On Monday, two of the leading online/mobile sports betting brands announced deals to enter the upcoming Colorado sports betting market. Voters approved sports wagering in a referendum in November.
FanDuel and DraftKings both snagged one of Twin River World Holdings Inc.’s three online “skins” (or brand partners) in the state. The deals are contingent on the adoption of regulations and the parties securing the necessary gaming licenses.
Additionally, theScore separately announced a deal with Jacobs Entertainment Inc.
Twin River Worldwide Holdings owns and manages seven casinos nationwide — two casinos in Rhode Island, one in Mississippi, one in Delaware, and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado.
It gaming facilities in Colorado include Golden Gates Casino (Black Hawk), Golden Gulch Casino (Black Hawk), Mardi Gras Casino (Black Hawk), and Arapahoe Park racetrack (Aurora).
TRWH recently completed the acquisition of Golden Gates, Golden Gulch, and Mardi Gras. Those acquisitions came with the right to three sports betting licenses.
“Completing the acquisition of Golden Gates, Golden Gulch, and Mardi Gras casinos in Black Hawk, Colorado last week included the right to three sports gaming licenses in Colorado and will really allow us to expand our footprint here well beyond our Arapahoe Park racetrack and off-track betting network,” George Papanier, President and Chief Executive Officer of Twin River, said in a statement.
FanDuel Sportsbook growth
Colorado will be the fifth state in the United States where the FanDuel Sportsbook online/mobile platform will be available. Its other states are Indiana, New Jersey, Pennsylvania, and West Virginia.
“Twin River has been engaged in sports betting since the beginning in Rhode Island and Mississippi, and they are an ideal partner as we continue to enter states that open up online and mobile sports betting,” said Matt King, CEO of the FanDuel Group. “Colorado has a sensible framework for sports betting, and we are excited to partner with a renowned gaming company like Twin River to bring our market-leading online sports betting experience to Colorado sports fans.”
FanDuel said the launch of online betting will be in “the coming months.” Under state law, the earliest bets could take place is May 1.
Terms of the deal were not disclosed.
DraftKings Sportsbook expansion
Colorado will be DraftKings’ sixth state. The DraftKings Sportsbook mobile app is currently available in Indiana, New Jersey, New Hampshire, Pennsylvania, and West Virginia.
“Coast to coast, DraftKings is committed to providing states across the country with the ultimate experience in legal sports betting,” said Ezra Kucharz, DraftKings chief business officer. “Twin River holds a mutual pledge to providing exciting, real-time gaming opportunities, and we look forward to working alongside them to introduce Colorado sports fans to our award-winning product.”
DraftKings was able to snag a retail component in its deal with TRWH. The sportsbook company will bring a brick and mortar operation at the Mardi Gras Casino.
Terms of the deal were not disclosed.
theScore
Score Media and Gaming last week announced a deal with Jacobs Entertainment, Inc., owner of The Lodge Casino and The Gilpin Casino, both in Black Hawk. The online/mobile sportsbook called theScore Bet is expected to launch “later this year.”
“We can’t wait to introduce theScore Bet to fans in Colorado later this year,” said John Levy, founder and CEO of theScore. “We’ve already seen exciting early momentum from our mobile sportsbook in our launch state of New Jersey. Now we are focused on its multi-state rollout while driving ongoing product innovations to further strengthen the connection between our media and gaming platforms, leveraging our incredibly powerful and highly-engaged sports app audience.”
Colorado will be theScore’s second state with legal sports wagering.
Under the deal, Jacobs Entertainment will receive a percentage of revenue, subject to certain annual minimum guaranteed amounts, and an initial upfront fee. The agreement spans an initial term of 10 years, extendable for two successive five-year renewal terms, at theScore’s option.
