It was recently announced that European bookmaker, bet365, has entered its seventh U.S. market, adding Louisiana to its growing expansion.
Big Easy Adds Bet365
Louisiana’s mobile sports betting industry officially launched on January 28, 2022, approximately three months after retail sportsbooks went live in the Pelican State.
But despite being late to the party, British bookmaker bet365 decided it was time to launch down on the bayou, making Louisiana its seventh U.S. market along with Colorado, Iowa, Kentucky, New Jersey, Ohio, and Virginia.
“Celebrated for its passionate culture and festive spirit, we are thrilled to bring bet365 to Louisiana,” expressed a Bet365 spokesperson. “Now eligible customers from Shreveport to the Big Easy can enjoy our renowned products like amazing bet boosts, the fastest in-game experience, and unique same-game parlays.”
The newly rebranded Barstool Sportsbook, now known as ESPN BET, also entered the Louisiana market shortly before bet365 made its debut on November 21st. Louisiana now has nine mobile sportsbooks operating within its boundaries including BetMGM, BetRivers, Betway, Caesars Sportsbook, DraftKings, FanDuel, and PointsBet.
Although betting is not allowed in 9 of 64 Louisiana parishes, the Pelican State has become an increasingly hot sports betting market, boasting $276.2 million in online wagers coupled with $32.4 million placed at retail sportsbooks for an October handle of $308.6 million. But even more impressive was its $43.3 million revenue, a staggering 63% increase year-over-year increase.
Bet365 Inks Pact With Hornets
In anticipation of the North Carolina market opening to online sports betting next year, bet365 has taken a preemptive strike by signing a long-term deal with the NBA’s Charlotte Hornets. The bet365 brand will be prominently displayed at the Spectrum Center and the team’s website, Hornets.com. The Hornets app, as well as its radio and TV broadcasts, will also feature the sports betting platform.
“We are excited to announce this partnership with bet365,” said Hornets Sports & Entertainment Chief Revenue Officer Jacob Gallagher. “Since the day Governor Cooper signed sports wagering into law at Spectrum Center in June, we sought a partner that would help us provide our fans with new, additional opportunities to engage with their favorite sports teams. We are confident that bet365 is a great fit with our organization and can help us do that.”
“Everyone at bet365 is thrilled to partner with the Hornets, as we launch our iconic sports betting brand in North Carolina. The Hornets’ rich and dynamic history is deep rooted in the Queen City community, and we’re abuzz to become part of their exciting future,” said a bet365 spokesperson.
WynnBET Leaves Louisiana
WynnBET has shuttered its mobile operations in Louisiana, as well as several other states, but maintains a digital presence in Massachusetts and Nevada, the two states in which Wynn has land-based casinos and sportsbooks. The company is also mulling whether to continue operating in Michigan and New York.
Julie Cameron-Doe, chief financial officer of Wynn Resorts, issued a statement that read, “In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
“While we believe in the long-term prospects of iGaming, the dearth of iGaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBET to focus primarily on those states where we maintain a physical presence,” Cameron-Doe added.
