of pursuing licenses in regulated markets and, given its experience, believes it is well placed to benefit long-term in those countries where commercially viable regulation is adopted. During the period significant development resources were committed in preparation for launching into new markets and to support changes in countries where the existing regulatory framework was being amended."
Bet365 has its work cut out for it competing in the Virginia betting apps market that just celebrated its two year anniversary.
Virginia Sports Betting Off to Strong Start
A total of 15 online/mobile licenses have been awarded to operators by the Virginia Lottery since sports betting launched in January 2021, but only 14 are operating today. Golden Nugget Online Gaming (GNOG) discontinued service in Virginia after being acquired by DraftKings in May. GNOG still holds a Virginia sports betting license.
Since its start on Jan. 21, 2021, Virginia bettors have wagered more than $7 billion on sports. The state has also opened two retail sportsbooks at land-based casinos: Hard Rock Sportsbook at Hard Rock Bristol Casino and BetRivers Sportsbook Virginia at Rivers Casino Portsmouth.
There are no Virginia online casinos available right now.
To celebrate Bet365's launch in Virginia, new customers can take advantage of a special offer. After signing up and making a deposit, customers can place a $1 bet and get $200 in bet credits to use on the sportsbook, even if their first wager loses.
Look for the best Virginia sportsbook welcome offers for your wagering interests at BetVirginia.com.
