Betting exchange Novig, which received a betting license from the Colorado Division of Gaming in October, has entered into an agreement with Intelitics for “player acquisition strategy” before it launches in the state.
Novig is a commission-free sports betting exchange that hopes to provide competitive odds and chip away at the market share of traditional odds sportsbooks in Colorado. The state has shown a willingness to expand its sports betting market by welcoming Novig (shorthand for “No Vig,” as in no house cut on bets).
Before Novig can operate in the state, it must receive approval from the Colorado Limited Gaming Commission, which regulates the sports wagering catalog and rules regarding odds and betting.
Novig to enhance partnership with Bronco Billy’s
Intelitics provides a “scalable customer acquisition platform” for gaming companies. It’s tools provide real-time customer data via pixel tracking on mobile apps and websites. The technology can be applied to paid-media and affiliate programs. Customer acquisition and retention are crucial in the competitive sports betting industry.
Colorado can issue as many as 39 sports betting licenses in all categories, including online and retail. Currently, 35 licenses have been granted, but Novig is the first no-commission betting exchange to receive one. Not all sports betting licenses granted in the state are actively being used however.
Novig has a partnership in place to operate a sports betting exchange with Full House Resorts at its Bronco Billy’s Casino in Cripple Creek. It reportedly will offer betting on its exchange for the NFL, college football, NBA, NHL, MLB and college basketball.
What is a sports betting exchange?
A betting exchange allows individuals to post bets with the odds they choose, matching bettors with wagers, and creating a user-controlled marketplace. Theoretically, odds can be lower than at traditional commercial sportsbooks, and no commissions (or “vig”) are paid to a sports betting operator. Sportsbooks often add in 1-10% in odds to handle bets as a commission.
“Novig is set to disrupt the Colorado online sports betting market and we are thrilled to be supporting its acquisition efforts through affiliates and paid media,” said Allan Stone, CEO at Intelitics, in a statement announcing his company’s strategic partnership with Novig. “These are powerful channels that are highly effective, both in terms of scale and cost.”
Novig head of growth marketing Catherine Dougherty said, “This is a powerful, highly capable platform and toolset that we will be able to use to drive new customer acquisition at scale and for a fraction of the cost of other marketing channels. This will give us a huge boost in Colorado and the other states where we will make a play.”
Colorado would become the second state, following New Jersey, to have sports betting exchanges.