Bet365, Fanatics Could Apply For Arizona Sports Betting Permits
It is possible that Bet365 and Fanatics could be participants in the race for the acquisition of three new licenses in Arizona for sportsbook operations.
When Arizona approved sports wagering in 2021, 17 permits were spoken for out of the maximum 20 available. These 17 included Bally Bet, Barstool Sportsbook, Betfred, BetMGM, Bluebet, Caesars Sportsbook, DraftKings, Fanduel, Golden Nugget, Hard Rock International, and SuperBook Sports. Outside of State Farm Stadium, BetMGM Sportsbook already had Arizona Cardinals fans lining up to place bets. Two more permits are available for professional sports teams that team up with gaming companies, and one permit goes to a tribal entity; it’s possible that the Ak-Chin Indian Nation will be extended that permit, as they were left without an online sports wagering partner when Fubo shuttered its sportsbook operation last October. betting giants Bet 365 and Fanatics could try and get permits to join the 17 permitted operators.
UK-based Bet365 is viewed favorably for its potential to become an influential player in the US sports wagering market, as it has already launched in Colorado, New Jersey, and Ohio and has market access in Pennsylvania. While the experiment has only been running for a few months, the company is estimated to have secured an impressive 6% market share in that period. Its competitor, Fanatics, is described by research firm Eilers & Krejcik Gaming (EKG) as having “big ambitions” in the same field. Colorado and Arizona, however, are challenging markets.
Colorado Comps, Arizona Tough Market
At the outset of the US sports betting boom, many sportsbook companies’ approach was to force their way into as many states as rapidly and worry about the profitability later. However, this strategy has shifted now and this is especially pertinent with Arizona because it is a mature market with FanDuel, DraftKings, and BetMGM holding a dominating 84% of the mobile wagering market, as reported by EKG. This “barrier to entry” makes it difficult for newcomers, but Arizona is still an attractive opportunity for ambitious sportsbook operators and has become the benchmark for Colorado. Both states are comparable in population, tax and fee structure, as well as the number of skins. Colorado has 24 OSB brands, compared to 17 in Arizona. Therefore, who else could consider entering the Arizona market?
Who Else Could Consider Arizona?
Bet365 and Fanatics are potential operators for sports gambling in Arizona. Although neither has acknowledged their desire to apply for a license, the process begins next month and may make evident which operators plan to enter the Grand Canyon State. It is noteworthy that Las Vegas-based Circa Sports is already operational in Colorado, and its Nevada-based roots could provide an advantage in Arizona. We speculate that Circa Sports could be eyeing the Arizona marketplace.
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