Colorado’s sports betting market is getting more crowded.
On Tuesday, Century Casinos announced a 10-year partnership with bet365 for online/mobile sports wagering in the Centennial State, which began sports wagering on May 1 despite the pandemic.
Terms of the deal include a minimum annual revenue guarantee and an annual percentage share of net gaming revenue, along with an advance fee paid on contract signing.
Century Casinos owns and operates Century Casino & Hotels in Cripple Creek and Central City. The company also operates the Mountaineer Casino, Racetrack & Resort in West Virginia, another state with legal online/mobile sports betting.
Century’s partner there is William Hill, a British gambling powerhouse with a huge footprint already in the U.S., mainly via Nevada.
Bet365, also a British company, will use its brand for an online/mobile sportsbook in Colorado, pending regulatory approval to do so. The sportsbook made its U.S. entry in August 2019 through a partnership in New Jersey. Additionally, bet365 has an online/mobile market access deal in New York, should the Empire State ever allow sports gambling in cyberspace.
Century, which also has a Colorado sports betting partnership with Las Vegas-based Circa Sports, still has one skin left to use in the state.
What bet365 could bring to the table
Overseas, bet365 is known for its in-play betting product, which could be a focus in Colorado.
Live wagering during a sports contest is expected to be a major area of growth for the sports wagering industry, even if it might take some of the skill out of sports betting and make it more pure gambling. Pre-game wagering alone isn’t going to cut it for the industry.
Bet365 is also known for live streaming content that enhances its in-play product.
The sports betting company is privately held, which could result in the sportsbook being less concerned about short-term revenue in U.S. markets. However, the competition in the sports betting space is fierce, so you likely won’t find meaningfully better betting prices at bet365.
The bet365 brand is a powerhouse over in the U.K., but time will tell if it can be a top one in the U.S.
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