Virginia sports betting has welcomed two more players to the party.
Betfred and Bet365 are now live in Virginia, making them the 14th and 15th online sportsbooks in the state.
Betfred launches with Loudoun FC partnership
Betfred’s launch comes just more than a month after Betfred inked a multi-year partnership with the United Soccer League Championship’s Loudoun United FC.
COO Bryan Bennett believes the launch comes at the perfect time during the US sports calendar.
“We are excited to finally begin online operations in the Commonwealth of Virginia and look forward to activating our partnership with Loudoun United. This is the ideal time to launch sports betting with several major sporting events happening over the coming weeks and months, and of course with the USL Championship season kicking off soon.”
When Loudon FC fans file into Segra Field for the team’s first match of the season in March, they’ll notice Betfred branding throughout the stadium. Fans will also notice Betfred marketing on some of the team’s online channels.
“You can expect to see a prominent presence from Betfred at home games and various online club channels,” Doug Raftery, the club’s executive business officer said. “We look forward to a fantastic 2023 season and helping to scale our business together.”
Betfred and Bet365 promos
New users can cash in on up to $1,111 in Betfred promos. The sportsbook offers a $111 free bet for anyone who bets $50 with their first bet.
Additionally, the sportsbook will give new users a 50% refund on net losses up to $200 on bets made each week for the first five weeks.
First-time Bet365 sportsbook users are eligible for $200 in free bet credits when they bet at least $1.
Big names dominate Virginia sports betting
Betfred and Bet365 are up against tough competition in Virginia. Three operators accounted for an 82% market share in the state from January 2022 to November 2o22:
- FanDuel: 41.08%
- DraftKings: 23.06%
- BetMGM: 18.30%
Betfred
How much handle (total amount bet) can we expect from Betfred and Bet365 in Virginia? Not much.
Using Arizona as a comparison for Betfred (its market size most resembles Virginia, and Betfred runs a book there), it’s likely that the company will compete with Unibet and Bally’s for around 0.1% of the state’s market share.
While that figure may seem small, it tracks with Arizona, where Betfred had a 0.3% market share in 2022. There is a chance that Betfred’s could have a bigger presence in the Virginia market, as it’s one of 18 operators in Arizona. Virginia has three fewer operators.
And while a 0.1% market share could be a possible outcome for Betfred, it will take some time to reach that point. The sportsbook will likely have a much smaller market share this month, then build its handle as its name recognition increases when Loudoun FC’s season starts.
Bet365
As for Bet365’s performance in the market, expect an outcome similar to Betfred’s. The sportsbook has a minor presence in the New Jersey sports betting market, the only other place it operates in the US.
However, it does have one advantage over Betfred: partnerships. Bet365 is the official sports betting partner of the Washington Commanders. That partnership should give the company a much more significant brand presence in Virginia than Betfrec.
Betfred launch is ninth in US sports betting market
Betfred has a sportsbook in nine states:
- Arizona
- Colorado
- Iowa
- Louisiana
- Maryland
- Nevada
- Ohio
- Pennsylvania
- Virginia
The company is a prominent operator in the UK and South Africa and is growing its presence in the United States. However, that presence has yet to significantly dent the US market.
