DraftKings Sportsbook has announced that it will expand its presence into the state of Colorado.
The daily fantasy sports provider turned sportsbook operator DraftKings, has announced a deal with Twin River Worldwide Holdings Inc. to offer sports betting in the state of Colorado.
This news comes just days after DraftKings Scientific Games partnered to launch the OpenGaming Suite in New Jersey.
What’s covered in the deal?
Under the deal, DraftKings will open a land-based sportsbook at the Twin River Mardi Gras Casino in Black Hawk, Colorado. On top of this, DraftKings will launch its online and mobile sports betting platforms in the state. The deal is still subject to regulatory approval from Colorado’s gambling regulator.
Ezra Kucharz, DraftKings chief business officer, said: “Coast to coast, DraftKings is committed to providing states across the country with the ultimate experience in legal sports betting. Twin River holds a mutual pledge to providing exciting, real-time gaming opportunities, and we look forward to working alongside them to introduce Colorado sports fans to our award-winning product.”
George Papanier, President and Chief Executive Officer of Twin River, said: “Completing the acquisition of Golden Gates, Golden Gulch and Mardi Gras casinos in Black Hawk, Colorado last week included the right to three sports gaming licenses in Colorado and will really allow us to expand our footprint here well beyond our Arapahoe Park racetrack and Off-Track Betting network.
“We are very excited for this newly-formed partnership with DraftKings that will allow us to bring sports betting to the greater Denver market, not only with their mobile betting access, but also with an exciting retail sportsbook location inside our newly acquired casino.”
DraftKings in the US
Since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, DraftKings has become one of the most popular sportsbooks in the US market.
DraftKings currently operates its online and mobile sportsbook platform in five states which includes New Jersey, Pennsylvania, Indiana, West Virginia and New Hampshire. The sportsbook operator also has land-based sportsbooks operating in Iowa, Mississippi, New Jersey and New York.
Last month, DraftKings confirmed that it would be merging with SBTech. Diamond Eagle Acquisition Corp will acquire the businesses to create a combined entity that will be listed on the Nasdaq Stock Exchange. According to the announcement, the combined entity will create “the only vertically-integrated pure-play sports betting and online gaming company based in the United States.”
Sports betting in Colorado
The state of Colorado is one of the latest states to legalize and approve sports wagering. The Centennial State narrowly legalized sports betting in November 2019 after voters approved the sports betting measure through a referendum.
Three different types of sports betting license will be available: a master license, a sports betting operator license and an internet sports betting operator license. The cost of these licenses has yet to be set.
Colorado’s sports betting legislation will also establish the Colorado Gaming Control Commission (CGCC), a new regulatory body charged with regulating the state’s sports betting industry.