Bet365, a sportsbook based in the United Kingdom, makes its name known in the United States. The American sports betting market has been booming since 2018 when the Supreme Court ruled that the Professional and Amateur Sports Protection Act was unconstitutional.
The sportsbook is growing in the American market and is among the best betting sites USA. Colorado is the second state where Bet365 has gained market access. Throughout the world, the brand is generating $4 billion annually.
The combination of bet365’s first state of New Jersey and now Colorado will help the book continue gaining popularity throughout the nation. Colorado is just the next state of many on executives’ minds at bet365.
Colorado gave bet365 a temporary sports betting license to operate in the state. Although, this is not a massive setback for the book. Most Colorado operators have begun their time in the state with temporary licenses.
Colorado does this as a precautionary measure to make sure books are abiding by state law. It also gives the state time to conduct an extensive background check without preventing the book from making money in the process.
The more sportsbooks that go live in the state, the more money Colorado makes, so this temporary license deal is a win for both parties. The Limited Gaming Control Commission in Colorado unanimously agreed to the license, so full approval should come unless a significant red flag occurs.
Bet365 received temporary licensure through a deal with Century Casino, which has multiple Cripple Creek and Central City locations. Century Casino has been heavily involved in the Colorado sports betting market, booming since its launch in 2020.
The casino is partnered with Tipico Sportsbook and Circa Sportsbook. The state has numerous different betting options, and it’s starting to turn into one of the most dominant jurisdictions in the United States.
Bet365 will fit into the gambling fold perfectly in Colorado based on how the book has performed in New Jersey. Bet365 has done well in New Jersey, which is not easy to do because this is the largest market in the country.
The agreement with Century Casino was unveiled in September, and it’s a ten-year partnership. A minimum annual revenue share and a percentage of the betting revenue must go directly to the casino.
Colorado is a market of desire for sportsbooks looking to expand throughout the country. The industry launched in the state in May of 2020, and it has performed better than anyone expected. Legal sports wagering generated $11 million in tax revenue.
Additionally, the overall handle has surpassed $4 billion since May 2020. This is thanks to the number of sportsbooks operating in the state. Colorado has many of the top platforms in the United States, including DraftKings, FanDuel, BetMGM, and Caesars Sportsbook.
However, the operators that bet365 will compete against in Colorado are no different from Colorado’s books. Colorado sports bettors are hungry for betting for a multitude of reasons.
Primarily, there are teams in every major sports league in Colorado. Many of these franchises have been very good throughout the years. This adds tremendous value to the sports betting market.
The Denver Broncos have not been great this season, but the team is typically a Super Bowl contender. Also, hockey has been a very lucrative sport for bettors in the state. The Colorado Avalanche has gotten lots of attention from bettors because they started the season as the favorites to hoist the cup.
Injuries have plagued the Denver Nuggets, but they do receive a fair number of bets in the state. Bet365 will likely make a push to market bettors to the site through these teams.
