As North Carolina's sports betting launch inches closer, Bet365 figures to play a potentially big role in the state, according to Sports Handle's Chris Altruda. While it is unlikely that Bet365 will surpass market leaders like FanDuel and DraftKings, its aggressive spending strategy sets the company up for long-term success in the Tar Heel state.
North Carolina is the third state in which Bet365 will be among the first sports betting apps to launch when the state goes live. Bet365 also launched on the opening day in Kentucky in September and Ohio in January 2023. And in both states, Bet365's strategic spending has led to success.
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Bet365 spent $82.1 million on promotional credits and bonuses in Ohio since sports betting launched, based on Altruda's database, outspending Barstool Sportsbook (now ESPN BET), Caesars, and PointsBet by significant margins. In the first 13 months of sports betting in Ohio, Bet365 had the fourth-best adjusted revenue and handle ($66.5 million) and the third-highest hold at 13.29%.
In Kentucky, Bet365 spent $21.4 million on credits and bonuses from late September through October. Only FanDuel (42.5 million) and DraftKings ($28.8 million) spent more in the state over that span. Through December of last year, Bet365 had the third-highest adjusted gross revenue at $12.5 million in Kentucky — more than ESPN Bet, BetMGM and Fanatics combined at $11.1 million — and the highest win rate of any book at 19.08%.
The company faces formidable competition from ESPN BET, which also showed a readiness to spend big when it first launched in November. ESPN BET's $42.9 million promotional spend was only slightly higher than Bet365's spend of $42 million in its initial three months. However, ESPN BET's handle of $203.5 million was much higher than Bet365's $124.1 million in handle during its first three months.
Bet365's success in Ohio and Kentucky, characterized by high win rates and strategic spending, positions the company as a serious contender in the crowded North Carolina sports betting market.
