Bet365 is set to expand into Pennsylvania, having entered an online sports betting and igaming market access deal with Churchill Downs Incorporated (CDI) subsidiary Presque Isle Downs & Casino.
The agreement, CDI said, is consistent with its strategy to exit the online sports and casino business, with the operator seeking to monetize its online sports and igaming market access rights and focus on growing the TwinSpires online horse racing wagering business.
CDI revealed in February last year that it was to switch its approach to operations in the online casino sector but would retain retail sportsbook operations in its casinos.
The multi-year deal remains subject to necessary regulatory approvals in Pennsylvania.
“We are pleased to partner with a global leader in the online gaming industry,” CDI chief executive Bill Carstanjen said. “Our relationship with Bet365 enables us to maximize the value of our company’s sports betting and igaming market access in Pennsylvania.”
A Bet365 spokesperson added: “Off the heels of our launch in Ohio, we are thrilled to announce our partnership with CDI. Once live, the world’s favorite online sports betting brand will be available to sports fans in Pennsylvania, offering fantastic site features, including bet boosts, same-game parlay, cash out and edit bet, on top of our market-leading sign-up offer.”
Last week, Bet365 revealed that its revenue ticked slightly up to £2.85bn in 2021-22 as gaming growth offset a sports betting decline, but increased customer acquisition costs in new markets led to an almost 90% drop in profit.
However, its US operations remain relatively small, having only gone live in a select few states.
The link-up comes after CDI in November entered a multi-year agreement with DraftKings to develop DK Horse, a parimutuel wagering horse racing product for the sports betting operator.
TwinSpires will develop the white-label solution. This will involve providing the company’s advanced deposit wagering technology to DraftKings.
While TwinSpires initially started life as CDI’s B2C online betting and casino platform, the business pivoted to being a B2B provider after facing intense market competition in 2021.