The field of contenders for a significant share of Colorado’s legal wagering market continues to fill out. The Colorado Limited Gaming Control Commission could approve license applications for three more sportsbook operators that Coloradans may already be familiar with soon.
The CLGCC has set its next meeting for Thursday, March 19. During that meeting, it will rule on a total of 15 applications for various kinds of licenses.
Who are the three sportsbook operators being considered by the Commission on Thursday?
The big boys continue to filter into the Centennial State. During Thursday’s meeting, the Commission will rule on temporary sports betting licenses for:
- Fox Bet
FanDuel and Fox Bet are seeking Internet licenses only while PointsBet is seeking licensure for both retail and online operations.
In addition to those temporary sports betting licenses, the Commission will consider master licenses for six casino operators. Those are:
- Golden Mardi Gras
- Bronco Billy’s Casino
- Golden Gates
- Golden Gulch
- Christmas Casino & Inn by Bronco Billy’s
- Billy’s Casino
Finally, the council will consider three major and three minor vendor license applications. Among them are marketing firms and payment processing companies.
Assuming all the applications are approved, the market in Colorado could be robust when these sportsbooks go live. That could be just over a month away.
Colorado could see unprecedented competition between operators from Day 1
Colorado’s moratorium on legal wagering expires May 1. That could be the day all of the approved licensees actually start taking bets.
While there’s no guarantee that will be the case for every license holder, the fact that even these late approvals have several weeks to work on getting to the finish line bodes well for them. The real winner in this situation, however, would be bettors in the state.
Competition is great for bettors because it provides a motivation for sportsbooks to offer better odds and promotions. It also prevents one operator from being able to corner the market.
If all of the licensees, including those which are up for consideration Thursday, go live at the same time, that competition will be fiercer than it has on launch day in other states. That will especially be true if the online sportsbooks are ready to go May 1.
Colorado could set a new standard for not only the number of operators taking bets on the first day of legal wagering but offering online betting at that juncture as well. In other states, online sportsbooks have launched weeks or months after their retail counterparts.
While the investments of all these brands are pretty equal right now, that may not be the case going forward. One brand appears to be heavily investing in Colorado.
What PointsBet brings to the Centennial State
PointsBet is building a second US headquarters in Denver. While it has not shared the exact location of the company’s Western-based HQ for the western US, its place in the state’s capital represents an opportunity to have a strong presence in Colorado.
That’s no guarantee that PointsBet will dominate the online market there but it should give the brand an advantage in terms of consumer awareness. In terms of marketing, that’s a big key.
Licensure is an important step toward claiming a share of the market for sportsbook operators as well. After Thursday, PointsBet along with FanDuel and Fox Bet should be able to cross that off their lists.