The Arizona Department of Gaming has announced bet365 as the latest commercial operator to open up in the state.
The ADG has revealed the UK-based operator as the designee for the Ak-Chin Community, after Fubo Sportsbook’s closure earlier in the year. The license is pursuant to Arizona’s Revised Statutes from the 55th Legislature, 2nd Session.
The Arizona mobile sports betting landscape will now feature 18 operators with the addition of bet365. bet365 is currently live in five states: Colorado, Iowa, New Jersey, Ohio and Virginia. Additionally, bet365 is set to launch in Kentucky when mobile sports betting goes live on 7 September, 2023.
According to Arizona law, bet365 has 180 days to start operations after receiving approval from regulators. On June 30, 2023, the ADG announced it would accept applications for the remaining betting licenses, with one license set aside for Arizona Tribes and two for sports franchises. The tribal license was awarded to bet365, and no other operator received the two sports franchise licenses.
The most recent revenue figures posted by the Arizona regulator saw $393.2 million sports betting handle in June. This was a significant decrease of 13.0% from $451.7 million in May 2023.
Of the mobile $390.3 million handle, the operator market share is as follows:
- FanDuel (37.5%)
- DraftKings (28.4%)
- BetMGM (14.3%)
- Caesars (10.2%)
- Penn/Barstool (2.9%)
The above lists the top five operators by market share. Bet365 aims to break into this group, as the other competitors in the market have not exceeded $10 million in handle. The operator has been more cautious in the US market compared to others, backing away from a possible mobile sports betting entry in Massachusetts, even though it has a partnership with Raynham Park.
Raynham Park was again rebutted in its attempt to obtain a Category 2 license in MA. Regulators heard that they will not hear the case any further until Raynham Park can stand before the Commission with a sports betting operator partnership for its retail sportsbook.