The Colorado sports betting market is getting more crowded.
On Wednesday, theScore Bet announced that it has received a final OK from the Colorado Division of Gaming to launch later this month.
“We can’t wait to launch theScore Bet in Colorado later this month and showcase our incredible betting product to the passionate sports fans there,” said John Levy, founder and CEO of theScore. “This regulatory approval is another significant step toward theScore Bet’s multi-state expansion as we roll out our uniquely integrated media and betting experience across the country.”
theScore Bet has market access through an agreement with a subsidiary of Jacobs Entertainment Inc., which offers casino gaming in the state.
Under the agreement, JEI will receive a percentage of revenue from theScore Bet’s mobile sports betting operations in Colorado, subject to certain annual minimum guaranteed amounts. There was also an initial upfront fee. The agreement spans an initial term of 10 years, extendable for two successive five-year renewal terms, at theScore’s option.
The sportsbook said that it has “substantially demonstrated to the satisfaction of the Colorado Division of Gaming that its sports betting operation meets the requirements of Colorado sports betting rules and regulations.”
Competition ramping up
Colorado sports wagering began on May 1, despite the sports world being at a standstill amid the public health crisis.
The likes of FOX Bet and BetMonarch launched later in May.
Colorado’s sports betting handle in June was up 49% over May, according to the most recent revenue report released by the Department of Revenue. Sportsbooks took in $38.1 million in wagers in June compared to $25.6 million in May.
Sportsbooks in the state are enjoying the return of NBA basketball and an 8-2 start for the MLB’s Colorado Rockies.