PointsBet will now join the long list of sportsbook operators legally operating in the state of Colorado.
The Australian sportsbook operator PointsBet has launched its mobile sports betting product in the state of Colorado.
Colorado marks the fourth legal US sports betting market for the Australian sportsbook operator.
PointsBet in Colorado
PointsBet launched its mobile sportsbook app in the state via a market access agreement with Double Eagle Casino in Cripple Creek.
The operator is set to launch a land-based sportsbook at the casino at a later point in time.
According to the state regulator, PointsBet is the 16th licensed online sports betting operator to enter the market.
PointsBet’s product launch in the Centennial State comes after the operator inked agreements with a handful of Colorado’s sports teams.
In August, the operator inked a multi-year partnership with Kroenke Sports & Entertainment (KSE), owner of the NHL’s Colorado Avalanche, the NBA’s Denver Nuggets, MLS’s Colorado Rapids, and the National Lacrosse League’s Colorado Mammoth.
In September, PointsBet entered a five-year agreement to become a betting, gambling and fantasy sports partner of The University of Colorado Buffaloes. This made PointsBet the first sports betting operator to enter a gambling sponsorship agreement with a US college.
Sports betting in Colorado
The Centennial State narrowly legalised sports betting in November 2019 after voters approved the sports betting measure through a referendum. Sports betting then went live on 1 May with the launch of several online sportsbooks.
Like New Jersey, Pennsylvania and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines.
Although Colorado’s sports betting market went live on 1 May and is still in its infancy, it is showing huge potential very early on.
In September, Colorado’s betting operators took $207.7m in sports bets making it the fifth-largest market in terms of handle for the month. The established betting markets of New Jersey, Nevada, Pennsylvania and the recently launched Illinois outperformed Colorado.
Due to the licensing structure, Colorado could have more than 30 online sports betting operators serve the state, creating a much more competitive and open market.