bet365 is the latest major gambling operator to exit AGA

[The Buzz]

According to a report by InGame.com, bet365 has become the latest major sportsbook to leave the American Gaming Association (AGA), joining fellow Sports Betting Alliance members DraftKings, Fanatics Betting & Gaming, and FanDuel. The operator appeared on the AGA’s membership list as recently as February but was no longer listed as of Monday, a change the organization confirmed.

DraftKings and FanDuel stepped away in November amid a growing rift between tech-focused operators and land-based casinos over prediction markets. The AGA has since signaled that companies offering sports event contracts are not aligned with its membership. Fanatics exited in December, with all three operators either already offering prediction products or planning to at the time.

From InGame:

It’s possible that bet365 is preparing to do the same, though the company has not filed with the National Futures Association (NFA) for approval. But it could be preparing to enter prediction markets via a technology provider agreement or via an acquisition.

Legacy casino companies like Caesars, MGM, and Penn Entertainment have opted not to enter prediction markets, while tech-oriented wagering platforms like DraftKings, Fanatics, and FanDuel, and daily fantasy sports companies like PrizePicks and Underdog, are embracing it. Underdog gave up sports betting licenses in North Carolina after it began offering its prediction product and has since said prediction markets will be the company’s focus.

Though casino companies and tech companies both offer state-regulated sports betting, their business models and plans are different. Casino companies often have hundreds of millions of dollars of physical assets to protect, mortgages to pay, and thousands of employees. Tech companies own few, if any, physical gaming locations, and employ fewer people because nearly all of their business is online.

Read more here: https://www.ingame.com/bet365-exits-aga/