bet365 Plans to Enter New Colorado Sports Betting Market
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Century has already secured its master license with the state of Colorado. Bet365 plans on completing the application and approval process with the state, allowing it to manage an internet and mobile betting app under its brand. No timeline has been released for its launch.
The agreement is for 10 years and includes a minimum annual revenue guarantee and a percentage share of net gaming revenue to be paid to Century. Bet365 also paid an advance fee upon signing the contract.
Century has one more master license to hand out after giving the first of its three to Las Vegas-based Circa Sports.
While bet365 has been in the United States for a couple of years now, it hasn’t had the same impact it has had in other countries. The company makes nearly $4 billion annually and is licensed and regulated around the world.
Still, it’s set up for success in America.
In addition to its newly-struck deal in Colorado, bet365 has cracked the market in New Jersey, the second-largest sports betting state in terms of handle and revenue in the country.
It has also partnered with Empire Resorts in New York, but online betting hasn’t been launched in the state yet.
With live sports beginning to return and online betting likely heading to New York in 2021, bet365’s figures in the United States will surely be on the rise.
Its presence in Colorado won’t hurt, either.
The Centennial State launched legalized sports betting on May 1, and the market has already started to heat up. Fox Bet entered the market on Tuesday, joining the likes of DraftKings, FanDuel, BetMGM, BetRivers, and BetMonarch.
Despite the lack of live sports, it’s clear that Colorado has quickly become one of the hottest new markets in the country. Other books are likely to get in on the action in the near future.