Century Casinos, Inc. announced today it finalized an agreement with international odds provider Bet365 to serve as the Colorado Springs-based company’s second Internet Sports Betting Operator.
After receiving approval from the state of Colorado, Century Casinos and Bet365 plan to launch an online sportsbook and mobile application. The internet platform and mobile app will reportedly feature Bet365 branding.
Colorado’s Terrible Timing
Last November, Colorado voters passed Proposition DD, paving the way for the state’s legislature to decriminalize sports betting. On May 1, 2020, lawmakers approved bill HB19-1327, which officially authorized online and retail sportsbooks to operate in the state.
Unfortunately, the timing could not have been worse, as professional sports in the United States were effectively shut down just as sportsbooks in the Centennial State welcomed their first customers.
Stay-at-home orders have led to an industry-wide decline in revenue for casinos. However, some U.S. gaming companies have reported a sharp increase in online gaming revenues, as patrons transition to mobile apps for action. Accordingly, the casino industry is rapidly developing proprietary internet-based platforms for sports betting.
Sportsbook Operators Flock to the Centennial State
Colorado charges $54,000 for an Internet Sports Betting Operator License. Gaming companies granted a “master license” by the state are permitted to contract third-party operators to run their sportsbooks. The contractor managing sports betting must also receive a license from the state. Century Casinos has received a master license from the state of Colorado.
In February 2020, Century Casinos signed a 15-year agreement with Circa Sports Colorado to serve as one of its Internet Sports Betting Operators. Circa Sports operates a mobile sports betting app and shares a percentage of the revenue with the casino entertainment company.
The new agreement with Bet365 is a 10-year deal that provides Century Casinos with a minimum annual revenue guarantee and a share of net revenues from the online sportsbook and Bet365 app.
Currently, bettors in Colorado have access to sports betting via other mobile and online gaming operators, including DraftKings and FanDuel. The addition of Bet365 to the state’s sports betting market should increase competition in the mobile gaming sector.
Expect sportsbooks to battle for new clients with sign-up offers, odds boosts, and deposit bonuses.