Bet365 seems to be successfully gaining a foothold in the US market, with notable success in Ohio, but its growth strategy appears heavily reliant on promotions. Whether this approach is sustainable as the market matures and if it can maintain or increase its hold rate without such heavy promotional activity remains to be seen.

While Bet365’s share of 8% puts it behind industry heavyweights such as FanDuel, DraftKings, and BetMGM, it’s noteworthy that it has surpassed established operators like Caesars, Rush Street, and Barstool in terms of market share. This indicates that Bet365’s strategy is making inroads, although it’s also resulting in high promotional costs.

Bet365’s hold rate in Ohio is notable, especially if this rate can be maintained or even increased. The high hold rate, which refers to the money retained by the operator after all bets are settled, is a positive sign, suggesting bet365’s same-game parlay product is well-received by customers. However, EKG’s analysts also point out that this figure might be temporarily inflated by customers using bonus money on high-risk, high-reward same-game parlays (SGPs).

The decline in Bet365’s Gross Gaming Revenue (GGR) and handle market share from March highs after scaling back on promotions demonstrates how much the company’s growth has been driven by these promos. As the market matures and seasonal sporting lulls occur, there’s likely to be a decrease in the need for such high promotional activity.