Colorado is the latest state to launch sports betting, and the state is poised to become one of the biggest markets in the industry. May 1 was the official launch date of sports betting, even though almost all live sports are currently shut down throughout the United States.
Some of the biggest names in the sports betting industry are lining up for their crack at bettors in Colorado, and the Colorado Limited Gaming Control Commission has been busy reviewing applications. Applications continue to roll in to the commission, and it appears that they will be receiving a bid from bet365 soon.
This is a major move for the Colorado industry as bet365 is the largest online sportsbook operator in the world, and they will transform the market in the state. Even though bet365 is joining the party a little late, they are expected to quickly become a leader in the state.
Bet365 announced that they have partnered with Century Casinos, which will give them the opportunity to offer their service. The company then announced that they would complete all of the necessary paperwork to get their application to the commission.
After receiving their license, which is expected, bet365 will launch both an online betting site and a mobile app under their own brand. There is no timetable for launch, but it should be up and running at some point in 2020.
Even though bet365 is billed as the largest online sportsbook operator in the world, the company has had little success so far in the United States. Bet365 has struggled to be competitive in the market in New Jersey, but they were planning to rebrand their company before the coronavirus pandemic rocked the industry.
Bet365 is set to pay Century Casinos a minimum annual revenue guarantee for the next 10 years, as well as a percentage of all gaming revenue. Century Casinos was also given a payment up front, but those financial details were not disclosed.
Continuing To Grow
This will be just the second state where Bet365 is up and running, although they are expected to gain approval in New York. They have already submitted an application in that state, but are waiting for approval before they can begin planning their launch.
Bet365 has over 4,600 members on their staff, and they have racked up some extremely impressive revenue numbers in other parts of the world. The company reports that they bring in close to $4 billion in sports betting revenue each year.
Not only does bet365 provide some terrific sports betting options, but they also stream more than 190,000 live sporting events annually. They are a major player in the UK and Italy, but expanding into the United States has been a challenge.
Last week Fox Bet launched in the state of Colorado, marking the 6th operator to go live. BetMGM, BetRivers, DraftKings, and FanDuel all launched their sites on May 1, and they have put up some solid numbers despite having a limited amount of sports to take bets on.