Bet365 Finally Gains Market Access in Colorado
After waiting a long time for approval, bet365 has finally gained market access in Colorado. The Leading UK Sportsbook has had an extended partnership with Century Casinos for more than two years.
After a Long Wait, bet365 Has Finally Arrived in Colorado
bet365 is one of the most renowned sportsbook platforms in the world but has failed to find major success in the United States. The operator is gradually rolling out its plans, as New Jersey was the first state in which the bookmaker operated.
The partnership between the bookmaker and the casino is set to last ten years. As part of the deal, the company will receive a share of net gaming revenue every year, as well as an advance fee, which will be paid when the contract is signed in May 2020.
bet365 may have had a tough time gaining market share in the United States, but the app launching in Colorado is a step in the right direction. The NFL season is approaching, and football is the most wagered sport in the United States.
Century Casino operates casinos in Century City and Cripple Creek, Colorado. The gaming facility has properties in other states that, include Missouri and West Virginia. Century Casino also has a presence in Canada.
Could bet365 Start Joining More States?
bet365 has plans to gain more market access throughout the industry as the brand was approved to be listed in Virginia on August 15th. bet365 may have pushed back its US plans earlier this year, if the Colorado timeline is any indication, as the plan was to launch in September.
For its launch in the Centennial State, the sportsbook will be giving $200 in free bets for new users. To be eligible for this promotion, the player must deposit at least $10 and wager a minimum of $1 with odds that exceed -500.
Once the bet is settled, the player will be credited with $200. As compared to its competitors, who are headquartered overseas, bet365 has struggled to gain market share in the United States. Even so, the brand produces nearly $4 billion in revenue annually and employs over 6,000 people worldwide.
The platform offers its consumers some of the most expansive in-play betting options, which cover over 75 sports and 600,000 live events. The sportsbook has over 80 million registered customers in over 160 countries across the world.
Looking at Colorado’s Sports Betting Market
Colorado’s sports betting market has one of the lowest barriers to entry in the industry, which means many sportsbooks can enter the state. bet365 will have to focus heavily on its marketing campaign to gain market share in Colorado.
In July, the monthly handle was $258.4 million, an increase of 42.5% over last July. In light of the COVID-adjusted schedules last year, that is an impressive increase. Baseball had the biggest handle as it registered a handle of $110.6 million, or 42.8 percent of the overall handle.
The NFL will be making its return for the last quarter of the year. Markets across the United States should notice a jump then.