Online betting giant Bet365 is exiting the Chinese market. It is refocusing on gaining market share in regions with long-term sustainable revenue. China was once a major revenue generator for the bookmaker. This development surprised many industry insiders.
As of March 27, the company announced it will no longer serve customers in China. It is now focusing on its core markets. Now, the UK firm plans to pursue growth in legal markets. These include the United States and Brazil.
The bookmaker stated that the group has decided to align its focus to its core competencies in its core markets by consolidating its resources to centre on gaining market share in regions that give long-term sustainable revenue. As a result, Bet365 will shortly cease operations in various jurisdictions.
The company also held a presence in China, where online gambling remains a grey area while it boasts gambling licenses in over a dozen regulated countries. The Asian nation remained one of its largest markets. This has led industry analysts to label the move as a major decision for the betting brand.
In a March 19 statement emailed to customers in the region, the Chinese market exist was first confirmed. Except for the special administrative regions or SARs of Macau and Hong Kong, gambling in People’s Republic is strictly prohibited. Departure seems like a necessary move as the company looks to focus on regulated markets.
Yet, given the prior role China occupied in the revenue mix of the company, the exit surprised many. A Regulus Partners report in 2014 hinted that China was probably the second largest of Bet365 behind United Kingdom. Business Insider’s 2022 article also described Bet365 as a major player in the online gambling market of Asian nation.
