Saturday, February 24, 2024

Can British Betting Sites Take Over the Emerging US Market?

With sports betting continuously expanding across the United States, the country is naturally attracting plenty of attention from gambling stakeholders around the world.

Given the relative strength of the American economy, the US sports betting market is generally seen as a major money-spinner, with many global operators looking to cash in on the opportunities opened up in the US.

The sports betting market in the United States is a very peculiar one.

Up until May 2018, when the Supreme Court ruled against the Professional and Amateur Sports Protection Act, sports betting had been illegal in the US, except in the state of Nevada.

However, that landmark ruling by the court removed that barrier, empowering individual states to choose whether they wanted to legalize betting or not.

New Jersey took the lead by swiftly passing sports wagering into law, while more than 30 states have since done the same.

The sportsbooks are also piling up, with American operators unsurprisingly taking the early lead.

FanDuel is the current dominant force with about 50% of the market, while DraftKings, Caesars, BetMGM and Barstool make up the best of the rest.

Bookmakers from the rest of the world have been trying to make inroads, but navigating America’s convoluted betting terrain has generally been slow-going.

Having established themselves in the United Kingdom, Britain’s finest are now looking to replicate the same success across the Atlantic.

Years before sports betting began to open up across the United States, William Hill had already touched down in the country, setting up shop in Nevada in 2012.

And after PASPA was struck down by the Supreme Court in 2018, the company promptly branched into other states including New Jersey, Pennsylvania and Indiana.

William Hill’s presence in the United States further swelled in 2021 when it was fully acquired by Caesars Entertainment.

Amongst the purely British brands, BetFred are the best-placed at the moment, having already launched in 10 American states. The company, which boasts over 50 years experience in the United Kingdom is currently legal in Ohio, Arizona, Colorado, Iowa, Louisiana, Maryland, Nevada, Pennsylvania, Virginia and Washington.

Another UK big gun, Bet365 has been a little bit slower in its expansion through the United States. The Stoke-based bookie is only operational in New Jersey, Ohio, Colorado and Virginia at the moment.

Given bet365’s storied history of success not just in the United Kingdom, but also all around the world, the feeling amongst many sports betting analysts is that the global giants are loading up for a major push across America. One thing is for sure: They definitely do not lack know-how.

With strong features like live streaming, early payouts, and an attractive new-customer bonus, already rated amongst the best sportsbook deposit bonuses in the US, bet365 looks set to make a very significant impression in the US.

Moving up the ranks in the US market won’t be easy, given the complicated nature of sports betting in the country. With each state having its own regulations, licensing and taxation challenges, getting through the states presents its own unique challenges.

It is going to take some doing to rival the likes of FanDuel and DraftKings, but if any operator can do it, it would be experienced heads like BetFred and bet365.