Bet365 Expands to Tennessee & Illinois Amid Tax Changes

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00:00Let's get to the latest in sports betting operators.

00:03Let's touch on Bet365.

00:04So much of our discussion, Sam, as you know,

00:06is usually around FanDuel, DraftKings.

00:07Good to see BetMGM still making moves here.

00:10Looks like they're headed to two new markets

00:12to see if they can get their impact there.

00:14Which are the markets,

00:15and do you think it'll be successful?

00:18Yeah, Bet365 is one of these sportsbooks.

00:21For a while, we've kind of wondered

00:22when they're going to ramp up.

00:24They call themselves the world's largest sportsbook.

00:26They have just a ton of money backing them

00:29from the Coates family in the UK,

00:30but they've been hesitant to really expand in the US.

00:33But now we're anticipating

00:34they're going to add two more states.

00:36Around March Madness is kind of what we're targeting.

00:38They would add Tennessee and Illinois,

00:41which would bring them from 11 states to 13 states.

00:44And those are pretty important states

00:46because Illinois, you know, is huge.

00:48It's a top five gaming market.

00:49And Tennessee is also very competitive

00:51in terms of online sports betting.

00:53We're about seven years in.

00:55Bet365 has been slow.

00:57They launched in North Carolina last year,

00:58and you saw a lot of promos around that launch.

01:02They would be good to take advantage

01:04of how the volunteers have done so far in college basketball.

01:08They're about fourth in the country right now.

01:10And Illinois looks like they'll make the big dance as well.

01:14Considering the recent tax changes in those states,

01:17Illinois is one of those states that doubled its tax rate,

01:19which has led to operators like DraftKings and FanDuel,

01:22the ones we often talk about on this show,

01:25saying they want to find ways

01:26to pull back their spending in that state

01:29to mitigate those tax increases,

01:31which could open an opportunity for a sports book

01:34like Bet365 to come in with bigger promos,

01:37better offers, more advertising,

01:39because often what is slashed when you talk about,

01:42you know, ways to cut down spending

01:44is promos, marketing, and advertisements.

01:46And Illinois is a state that DraftKings and FanDuel

01:48have been in for a long time.

01:50They're not really being super aggressive there

01:52trying to fend the top spots.

01:53So it would be a good chance for Bet365 to get in there,

01:56especially around March Madness.

01:58And then Tennessee as well, they have a tax on handle,

02:01unlike most states, which have a tax on revenue.

02:04So essentially all the money that they take in bets

02:07is getting taxed.

02:08So that could be harder for Bet365 to go in there

02:12and try to flood the market and get people to bet.

02:15But it's also still, again, a very big state

02:17and a big market, and would be just very significant

02:21in terms of their ramp up, which has been slow.

02:23Again, over the last seven years,

02:25they have a ton of money backing them.

02:27So we're kind of just, we've been waiting to see

02:29when they're going to ramp it up.

02:30And this could be kind of another stepping stone

02:32to moving forward where they're trying to compete

02:35for that top spot among all U.S. sportsbooks eventually.

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