Bet365 Launches in Iowa, Continuing US Expansion
British operator bet365 has now launched its online sportsbook in Iowa, marking the fifth US state in which it offers sports betting services.
Bet365 has been live in New Jersey since 2018. However, it was only in September 2022 that it began to expand in the US with its second state launch in Colorado.
Now Iowa joins Ohio and Virginia as one of bet365’s newly launched markets in 2023. The international operator will be partnering with a local venue, Casino Queen Marquette, as per state license requirements.
“We are incredibly excited to welcome the Hawkeye State to bet365,” a bet365 spokesperson said of the launch. “From Sioux City to Marquette and everywhere in-between, Iowans will now have access to our market-leading sportsbook product.”
The operator has so far demonstrated a willingness to offer massive introductory offers for new players in its newly launched markets.
In Iowa, new customers can get $365 in free bets after betting just $1 of their own. Terms and conditions applied of course.
“It’s an exciting time for our guests and passionate sports fans in Iowa, who will benefit from fantastic site features and attractive offers,” said Casino Queen Marquette General Manager Sean Bateman.
“We’re thrilled to work with bet365 to provide players with an in-demand and trusted source for safe online wagering.”
As well as launching in three US states in 2023, bet365 has also been looking at others. And signing deals with affiliates and other American firms.
Back in November 2022, it announced a partnership with the planned Raynham Park sportsbook complex in Massachusetts.
However, that deal was hijacked by Caesars Entertainment in January. Local media reported bet365 stalled on the deal for too long, as it was not keen on some of the state regulator’s specific rules.
Bet365 also struck a revenue share deal with affiliate marketer XLM Media last month.
Revenue share deals with affiliates aren’t particularly controversial with the public. But several US state gaming regulators either oppose them or forbid their licensed operators from being involved at all.
Strong Balance Sheets
Regardless, bet365 can afford to pick where it launches. It can also take its time to do so and offer big bonuses when it does.
When it first signed the Massachusetts deal, the local partner praised the UK company’s “strong balance sheet”.
Since its launch in Ohio, it has outperformed expectations with aggressive promotional offers. Bet365 had the fourth-largest handle in the state in April, close behind BetMGM in third place. It also beat out serious competition, including recognized US brand Fanatics and Ohioan native superstar Jake Paul’s Betr.
It will be hoping to replicate that in Iowa, where it is now live.
Bet365 has some 85 million customers worldwide.
As it is family-owned, it doesn’t have to release financial figures, and generally doesn’t do so. But one clue to its strong position is the fact its family owners have been among the UK’s biggest taxpayers for the past few years.
The Coates family, headed by bet365 CEO Denise Coates, paid more than $450 million in tax to the British government in 2021, taking the top spot. They paid $460 million in 2022, but that wasn’t enough to stop them falling into second place on the taxpayer list. Collectively, the family is worth an estimated $8.6 billion.