The partnership between bet365 and Century Casinos is an intriguing one.
It was announced on May 19 that the Colorado sports betting scene had landed another big fish.
But the decision to form any partnership is a major one, so why did Century Casinos align with bet365?
“Bet365 is the largest sports betting operation in the world and will be a great partner for us in the US,” Eric Rose said to PlayColorado. Rose is the vice president of operations for Century Casinos.
Rose added that no date is set on when the sports betting app will launch.
Colorado sports betting licenses
Earlier this year, Las Vegas-based Circa Sports announced it would also partner with Century Casinos.
The sports betting licenses for bet365 and Circa Sports are for the casinos in Cripple Creek.
Meanwhile, the license in Central City is still up for grabs.
“We are in communication with various potential partners,” Rose said.
No plans for brick-and-mortar sportsbook
However, when the sportsbook does eventually come around, Colorado bettors will get a unique experience.
The bet365 site livestreams hundreds of thousands of events and covers around 75 sports annually. Prospective bettors in Colorado can watch those sports events while they bet.
Since Colorado is one of the few states that allows users to sign up for an app from their favorite chair, it could make for an appealing offer.
“We do not have plans at this time for a brick-and-mortar sportsbook,” Rose said. “However, we are looking into retail kiosks and other opportunities.”
The press release announcing the partnership, bet365 will complete the necessary application and approval process to obtain a sports betting license in Colorado.
Under the agreement, bet365 will pay Century a minimum annual revenue guarantee and a percentage of net gaming revenue for the next 10 years. An unspecified amount was paid upfront.
Colorado is a favorable betting market for bet365
Colorado would be the second active market in the US for bet365 after its launch in New Jersey in 2018.
The hope for Century Casinos is that bet365 is able to translate the global success to the Colorado market. But as Legal Sports Report noted in late May, the carryover to the US has yet to happen.
According to the release, bet365 has annual sportsbook revenues of almost $4 billion and employs more than 4,600 people.
It also holds market-leading positions in a variety of regulated jurisdictions, like the United Kingdom and Italy, thanks to its huge range of in-play markets.
“Colorado is appealing to both customers and companies because of the large library of sports available to bet on,” Rose said. “(Also) the ease of mobile/online sign-up and betting. Coloradans love of sports, and the favorable rules and regulations implemented by the Colorado Division of Gaming (help).”