Major British Sports Betting Brand Gains Significant Market Share in NJ

Among the first and only states that have so far legalized online gambling, New Jersey has proven itself to be forward-thinking in its approach to regulating the globally popular iGaming industry. With many casinos and sports betting sites now massively successful around the world, one of the perks of legal online gambling is that it brings tax revenue from foreign companies instead of taking Jersey players out of state, or even offshore, just to play their favorite casino games online. One of those foreign companies is Bet365, a British online sports betting and casino site that’s been making huge inroads into the New Jersey market. 

Among the many trends currently popular in iGaming, the rise of crypto casinos is particularly interesting. These are usually offshore casinos that attract many players since they are able to offer things like no KYC or ID checks, faster payouts, and greater anonymity for players (source: cryptocasinos.ltd). 

These new-age types of platforms that are gaining popularity around the world underscore how rapidly evolving and competitive the industry is. The fact that the UK’s Bet365 gained a 9% greater stake in the NJ market during May 2024 shows that the reach of such platforms is growing in the US. The UK has the largest iGaming market in the world, with sites like Bet365 growing into global behemoths of global online gambling as a result. 

While it offers casino games as well, the brand has become synonymous with sports betting. In the UK, sports betting has become an embedded part of the culture. Massively popular sports like English Premier League soccer attract massive amounts of sports bettors from around the world. Its competitive nature and world-class players make it ideal for punters, Additionally, major betting companies like Bet365 and Betway are often also intertwined with famous soccer clubs in the UK through kit sponsorships and other lucrative deals. 

These aspects give them global visibility and have helped position them as some of the largest betting companies in the world. New Jersey, being one of the few states that regulates legal online gambling and sports betting, has provided fertile ground for foreign-owned sports betting sites to grow their business. As a result, Bet365 recorded upwards of $3.5 million in gross revenue during May of this year, with year-to-date figures coming in at just under $17 million. 

That represents a sizable increase in its market share and puts it into direct competition with the likes of FanDuel, who posted over $36 million in gross revenue for May, and DraftKings, who topped out at $22.1 million in revenue for the same month. While the two major American sites are far ahead for now in terms of revenue, it should be noted that Bet365 has only been operating in the state since 2020 when it was first brought in by Playtech Casino as part of its strategic online partnerships. 

As a whole, the iGaming scene in NJ has steadily been gaining on land-based casino revenues, with gambling revenue for the state totaling more than half a billion dollars. With those kinds of numbers becoming more regular now, it’s no wonder Bet3365 and others like it have come calling, with aggressive approaches that indicate how much greater market penetration they may soon have.     

With the popularity of anonymous casinos and other popular platforms in the industry growing around the world, it seems states like NJ will continue leading the way as they capitalize on the added tax revenue. Clearly, a sector that looks set to keep growing its online gambling industry, with many either bemoaning or celebrating the fact that foreign companies like Bet365 are rapidly gaining a foothold in the market too. On the one hand, such platforms come with global reach and massive financial clout, making them more than capable of displacing long-standing American companies like FanDuel and DraftKings. However, on the other hand, it also means more foreign investment for the state and massive potential for the state to increase the revenue flowing to its coffers. For now, it’s clear that this global phenomenon is here to stay. 

With the likes of Lionel Messi Inter Miami soccer club rapidly growing American interest in soccer, platforms like Bet365 are sure to keep gaining ground as specialists in soccer betting and many other types of sports punting. Another progressive tax move by the state, time will tell how it all plays out. However, for now, NJ residents can simply enjoy how much extra revenue is flowing to the state as a result of all the foreign competition.     

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