Bet365 is reportedly considering a bid for an online sports betting license soon. The opening comes as Resorts World Bet, operated by Genting, prepares to exit the New York market, ceasing all betting activity and advising customers to withdraw funds by June 22 ahead of its June 30 closure.
According to the Offshore Gaming Association (OSGA), Bet365 is among several operators eyeing the opportunity, alongside potential competitors like Hard Rock Bet and Underdog Fantasy. This wouldn’t be the first license transfer in New York—earlier in 2024, Penn Entertainment’s ESPN Bet acquired a permit from WynnBet after the latter’s exit from online gaming.
Strategic Timing for Bet365
Bet365 has been steadily expanding with recent launches in Illinois and Tennessee and plans to enter Missouri later this year. Its services are also active in ten other states, including New Jersey, Colorado, and North Carolina. With New York absent from that list, a successful bid could be a significant move—especially amid rumors of a U.S. IPO or partial sale valuing the company between $10 billion and $12 billion.
While New York’s 51% tax rate makes profitability a challenge, the state’s market size remains a strong draw. In 2024 alone, New York reported a betting handle of $22.7 billion—cementing its role as a critical market for any major sportsbook operator.
Competition and Market Considerations
If Bet365 does pursue the license, it may face stiff competition. Hard Rock Bet and Brooklyn-based Underdog Fantasy are also seen as viable contenders, though none have officially confirmed their intentions. New York regulators typically prioritize experience and financial stability in evaluating license bids, but local operators like Underdog could benefit from their homegrown roots.
Notably, OSGA reports Bet365 is prepared to match the $25 million Penn Entertainment paid for the WynnBet license—underscoring its seriousness about entering the Empire State’s lucrative, albeit competitive, sports betting market.
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