Bet365 announces entry into the lucrative Arizona gaming market.
The US state of Arizona has officially approved Bet365’s application for an event wagering licence. This coveted licence has been obtained through a partnership with the Ak-Chin Indian Community, a federally recognized tribe and one of the 20 licence holders in the state. Under House Bill 2772 and the tribal-state gaming compact, Arizona allows a maximum of 20 event wagering licences, which are divided equally between tribes and owners of professional sports franchises or teams in the state.
As an authorised licence holder, the Ak-Chin tribe has given Bet365 permission to operate under an event wagering licence acquired through a market access agreement. This agreement was previously held by Fubo Sportsbook, but has now been awarded to Bet365 after Fubo closed its sports book divisions.
With this approval, Bet365 adds its 7th US gaming licence to its portfolio, joining Ohio, Virginia, New Jersey, Iowa, and Colorado. Additionally, the operator is planning to launch in Kentucky on September 28th, where it is already operating under a temporary licence.
This recent development comes as a surprise, considering Bet365’s slow initial response to the legalisation of sports betting in the US. However, since the repeal of the Professional and Amateur Sports Protection Act (PASPA) by the Supreme Court, Bet365 has taken significant steps to establish a strong presence in the US market. In fact, the operator’s business in Ohio reported the 3rd highest revenue for July, surpassing industry leaders BetMGM and Caesars Sportsbook.
The Arizona Department of Gaming (ADG) also has plans to expand the gaming industry further, with a search for three new operators underway after granting approval to Bet365. These additional licences include one tribal licence and two licenses through partnerships with Arizona sports teams. This expansion may be bolstered by the closing down of several Wynn Resorts, one of which currently holds an Arizona licence through a partnership with the San Carlos Apache Tribal Gaming Enterprise.