888sport & Bettson get Colorado approval
888sport & Betsson have received a Colorado Sports Betting License to operate in the state.
After it was revealed earlier this month that 888sport would be entering the Colorado sports betting market, as well as the Indiana, and Iowa sports betting markets, 888 Holdings received approval for a temporary Internet sport betting license in Colorado this week. Those three states are among the fastest-growing markets in the U.S, and 888 has exploited this by ensuring they have a presence in all three locations. Betsson, who are based in Stockholm, has also received approval for a temporary sports betting license. Both brands were notified they had got the approval on Thursday following the year’s final meeting for the Colorado Limited Gaming Control Commission.
The five-member committee unanimously passed both companies’ applications, and 888sport and Betsson now have approval pending regulatory background investigations. 888 Holdings is a major global betting brand and operates under 88sport in the United States. The company revealed in December that it would be launching a platform in the three states next year. After 888 go live in those states, it will mean the company will have a presence in six states in total. 888sport is already established in New Jersey, Delaware, and Nevada.
888 signed a multi-year agreement with Grande Casino in Cripple Creek, Colorado, to gain market access. In Delaware, it has extended an existing agreement with the Delaware State Lottery, which oversees iGaming in the state, until 2022. For two years, the company has been available in the New Jersey online casino market, striking up a partnership with Caesars Atlantic City in 2018.
Over the summer, Betsson announced it would enter the U.S. online sports betting market following after agreeing to a partnership with Dostal Alley Casino in Central City. This gave the company market access to Colorado. Betsson is aiming to launch its retail sportsbook in the first quarter of 2021, after regulatory approval.
Betsson has stated that they are looking to enter into new regulated markets as part of their U.S strategy, hence the move into Colorado. The length of the agreement with Dostal Alley Casino is for an initial term of 10 years.
Development of Colorado Sports Betting Market
Colorado accepted its first sports wagers on May 1 and has seen steady growth since then. Total sports betting handle for October jumped by $3 million compared to September. The sports betting handle figure for October was $210.7 million, an increase of 1.5% from September’s total of $207.7 million.
Operators are moving fast to enter the Colorado market. PointsBet, who has already agreed to deals with several major U.S sports teams, launched its online and mobile sports betting platform in Colorado in November. German company Tipico has announced an agreement with Century Casinos to enable it to introduce its online sports betting platform to Colorado bettors. Once 888sport and Bettson are up and running, there will be a total of 18 online sports betting operators in the Centennial State.
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