PointsBet Launches in Colorado: All You Need to Know
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PointsBet officially went live in Colorado on Tuesday, becoming the fifth state the sports betting operator has launched in. The sports betting operator has partnered with Double Eagle in Cripple Creek, roughly 100 miles southwest of Denver.
PointsBet is already operating in New Jersey, Iowa, Illinois, and Indiana. This will be the furthest west the sportsbook will have operations. The Australian sportsbook also set up second headquarters in the Centennial State to focus on western sports betting expansion.
PointsBet also has four partnerships in Colorado, including a partnership with the University of Colorado. The online sportsbook should see success in Colorado thanks to the state lenient regulations around the industry. With multiple partnerships and a headquarters in the state, PointsBet should become one of the top sportsbooks to use.
PointsBet Growth
The Australian-based sports betting operator has been making a splash in the U.S. market since entering. The Colorado launch now puts them in five states where CEO Sam Swanell stated that he would like to have at least 10% market share in each one.
PointsBet opened a second headquarters in the Centennial State to expand into the western part of the U.S.
The online sportsbook also partnered with the University of Colorado’s athletic department in September, creating a milestone in the sports betting industry. PointsBet was the first sportsbook to partner with a university, groundbreaking for college sports and sports betting.
PointsBet has also partnered with the Denver Nuggets, Colorado Avalanche, Colorado Mammoth, and The Ball Arena. It also has a partnership with Kroenke Sports & Entertainment.
However, the biggest partnership PointsBet has landed in the U.S. has been with the NBCUniversal partnership. The deal is five years and worth roughly $400 million. PointsBet will become the official partner of NBC Sports, where they will use PointsBet odds for sporting events.
The partnership will help PointsBet gain exposure in the sports betting market as its odds will be displayed on NBC Sports events. PointsBet will also benefit from using the NBC deal as leverage in gaining market share in other states as they look to grow into states like Michigan and beyond.
Colorado Betting Market
Since launching sports betting in May, Colorado has become one of the top states in the sports betting industry. Despite launching in the middle of a pandemic, Colorado has seen continual growth since the launch and recently hit a betting handle of $207.7 million in September.
Although October has yet to be released, they should continue to increase as sportsbooks capitalize on the football season.
PointsBet is now the 15th sports betting app in the Centennial State. It will have to compete among DraftKings, FanDuel, BetMGM, and others for market share. Although PointsBet launched later in the year, it should still see growth and success from the beginning.
With a headquarters in Denver and multiple betting partnerships with teams and Colorado University, PointsBet should hit its 10% market share goal over the next year. PointsBet has been doing everything right since launching a sportsbook in the U.S., and now Colorado will reap the benefits of the sports betting operator.
