Bet365 Expands in Illinois: A Strategic Market Move

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00:00There's another sports betting operator that I guess you could kind of quantify by saying

00:06slow and steady wins the race.

00:08That's how I would define the United States market with Bet365.

00:12Very popular all over the world here in the US, just sort of quietly jumping into different

00:18markets.

00:19And Sam, we found out over on legalsportsreport.com yesterday that they are opening up shop in

00:24a new state.

00:25Which one is it?

00:27Yeah, first of all, I would say the way you've described Bet365 strategy is spot on.

00:32While you've had a company like Penn try to come out here and throw dollars and try to

00:36expand in 17 states at once, Bet365 has really waited in the shadows.

00:41But the big development here is them launching in Illinois, which is one of the biggest states

00:46in the US.

00:47And for them, it's their biggest state that they're live in now.

00:49This is a privately owned company, which is a huge global powerhouse across the world.

00:54They have a ton of money.

00:56So it's been really interesting to see them take this slow strategy where they first launched

01:00in Colorado a few years ago and then in New Jersey.

01:03But they really can kind of turn this on whenever they want to.

01:06And I would say Illinois, being a huge state, being a huge sports state, is a big development

01:12in kind of the slow and steady race that they've been.

01:15It'll be pretty interesting to see what have they learned in that time that they've kind

01:19of waited to launch in a state like Illinois.

01:23This is only their 12th state, but it's the biggest one.

01:25Are they going to use this strategy of pumping out promos and trying to get people over your

01:30sports book?

01:31We've seen, obviously, that hasn't really worked out in terms of being able to retain

01:34customers for a lot of these other brands.

01:37In some cases, though, it can come down to the technology they have just isn't a good

01:41experience for people.

01:42Bet365 has that tech that they have been using across the world.

01:47So we'll see if they can get that product in front of people.

01:49If people are then, hey, it's actually really a good, easy app to use, or if it has some

01:53issues here.

01:55They don't have some of the market constraints that a company like DraftKings has, where

01:58you have investors you have to answer to and profitability questions, or a company even

02:03like MGM, which has other businesses that support it, not just the sports book.

02:08So I would say this MarksBet365 really ramping things up.

02:12This is the sixth state they've launched in the past year, and they've just really ramped

02:16up things.

02:17And we'll see in 2025, if that continues to go, if they're making a good go of it, and

02:22they want to roll that forward and maybe bring some momentum even up here.

02:25So yeah, Illinois, big state for Bet365, and it'll be interesting to see how customers

02:30react.

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