A sports betting operator has debuted a new free-to-play product.
British gambling brand bet365 announced a partnership on Thursday with fantasy sports provider Scout Gaming Group to launch “Daily Lineups”, a free-to-play offering that allows users to compete against one another with a team they build. Users build a team of players that accumulate points based on real-time game statistics. Daily Lineups, which was initially launched in North America, has markets available for sports including football, basketball, and golf.
As of Jan. 25, Daily Lineups has gone live in Ohio, Virginia, Colorado, Louisiana and New Jersey.
“We’ve now brought to market, a fully localized, and highly competitive free-to-play product in a region where there is considerable competition, a massive market, and even more opportunities for innovative fantasy sports providers and operators,” said Scout Gaming Group CEO Niklas Jönsson. “We are very much looking forward to measuring the results with bet365 and ensuring the products deliver on their tremendous potential and the vision of the partnership to bring engagement and excitement to users.”
Bet365, which offers regulated sports betting in seven states, is establishing a footprint in a fantasy sports market that could reach $49.5 billion by 2028. Daily Lineups also allows bet365 to compete with other sports betting operators that have launched fantasy-focused products including DraftKings. Last month, DraftKings debuted Pick6, a peer-to-peer props-style product that has contests limited to 150 entries with a prize pool distributed amongst entrants.
New product allows bet365 to bolster business
Bet365’s new offering can also attract new customers as the company looks to drive profits.
Earlier this month, bet365 reported $4.3 billion in revenue for the year ending March 26, 2023 — up from $3.6 billion for the same period the year prior. Despite the revenue growth, bet365 posted $77.6 million in losses in the 2022-2023 period compared to a $54.3 million profit the year prior.
The losses stemmed from administrative expenses, which surpassed $3.6 billion in 22-23.
