PointsBet has cleared the last regulatory hurdle to Colorado online sports betting in its bid to bring its unique brand of wagering to Colorado according to ColoradoSharp.com.
The Australian sportsbook operator was officially granted an online sports betting license March 19, in a meeting of the Colorado Limited Gaming Control Commission (CLGCC). The CLGCC has now granted a total of 31 sports betting licenses in various forms since the legalization of sports betting in the state via a November 19 public vote.
PointsBet, which announced its intention to operate in Colorado in July 2019, finally has the green light as the landscape of legalized sports betting in the Centennial State continues to take shape.
Big Names in Online Sports Betting Come to the State
The 31 sports betting licenses awarded so far by the CLGCC include, among others, categories for Master License and Internet Sports Betting Operator.
The Master License allows for a land-based casino to operate a physical retail sports book on a property, as well as offer online sports betting throughout the state. Properties obtaining a Master License can utilize up to two strategic partners in its online sports betting offerings.
The Internet Sports Betting Operator license allows the holder to offer online sports betting only, and must be partnered with a land-based casino.
PointsBet joins companies like FanDuel, DraftKings, William Hill, Fox Bet, and theScore Bet as names that will eventually offer legal online sports betting in Colorado.
PointsBet’s platform offers some of the most unique betting options in the industry, including its namesake PointsBetting.
PointsBetting allows bettors a chance to capitalize on the amount of points a team wins by. For example, a bettor could place a $100 PointsBetting wager on a team and receive $100 for every point the team wins by. Conversely, that bet would also entail a $100 loss for each point the team loses by in the case of a defeat.
Outlook for PointsBet in Colorado
With the online license granted, PointsBet will now partner with DoubleEagle Casino in bringing the PointsBet brand to Colorado. Colorado is one of six U.S. states that PointsBet expects to be operating in by the end of 2020.
The brand has already launched platforms in New Jersey, Iowa and Indiana, with Colorado, Illinois, and Michigan expected to be added to that list by the end of the year.
The November 2019 vote allows for the state’s new sportsbooks, both retail and online, to become available to the public on May 1. In a February investor call, PointsBet CEO Sam Swanell stated that a May 1 launch for the brand, however, was unlikely.
“I’d say it’s unlikely (in) May, that will probably come around pretty quickly,” Swanell said. “But we won’t be far behind.”
COVID-19 Crisis Impact on Colorado Sports Betting
That May 1 launch date could be pushed back for all of the state’s potential sportsbook operators in the wake of recent developments due to the COVID-19 pandemic crisis.
Many areas of the United States have been forced to effectively shut down non-essential businesses and public gatherings in the face of the pandemic.
On March 16, Colorado Governor Jared Polis announced a 30-day shutdown of casinos, restaurants, bars, gyms and other public gathering spaces, with that order since extended to April 30. Even with the most optimistic outcome from that timeline, a May 1 opening for Colorado’s new land-based sportsbooks could have to be pushed back.
It’s unclear what affect the lockdown of public spaces might have on the launch of online sports betting. Bettors age 21 and over will have access to Colorado’s regulated and approved sports betting apps from anywhere within state borders when the launch does take place.
With nearly all major sports leagues around the world postponing events for now, betting opportunities are sparse. Colorado Division of Gaming director Dan Hartman said in the March 19 meeting that the May 1 launch date is still a go, for now, with future discussions about that timeline to take place in April.