Bet365 and Fanatics Gain Online Sports Betting Share at Rivals Expense

by Blake Roberts, June 04, 2025

Bet365 and Fanatics are gaining ground in the US sports betting market at the expense of older rivals like BetMGM and Caesars. Could Bet365 be up for sale soon? Let’s find out.

Bet365/Fanatics Verses BetMGM and Caesars Sportsbooks

According to Eilers & Krejcik Gaming (EKG), which analyzed state-level net gaming revenue (NGR) for online sports betting, Bet365 and Fanatics reached a record 6% combined NGR share in April.

While BetMGM and Caesars saw a slight rebound in April, EKG notes they’ve been steadily losing market share. Bet365’s growth is impressive given its limited presence — offering online sports betting in just 11 states, compared to 34 states and Washington DC, where it’s legal. Fanatics currently operates in 22 states plus Washington DC.

Could Bet365 and Fanatics Overtake BetMGM and Caesars?

FanDuel and DraftKings dominate the US online sports betting market. With smaller operators often left competing for leftovers, any market share movement among them is significant — and EKG expects more shifts ahead.

“The data now points to a potential Fanatics-365 overtake — an inflection that, in our view, underscores the momentum behind these ascendant challengers and raises questions for BetMGM and Caesars about product parity and strategic identity.”

-EKG spokesperson

Bet365 and Fanatics have partly fueled their growth through aggressive marketing and promotions, while Caesars and some others have scaled back spending, allowing others to keep pace with Bet365 and Fanatics.

Bet365 Gains are Important for The Company’s Future

Bet365’s recent gains in the online sports betting market share come at an important time, as there is speculation about the company’s future. There are reports that it is in talks with US investment banks about a possible sale valued at up to $12 billion.

Some reports suggest that Bet365 may explore a partial sale to a US private equity firm or list its shares in New York, providing the Coates family a path to monetize their stake in the company.

Industry talks suggest that a complete sale or partial private equity investment in Bet365 could boost its growth in the US, with its recent market share gains making it more attractive to potential buyers.

Conclusion

Bet365 and Fanatics are names to watch in the US sports betting world. They are putting pressure on older operators like BetMGM and Caesars. With rumors that Bet365 could be considering a sale and Fanatics pushing hard, things are getting interesting. If these trends continue, we could be looking at a major shakeup in the top order of US online sportsbooks.