Colorado Sports Betting Market Set to Add 888sport, Betsson

Colorado Sports Betting Market Set to Add 888sport, Betsson
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After announcing in early December that it would be entering Colorado, Iowa and Indiana, three of the fastest-growing markets in the U.S., 888 Holdings was approved for a temporary Internet sports betting license in Colorado on Thursday.

Stockholm-based Betsson was also approved Thursday for a temporary sports betting license during the last meeting of the year for the Colorado Limited Gaming Control Commission.

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Both were unanimously passed by the five-member committee and 888sport and Betsson have been granted pending regulatory background investigations.

International gaming company 888 Holdings, which operates 888sport in the U.S., announced on Dec. 2 it will be entering the three states in 2021. With those additions, 888 will now be in six states, having already entered the Delaware, Nevada and New Jersey online casino gambling markets.

It had reached a multiyear agreement with Grande Casino in Cripple Creek, Colorado, for market access. The company entered the New Jersey market in 2018, teaming up with Caesars Atlantic City. In Delaware, it extended its agreement over the summer with the Delaware State Lottery, which oversees gaming in the state, until 2022.

Based in Gibraltar, 888 is listed on the London Stock Exchange.

On June 29, Betsson announced it would enter the U.S. online sports betting market with an agreement to partner with Dostal Alley Casino in Central City, which gave it market access to Colorado. Betsson plans to launch its proprietary sportsbook in the first part of 2021, after regulatory approval.

The move into Colorado is a strategic one reflecting Betsson’s desire to grow in new regulated markets. The agreement with Dostal Alley Casino is for an initial term of 10 years.

Colorado Sports Betting Market

The Colorado sports betting market launched on May 1 and has grown each month. The state’s sports betting handle for October increased by $3 million compared to September, but that was enough for another monthly record.

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Colorado posted $210.7 million in sports betting handle for October, up 1.5% from September’s mark of $207.7 million. The mobile sports betting handle of $206.4 million was up 1.3% from September ($203.9 million) and also set a record for Colorado, according to Department of Revenue’s monthly figures.

Operators are continuing to enter the Colorado market. PointsBet, an Australian company that is building its U.S. headquarters in Denver, launched its Colorado online and mobile sports betting platform in November. And top German company Tipico announced a deal for its online sports betting product to partner with Century Casinos.

The addition of 888sport and Betsson would give Colorado 18 online sports betting operators, according to the gaming control commission’s website.

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