Ohio Sports Betting: Fanatics, Bet365 Increase Promo Spending

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00:00 [MUSIC PLAYING]

00:03 All right, now, Ohio is clearly off to a very good start, Jim.

00:06 If Fanatics is basically willing to continue

00:09 promoting as hard as they are, I would

00:11 guess that Cleveland and Cincinnati and Columbus

00:15 and all over Ohio, people are betting on sports like crazy.

00:18 Because the more promotions you see

00:20 is a pretty good indication that things are going well.

00:24 Yeah, right, it's like that old adage,

00:27 you got to spend money to make money.

00:29 And what we saw from Fanatics in August,

00:35 it doubled its promotional spending.

00:38 And I believe a lot of that had to do with August

00:42 being the first month that Fanatics was

00:45 open to all customers in Ohio.

00:48 If you recall, they've been operational

00:50 for the last couple of months, but only

00:53 to prior retail customers in a bit of an extended beta testing

00:59 period in Ohio.

01:00 So now that they're open for all,

01:02 they dropped $2.8 million in free bets

01:06 and promotional credits for customers

01:08 to bring them in in advance of the football season.

01:13 And that was more than double their promotional output

01:20 from the month before.

01:22 So of course, we'll see what happens in September,

01:26 as we've been talking about.

01:29 We want to see if these trends continue deep

01:32 into the football season.

01:34 Another interesting note too out of Ohio,

01:37 we've seen Bet365 really cement itself

01:41 as that third most popular sports betting app there,

01:45 obviously behind DraftKings and Fandle.

01:48 It's been third highest handle now

01:52 for about four consecutive months.

01:55 And we've really been waiting to see

01:59 Bet365 make this push in North America,

02:02 as they are very, very popular in the UK.

02:08 So we'll continue to monitor this

02:10 and see how it goes through September.

02:14 But yeah, like you said, Fanatics certainly spending

02:17 money to capture that audience as August

02:22 was their first full month of operations

02:27 for all customers to come in and utilize that app.

02:31 (upbeat music)

02:34 [BLANK_AUDIO]

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