PointsBet is now live in the Colorado sports betting market, a state where the brand made a big impact before taking a legal bet.
The mobile app is live through an agreement with Double Eagle in Cripple Creek. A retail sportsbook will open at the casino at a later date.
The Australian-born sportsbook made a splash in the state two months ago. PointsBet became the first US sportsbook to sign a sponsorship with a college, becoming the exclusive official partner of the University of Colorado.
Colorado is the fifth legal US sports betting market for PointsBet. Along with Illinois, the sportsbook is live in Indiana, Iowa and New Jersey. The company is aiming for at least 10% market share in all jurisdictions, CEO Sam Swanell said at PointsBet’s 2020 annual meeting.
PointsBet CO sports betting partnerships
While PointsBet’s agreement with the Buffaloes is its most newsworthy, there are a few others worth mentioning in the state.
The company also signed a multi-year partnership with Kroenke Sports & Entertainment. PointsBet became the official and exclusive partner of multiple entities under the deal:
- Denver Nuggets (NBA)
- Colorado Avalanche (NHL)
- Colorado Mammoth (National Lacrosse League)
- The Ball Arena
Along with its local agreements, PointsBet recently bolstered its brand on the national level with a five-year marketing agreement with NBCUniversal. The agreement includes nearly $400 million in committed ad spend with NBC taking a 4.9% stake in the company.
PointsBet helped fund some of its future spend with offerings that raised about $250 million in September. It would get another $635 million if NBC exercises its option for 66.88 million shares after the fifth year.
PointsBet also established a permanent headquarters in downtown Denver.
Colorado betting market ramping up
Colorado might still be a young market but the state is showing its potential early on.
Sportsbook operators took $207.7 million in handle during September, making it the fifth-biggest market by handle for the month. Only the established markets of New Jersey, Nevada, Pennsylvania and the recently-launched Illinois topped Colorado.
PointsBet is the 16th licensed mobile sportsbook operator in Colorado, according to regulators.
Michigan next for PointsBet
PointsBet remains on track with its US rollout plans with a launch into Michigan next on its agenda.
PointsBet will launch sports betting in Michigan in its fiscal third quarter, which begins Jan 1. That timeline earlier in the year would have suggested the sportsbook could miss the launch of mobile betting in Michigan, but it now looks like a 2021 start is the most likely outcome.
Michigan will also be the first market to get PointsBet’s proprietary iGaming product. New Jersey is expected to get the casino product before the end of the company’s fiscal year.