Global betting powerhouse Bet365 could soon be making its move into one of the biggest sports betting markets in the U.S.
A recent report from the Offshore Gaming Association suggests the UK-based betting giant is interested in acquiring the New York mobile sports betting license that Resorts World Bet will vacate at the end of the month.
Rare Opportunity in the NY Market
The mobile betting platform operated by Genting recently informed its users that they must withdraw any remaining funds by June 22. The platform will officially cease operations in New York on June 30, having already stopped taking wagers this past Monday.
This development creates a rare opening in the tightly regulated New York market, and Bet365, which joined the Sports Betting Alliance just last week, might be ready to pounce.
While no official bids have been announced, OSGA claims the company has shown interest in taking over the permit, even suggesting it may match the $25 million Penn Entertainment reportedly paid to acquire WynnBet’s license earlier this year.
While Hard Rock Bet and Underdog Fantasy have also been named as potential contenders, none of the three operators has publicly confirmed their intentions.
“Even though no sportsbooks are making money in the Empire State, it’s still deemed crucial for any company to be deemed a major operator; they must have a legal presence in the state where sports betting handle in 2024 was $22.7 billion and is growing steadily each month,” the OSGA noted.
Filling in the Gap
Bet365’s push into New York would build on a wave of recent expansion. The company has gone live in Illinois and Tennessee and plans to launch in Missouri.
It’s already active in a dozen states, including Arizona, Colorado, New Jersey, and North Carolina, but New York has remained a notable gap.
One possible motivator for Bet365’s interest is speculation that the company is preparing for a sale or even a U.S. IPO. A New York presence could significantly boost its valuation, with some reports suggesting it’s targeting a $10–12 billion range.
Despite a brutal 51% tax rate and an environment dominated by FanDuel and DraftKings, New York is still viewed as essential territory for any serious sportsbook brand.
That means if Bet365 makes a move, it likely won’t be alone, and competition for that open license could be fierce.