Bet365 Could Bid for Open New York Sports Betting License

• License coming open because Resorts World Bet is leaving at end of June
• New York is one of the largest markets Bet365 has yet to enter

Bet365 is rumored to be considering a bid for a soon-to-be vacated online sports betting permit in New York — one of the big states in which the British bookmaker currently isn’t operational.

The vacancy is being created by the departure of Resorts World Bet, Genting’s online sports wagering mobile application. Last week, the operator told customers that they must make withdrawals from their accounts by June 22 in advance of the company shuttering its New York operations on June 30. Resorts World Bet stopped accepting bets in New York on Monday.

OSGA notes Bet365 could find competition for that license from Hard Rock Bet and Underdog Fantasy Sports, but none of the three gaming companies have publicly said they’re eyeing the Resorts World Bet license.

Why It Makes Sense for Bet365

Bet365 recently launched online sports wagering services in Illinois and Tennessee, and plans to participate in the opening of the Missouri market later this year. In addition to Illinois and Tennessee, Bet365 is available in Arizona, Colorado, Indiana, Iowa, Louisiana, New Jersey, North Carolina, Ohio, and Virginia. New York isn’t yet on that list, but the operator could have reason to enter the state.

One of the motivating factors could be speculation that Bet365 is readying for a full or partial sale or possible US initial public offering (IPO). The company is rumored to be seeking a valuation of $10 billion to $12 billion, which could be easier to reach if it has New York acces.

Even though no sportsbooks are making money in the Empire State, it’s still deemed crucial for any company to be deemed a major operator they must have a legal presence in the state where sports betting handle in 2024 was $22.7 billion and is growing steadily each month,” according to the OSGA.

The report indicated that could Bet365 could be eager to enter the fourth-largest state in anticipation of it legalizing iGaming and that it’s already told Resorts World Bet that it would at least match the $25 million Penn Entertainment paid to Wynn for its New York license.

Bet365 Could Face New York Competition

Despite the fact that the New York online sports betting market, as is the case with nearly every other state, is dominated by DraftKings and FanDuel and that it’s difficult to turn a profit there when factoring the state’s 51% tax rate, the state is a must-have for sportsbook operators.

That implies if Bet365 goes after the Resorts World Bet permit, it might not be alone in that pursuit. As OSGA noted, Hard Rock Bet and Underdog Fantasy could in on the act.

Regulators typically don’t play favorites or they shouldn’t be engaging in such behavior. Rather, the points of emphasis are bidders’ experience and financial health, among other factors, but Brooklyn-based Underdog Fantasy is a homegrown company, indicating it could be a viable player for a New York sports betting permit if it chooses to bid.