bet365 launches in Virginia
Bet365 has announced a partnership with National Football League franchise the Washington Commanders.
US.- Virginia’s mobile sports betting market added another operator this week, as bet365 went live in the state. It’s bet365’s fourth US state after Ohio, New Jersey and Colorado.
The operator has signed a multi-year agreement to become sports betting partner of the NFL’s Washington Commanders. It will get stadium signage at FedExField, trademark usage, digital integration and other broadcast elements.
The company said: “Fresh off the heels of a successful launch in Ohio, we are thrilled to launch the world’s favorite online sports betting brand in Virginia. The Commanders are an iconic NFL franchise, with dedicated and loyal fan base, and we’re excited to work closely with the team to give back to the fans.”
Ryan Moreland, chief partnership officer of the Washington Commanders said: ”This is an exciting time for our fans – and all sports fans – in Virginia, and we are excited to partner with bet365 to engage our fans across multiple platforms.”
See also: Virginia sports betting handle reaches $518.8m in November
bet365 reports full-year revenue of £2.85bn
bet365 reported revenue of £2.85bn for 2021-22. That’s a rise of 2.9 per cent year-on-year. However, operating profit fell by 87.8 per cent to £41.7m due to the cost of customer acquisition in new markets.
Sports betting revenue was down by 2 per cent due to margins (wagers were up by 48 per cent) but gaming revenue rose by 25 per cent. However, marketing costs grew by 1.4 per cent to £496.8m and administrative expenses by 18.2 per cent to £2.31bn due to “significant costs associated with raising brand awareness in new markets alongside continued investment in IT infrastructure and technology”.
