PointsBet Sportsbook Officially Launches Online Betting in Colorado
Photo credit: Matthew Stockman/Getty Images. Pictured: Denver Broncos QB Drew Lock
The Australian-based sportsbook, which announced it would open its U.S. headquarters in Denver last year, has aggressively invested in the Colorado market, striking betting partnership deals with the NBA’s Denver Nuggets and NHL’s Colorado Avalanche. It also has a corporate sponsorship with the University of Colorado, the first such arrangement with an NCAA Division I program in the nation.
PointsBet also operates in Illinois, Indiana, Iowa and New Jersey. Its growing brand recognition and investment in Colorado, along with its unique “pointsbetting” wagering options, should help PointsBet stand out among a crowded field of competitors in the Centennial State.
PointsBet Continues Expansion
Since its January 2019 American launch in New Jersey, PointsBet has competed against more established U.S. rivals such as DraftKings, FanDuel and William Hill through exclusive, and often non-traditional, betting options. PointsBet is the first legal U.S. sportsbook with pointsbetting, where a player earns (or loses) money based off a multiplier factoring the initial wager and the extent of the outcome.
For example, say a player bets $10 on an NBA game to go over the total of 200. If the final total was 220, the bettor would be awarded $200, as the result was 20 points over the original total, which is multiplied (20 times $10) by the initial wager. Conversely, if the final total was 180, the player would lose $200.
PointsBet is also an innovator of early payouts, “good karma payouts” and non-traditional bets such as player completion percentages and “time of first score.” The company says it offers the most markets of all four major U.S. sports, including 1,000 for a single NBA game.
Along with its diverse betting options, PointsBet has worked to make its name through extensive marketing deals. PointsBet partnered with the NBA’s Indiana Pacers and the NFL’s Indianapolis Colts, and arranged individual deals with former Chicago Bears star Devin Hester and Philadelphia 76ers Hall-of-Famer Allen Iverson. The company is also NBC’s official sports betting partner.
After launching in Colorado, its fifth state with a digital sportsbook, it appears its next target is Michigan, which is set to open online wagering in late 2020 or early 2021. Other potential states include Tennessee, which began sports betting earlier this month, as well as Maryland and Virginia, which could begin as early as next year.
Colorado Shows Early Promise
PointsBet joins a growing list of sportsbook operators that has quickly made Colorado one of the nation’s largest sports betting markets. In just September, 15 digital sportsbooks combined for more than $207 million in handle, 98% of which came online.
The percentage of online handle may, incredibly, only go up in the coming months. The state’s roughly three-dozen commercial casinos, all located in the historic gaming communities of Black Hawk, Cripple Creek and Central City, shut down earlier this year due to the COVID-19 pandemic and are already looking at renewed restrictions as the virus continues to spread.
That should have little impact on the state’s thriving online market — and PointsBet in particular. The company prides itself on top-of-the-line mobile apps for Android and Apple devices, as well as thousands of in-play betting options.
Eligible bettors can register for any legal sportsbook via an internet-capable device from anywhere within state lines. The easy registration – and proliferation of top online sportsbooks – has helped explain Colorado’s rapid sports betting handle growth since its May 1 launch. A busy fall sports calendar, highlighted by the return of college and professional football, could see October top September’s record.
PointsBet should only help Colorado reach that mark. The company’s Colorado investments are now poised to pay off, positioning itself to be a market leader in one of the most dynamic sports betting markets in the country.