Since making a loud entrance to the sports betting community last spring, Circa Sports has distinguished itself with boundless limits, an expansive wagering menu and a customer-friendly approach to its sportsbook operations in Downtown Las Vegas.
As sports betting enthusiasts await the opening of the glitzy Las Vegas Circa Resort & Casino this fall, Circa Sports is venturing further afield. On Wednesday, Circa Sports rolled out a mobile sports betting app in Colorado to become the eighth licensed sportsbook operator to go live with an online platform since the start of May. Circa Sports CEO Derek Stevens, the pioneering casino developer and majority owner of The D Las Vegas, views Colorado as the right state for Circa’s expansion. Colorado is a heavily populated state within the casino’s customer database, Stevens told CoBets, providing an ideal springboard for Circa as it attempts to attract sports bettors in the nascent market. Circa enters the Colorado market through a skin agreement — or partnership — with Century Casinos.
“We just thought there was a great match and it would be a great state for us to get our first foray outside of Nevada,” he said.
Attractive betting lines
One aspect of Circa’s offerings that customers will notice immediately revolves around the book’s comparatively low hold percentage for numerous bet types, specifically futures. Stevens points to this week’s Rocket Mortgage Classic on the PGA Tour as a prime example of Circa’s affinity for designing broad betting pools replete with options for the customer. While it is difficult to expect Circa to offer better odds on every golfer in a given field, Stevens indicated that their lines could provide a higher payout than other Colorado books for about 80% of the golfers in the tournament.
Rocket Mortgage Classic 🏌️♂️
⛳️ Odds to Win
156 golfers, 22.5% theo hold pic.twitter.com/95yYP4sg8K
— Circa Sports (@CircaSports) July 1, 2020
“It will be self-evident when you compare our futures to others,” Stevens said. “The betting menu is going to be something of interest. I think you’re going to see a lot of guys go off at 18/1, when we’re offering 22/1.”
When it comes to parlays, Circa differentiates itself by allowing customers to include future bets in multi-sport wagers. If professional sports return later this month, a Denver sports fan could design a parlay with the Broncos, Nuggets, Avalanche and Rockies to win titles in their respective leagues. Many licensed sportsbooks limit parlay wagering to straight win bets only.
One distinction between the Circa model and other top Colorado books pertains to boosted bet promotions. If the Broncos face the Titans in Week 1, as scheduled, the true odds on whether rookie wide receiver Jerry Jeudy will score a touchdown could hover in the range of +250 to +275. For customer acquisition purposes, though, a sportsbook may boost the odds to +400 as an incentive for bettors to return to their app.
“That’s something frankly that we’re not going to participate in too much,” Stevens said. “We think consistently offering better odds will be a better model, that’s the path we plan on taking.”
Circa joins industry heavyweights such as DraftKings, FanDuel and FOX Bet in a crowded marketplace for mobile sports betting. After launching a retail sportsbook last month inside Saratoga Casino Black Hawk, Betfred USA remains the only operator in the state that is currently powering a brick-and-mortar sportsbook.
— Jeffrey Benson (@JeffreyBenson12) August 23, 2019
Though a number of Las Vegas books may be hesitant to accept massive wagers from unfamiliar customers at times, Circa has expressed a willingness to take a larger bet than most, Stevens said. Nevada customers can fund their accounts through wire transfers or even show up to a window with hundreds of thousands in cash, which does happen on occasion, he said. With a mobile-only platform in Colorado, the payment transfer process will differ somewhat.
Circa plans to expand digital payment options for customers through services offered by Worldpay Gaming Solutions. Without setting an exact date, Stevens emphasized that the timeline for implementation will be soon. Once Circa gets Worldpay on board, Stevens is optimistic that the sportsbook will be able to accept six-figure bets in Colorado during the 2020 football season.
Circa has set a total of 7.5 season wins for the Broncos (over -115) and 27 regular-season wins for the Rockies.
MLB ⚾️ Regular Season Wins
— Circa Sports (@CircaSports) June 28, 2020
“When it comes to fair odds and high limits there’s Circa Sports and there’s everyone else,” Stanford Steve, of SportsCenter with Scott Van Pelt and Daily Wager, said in a press release. “Anyone betting in Vegas or Colorado should be checking Circa’s lines.”
While Century Casinos has two properties in Colorado, Century Casino Central City and Century Casino Cripple Creek, Circa Sports will run risk management services from a trading room in Las Vegas. There are no plans as of yet for a Circa Sports brick-and-mortar sportsbook in the Centennial State.
The Sportsbook Cooperation Agreement with Century Casinos and Circa Sports is a 15-year agreement that includes a market access fee, a share of net gaming revenue, and a minimum revenue guarantee payable to the Century Casinos each year, Circa Sports said in a press release.