Betfred bets big on the Cincinnati Bengals with the hopes of making Ohio its top market in the industry. The company is also looking to make an entry into Nevada, but the process isn’t finalized at the moment.
Betfred Looks to Gain Some Ground in the United States
Like many other foreign sportsbook companies, gaining market access in the United States has been extremely difficult because of the level of competition. FanDuel, DraftKings, Caesars, and BetMGM make up the “Big 4” in most states, which makes it harder for lesser-known sportsbooks to find an edge.
However, instead of falling behind, Betfred gained a key partnership with the Cincinnati Bengals on July 13, 2022. Bettors will have the option of choosing from several sports betting apps online. Paycor Stadium, however, will be the only place where the brand will be displayed for the crowd and the national television audience.
The Buffalo Bills will be hosting the Cincinnati Bengals in the AFC Divisional Round since the Damar Hamlin scare that happened a few weeks ago. Bryan Bennett, Betfred’s US COO, made the message clear by stating, “We want Ohio to be our top market…We made a big bet here and a big investment. And we’re going to be aggressive.”
The sportsbook platform gained some publicity after it accepted a wager from Jim “Mattress Mack” McIngvale, who is known for taking the Houston Astros to win the World Series. It cost the company $5 million, but there were some positives that came with the loss.
The Bengals are looking to punch a ticket to the Super Bowl once again, as they came close to winning it all last season. Currently, the Bengals have the fifth-best odds to win the Super Bowl, but crazier things have happened in the past.
Bennett stated that McIngvale has contacted him about the possibility of visiting, and Betfred would accept a wager from him. Bennett stated, “I would prefer not to be in a position where I have to root against the Bengals in the Super Bowl,” Bennett said with a smile. “I really want them (to win), even though it will cost us money. Even on a casual bettor level, I know it is, but you can’t buy that kind of publicity.”
However, the mission in the sports betting industry is to get the name out. If Betfred can come up with a sound marketing plan, the market share and revenue will come.
Can Betfred Make a Name for Itself in Las Vegas?
Mohegan Casino at Virgin Hotels Las Vegas has been built in the last two years but hasn’t been given the opportunity to accept bets. Betfred has patiently been waiting for this opportunity, and the wait may pay off as the Nevada Gaming Board could consider the sportsbook’s application.
The special meeting is scheduled to take place on January 25th and 26th. The goal is to have a racebook, sports pool, and an off-track pari-mutuel race wagering in the casino, in addition to the sportsbook.
Should the sportsbook receive a license, Nevada could be the ninth or tenth state the bookmaker gained market access in because it’s set to launch in Virginia at the end of the month. The sportsbook is operational in Arizona, Colorado, Iowa, Louisiana, Maryland, Ohio, Pennsylvania, and Washington DC.
It looks to continue the trend, and gain more market access in the United States. A partnership with the Bengals will help the company expand its reach in the competitive but lucrative industry.