Bet365 Goes Live In Maryland, Expands US Footprint To 15 States
Online sports betting giant Bet365 has officially launched its mobile sportsbook platform in Maryland, which marks the company's 15th active US market.
The launch comes after getting regulatory approval from the Maryland Lottery and Gaming Control Commission (MLGCC) and successfully performing a controlled demo of the platform.
The UK-based operator is entering Maryland through a partnership with the Riverboat on the Potomac, which also offers retail wagering with Fanatics.
Until January 2024, the Riverboat partnered with PointsBet, before the Australian operator sold its US operations to Fanatics.
With Bet365’s arrival, Maryland now boasts 12 legal online sportsbooks alongside 13 retail locations, making it one of the most competitive sports betting states in the country.
Launch In Time For NFL Season
Maryland regulators gave Bet365 the green light just days before the NFL season kicks off, ensuring the sportsbook can accept wagers ahead of America’s most bet-on sports league.
Company representatives confirmed during licensing hearings that, while the operator will not run a retail book in Maryland, its mobile platform is fully operational and available statewide.
The launch comes as Maryland’s market continues to grow.
In July, the state reported $364million in sports handle, up nine per cent year-on-year, with huge gains led by DraftKings, BetMGM and Fanatics.
Since mobile wagering launched in November 2022, Maryland bettors wagered more than $15bn, with just over $1.7bn in operator revenue and almost $185m in state tax collections.
A Measured Approach To US Growth
Unlike its American-based rivals, Bet365 has adopted a slower, more deliberate rollout across the US.
After debuting in New Jersey, the company expanded into Colorado in 2022, followed by markets including Ohio, Virginia, Kentucky and Pennsylvania.
Maryland is the latest addition, with Missouri set to follow on December 1.
Unlike rivals FanDuel, DraftKings and Fanatics, each operating in over 20 different states, Bet365 has taken a steady approach to market penetration as opposed to flashy launches.
The operator typically spends far less on marketing and promotions but has still managed to carve out a solid share in competitive states.
Bet365's gross gaming revenue and total handle are behind the market leaders, Caesars and BetMGM, however, Bet365 has shown to be resilient against bigger spending brands.
It is focused on the quality of its product and global branding, rather than aggressive advertising.
Maryland’s Crowded Sportsbook Landscape
Bet365 now joins a diverse roster of national and local operators in Maryland, including FanDuel, DraftKings, Caesars, ESPN BET, BetRivers and Bally Bet.
Unique to the state are Crab Sports Maryland and LetsBetMD, two locally licensed platforms.
With Maryland law permitting up to 60 mobile sportsbook licenses - the most of any US jurisdiction - the market has plenty of room for expansion, though experts say the state is unlikely to reach that cap.
For now, Bet365’s arrival gives Maryland bettors yet another choice in a market already flush with options.
Whether its more measured strategy will pay dividends against heavily entrenched rivals remains to be seen.
However, the timing of this launch - just as the NFL season begins - could give the operator a valuable early boost.
