Bet365 is the latest company to secure an online sports betting license in the Centennial State.
The British operator was granted a temporary permit by the Colorado Limited Gaming Control Commission on Thursday, allowing it to launch its online and mobile sports wagering platform in the state. Colorado is the second approved state for the Bet365 brand after New Jersey, and the accreditation is a significant milestone for the UK-based gambling giant as it seeks to extend its footprint in the United States market.
Bet365 secured access to Colorado’s regulated industry in May 2020 through a multi-year partnership deal with Century Casinos, Inc. The 10-year agreement required the brand to pay a one-time market access fee to the casino operator upon signing a contract, and also share a percentage of its net gaming revenue with the company when it commences operations.
Century Casinos, Inc, which owns Century Casinos and Hotels in Cripple Creek and Central City, also partners with Circa Sports and Tipico Sportsbook for internet betting operations.
Bet365 is the 26th online sportsbook to get approved in the fast-growing Colorado sports betting market.
The state’s sports wagering law allows each of the 33 land-based casinos in the jurisdiction to participate in the market, and they can also partner with online-only operators to offer mobile betting. So far, all of Colorado casinos have Master Licenses allowing them to offer both in-person and online wagering.
Some of the prominent brands that are already operational in the state include DraftKings, BetMGM, Caesars (formerly William Hill), FanDuel, Betfred, TwinSpires, WynnBet, Barstool, and Bally Bet. The market has also attracted a number of newcomers like PlayUp USA, SI sportsbook, and MaximBet, due its low cost of entry and favorable tax rates for operators.
In addition to the statewide mobile betting apps, Colorado also has 17 retail sportsbooks in Central City, Black Hawk, and Cripple Creek.
Bet365 will be a valuable addition to the state’s market when it kicks off operations, although the company is yet to announce when it will start taking bets in the precinct.
The five-member Limited Gaming Control Commission also voted to approve retail and Master sports betting license renewals for four facilities in Black Hawk.
Penn National Gaming’s Ameristar Casino Black Hawk was one of the establishments that had their permits renewed during the Thursday meeting. The casino, which claims the bragging rights for being Colorado’s largest gambling establishment, partners with Barstool sportsbook for both retail and online sports wagering operations.
The other three facilities are Bally’s Black Hawk North (formerly Golden Mardi Gras Casino and Hotel), Bally’s Black Hawk West (formerly Golden Gates Casino), and Bally’s Black Hawk East (formerly Golden Gulch). Bally’s Corporations rebranded the three casinos earlier this year in the bid to align the facilities with its well-established brand.
The casinos’ internet sports betting partners are Bally Bet, DraftKings, and FanDuel.
The cost of acquiring a Master License in the Centennial State is $2000, while retail sports betting permits cost $1200 each. These licenses are renewable every two years at the cost of $250 for Master Licenses and $1200 for retail sportsbook permits.
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