While it may not be pursuing a license in Massachusetts, bet365 did add a new market today with the launch of its Virginia sportsbook on Tuesday.
This marks the fourth state launch for bet365 and the second so far in 2023. When Ohio opened up betting on Jan.1, bet365 was part of the group that was first to market.
With the new market comes a new partnership with the NFL’s Washington Commanders. While FedEx Field is in Maryland, the team’s headquarters are in Virginia as is some of the fan base. There will be bet365 signage at the stadium as part of the partnership, along with rights and marks usage and media integrations.
”This is an exciting time for our fans – and all sports fans – in Virginia, and we are excited to partner with bet365 to engage our fans across multiple platforms,” said Ryan Moreland, Chief Partnership Officer of the Washington Commanders.
In Virginia, bet365 does not first-mover advantage. It is the 14th sportsbook to launch in the state. Most operators set up shop in the Commonwealth at launch in early 2021.
Some operators did come into Virginia last year, including Hard Rock, SI Sportsbook, and Betway. In a recent report, the Virginia Lottery looked at market share for operators in 2022. So far, it has been an uphill battle for market share with these later entries. Hard Rock had .84% of the market, SI Sportsbook had .07%, and Betway had not launched in time to be tracked.
FanDuel (41%), DraftKings (23%), and BetMGM (18.3%) hold the biggest market share in the state. Only four other operators even register more than 1% of the market, leaving the remaining six clamoring for the remaining 2.2% of the Virginia marketplace.
Earlier this month, bet365 confirmed it would no longer be working with Raynham Park in order to offer online sports betting in Massachusetts. While the group is moving out of this one state, they continue to expand in the US at a quick pace. The brand is now live in New Jersey, Colorado, Ohio, and Virginia, with all but New Jersey launching within the last six months.