Morgan Stanley and Barclays Equity Research have taken a look at the sports betting market in Ontario in the first ten days of launch. Based on their findings, there are already winners in the province, with mobile app downloads for private betting apps going up all the time in the weeks since the private industry launched earlier this month.
Bet365 and theScore Bet led the way in terms of the most app downloads it seems, based on Barclays' information, although Morgan Stanley claims it’s theScore Bet that has the most app downloads uncontested. Breaking down the numbers further, Barclays was able to better pinpoint the exact share each of the apps took.
Bet365 and theScore Bet commanded 24% of the market share each, followed by FanDuel with 20% and BetMGM with 11%. This shapes some of the biggest US and international brands, along with the Canadian native brand, as the companies that now reign supreme over the newly-fledged betting market in Ontario.
Morgan Stanley outlined the brands to presently hold clout over the market in terms of the most app downloads since April 4 when the private betting industry officially launched.
TheScore Bet, which is a Canadian betting company, accounts for 35% of the total market share, the company's report claims, followed by bet365 with 27%. This is for the period from April 4 to the point of the report’s release last week.
FanDuel and BetMGM command 15% and 9% of the market share. Betway, which received its official license only last week, held 4% of the total market share, with PointsBet and BetRivers commanding a fairly small part of the action and by less than three percent it seems when it comes to total app downloads.
An even more interesting read by Morgan Stanley is the fact that TheScore secured 65% of all downloads on April 4, but fell to just 18% on April 18 and April 19. The local presence of the brand has helped it carve a spot for itself and beckon Canadian gamblers interested in placing a flutter.
In comparison, in the same period, bet365 saw its numbers increase from 14% to 30%, meaning that other operators are now vying for a bigger chunk of the market after the initial download bonanza has subsided a bit. But not all is settled, with the numbers in the air and constantly moving, and some companies not even launching yet.
DraftKings, one of the leading sports betting brands in the United States, is yet to launch in Ontario, but when it does, it’s expected to upset the market with its entry.
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