The Hard Rock Bet monopoly in the Sunshine State is already paying dividends.
Recent data reported by Eilers & Krejcik Gaming shows that Hard Rock’s hold over Florida online sports betting has allowed the operator to become the sixth-largest sportsbook in the US.
Hard Rock Bet relaunched last November after the Seminole Tribe won a lengthy legal battle about the 2021 Florida gaming compact. After the DC Court of Appeals overturned a district court ruling from 2021, the compact was the law of the land again.
As a result, the tribe’s sportsbook regained its position as the only legal one in the Sunshine State. The compact from nearly three years ago only permitted the tribe to offer online sports betting.
In other words, Hard Rock is the only sportsbook operator benefiting from bettors in the third-most populous state in the country.
Florida helps Hard Rock pass three major US sportsbooks
Since the Hard Rock Bet Florida app is the only option for Florida bettors, the operation’s nationwide market share rose drastically. In a recent newsletter, Eilers & Krejcik analysts compared numbers from November 2023 against the market share of several operators from the previous 12 months.
But the Florida online sportsbook wasn’t available to everyone in November. It was still in its soft launch phase, where it was only available to a select group of customers.
According to the newsletter, Hard Rock’s Florida monopoly boosted the company’s US online sports betting gross gaming revenue share to nearly 4%. That makes Hard Rock Bet the country’s sixth-largest by topline share.
On the other hand, its current market share must be much larger. In December, the sportsbook became available to the entire state.
Just a small sub-section of Florida customers made Hard Rock Bet bigger than the US operations of BetRivers, PointsBet and Bet365. That is a massive leap in such a short time.
Florida bettors comprise nearly all of Hard Rock’s betting handle
Based on the data in the newsletter, Hard Rock’s re-entry to the Florida market substantially boosted the company’s earnings. In fact, the company’s November market share was about four to five times higher than the company had earned in the previous 12 months.
Hard Rock trailed only industry giants DraftKings, FanDuel, BetMGM, Caesars and fellow newcomer ESPN Bet.
In addition to Florida, Hard Rock Bet operates in Arizona, New Jersey, Iowa, Virginia, Indiana, Tennessee and Ohio. Meanwhile, ESPN Bet is available in 17 states. Add in the ESPN branding and it’s no surprise that ESPN Bet has enjoyed an excellent debut in the US betting market.
Hard Rock Bet’s Florida monopoly will be a significant factor for the company’s bottom line for years. However, it remains to be seen if it can garner market share in other major jurisdictions where there is competition from some of the largest sportsbooks in the country.