The world’s largest online sportsbook operator, bet365, is heading to the Colorado sports betting market.
The firm announced today a licensing and revenue share agreement with Colorado property Century Casinos. Following the deal, bet365 said it would complete the necessary approval process to obtain a CO sports betting license.
The company will launch an online betting site and app under the bet365 brand but did not give a timeline for launch.
Bet365 committed to Colorado sports betting
Under the agreement, bet365 will pay Century a minimum annual revenue guarantee and a percentage of net gaming revenue for the next 10 years. An unspecified amount was paid upfront.
Colorado could be the second active market for bet365 after its launch in New Jersey in 2018.
The company also has a market access deal for New York but will have to wait for legislative progress before it can operate.
Bet365 yet to conquer the US
Bet365 describes itself as the world’s largest online sports betting company. However, its global success has yet to translate to the US.
Globally, the firm generates almost $4 billion in annual sportsbook revenue and employs some 4,600 staff.
It holds market-leading positions in a variety of regulated jurisdictions like the UK and Italy thanks to its proprietary technology and a huge range of in-play markets.
The bet365 site streams more than 190,000 events annually.
However, its market share in New Jersey is still negligible. The operator began its first NJ marketing campaign in the second half of March, but it was promptly halted when the coronavirus struck.
CO sports betting competition heating up
Fox Bet went live in Colorado on Tuesday, bringing the sixth sportsbook to the burgeoning market as sports begin to restart.
For Century, the agreement marks the second of three internet sports betting licenses it has handed out. The first one went to Vegas operator Circa Sports, with one more up for grabs.
Colorado allows one skin per license, and Century operates multiple casinos.
The Colorado market went live at the start of May despite the absence of sports. Initial participants included FanDuel, DraftKings, BetRivers and BetMGM.
