Churchill Downs Incorporated (CDI) has partnered with worldwide gaming giant bet365 to access the burgeoning Pennsylvania sports betting and interactive gaming market. The deal, which went public on Monday, clears the way for bet365 to make its strategic entrance into the American market. The Stoke-based company is among the largest online betting providers worldwide, bringing in almost $4 billion annually.
Through this deal, bet365 will be able to provide online sports betting and iGaming to residents of Pennsylvania at Churchill’s Presque Isle Downs & Casino in Erie. In addition to their market-leading sign-up bonus, bet365’s excellent site features, such as Bet Boosts, Same Game Parlay, Cash Out, and Edit Bet, will be accessible to sports fans in Pennsylvania once the site goes live, as stated by a representative from the company.
“We are pleased to partner with a global leader in the online gaming industry. Our relationship with bet365 enables us to maximize the value of our company’s sports betting and iGaming market access in Pennsylvania.”CDI CEO Bill Carstanjen
By forming this partnership with bet365, Churchill Downs is acting on its previously announced plan to exit from the consumer-facing component of the mobile sports wagering business in February 2022 due to worries about long-term viability in the face of increasing competition.
The completion of the transaction between Churchill and bet365 is dependent on receiving clearance from the Pennsylvania Gaming Control Board. The timeline for this was, however, not outlined in the press release. Still, there is a lot of optimism about the successful completion of the merger.
Further Expansion on the Way?
Bet365 might be stepping up its US sportsbook aspirations in light of its partnership with Churchill Downs. So far, it has been able to establish just a modest presence in the American market. bet365 is now operational in New Jersey, Colorado, and Ohio; the company launched its sportsbook app in the Buckeye State on January 1, and it has also shown success in Ontario, Canada, where it went live in April and has already captured a sizable portion of the local market.
Next up for bet365’s expansion after Pennsylvania is Massachusetts and maybe Virginia in the coming months. The company has put its application in for a Category 3 tethered license in Massachusetts, which should receive approval soon. With a possible launch of online sports betting in the state scheduled for March, the Massachusetts Gaming Corporation (MGC) will most likely approve the company’s license in the coming weeks.