Wed, Nov 13, 8:46am by Noah Taylor
Australian company Pointsbet announced that it planned to open its second US-based headquarters in Denver, before the state legalised sports betting.
Its venture into Colorado, the base for its West Coast operations opened last month, with a recent vote in the state approving online and bricks and mortar sports betting in its November 5 election.
Legal sports wagering in the state could become a reality as soon as May 2020, according to gambling.com.
The company was also ahead of the game when it decided to advance a multi-year partnership with Double Eagle Hotel and Casino, one of Colorado’s leading casino and hotel destinations.
The company is now positioned to hit the ground running to launch retail and mobile sportsbook operations in Colorado.
Pointsbet and the Double Eagle Hotel and Casino are set to build a multi-faceted sports entertainment venue in Cripple Creek, Colorado and their early partnership should only bolster the two companies’ ability to begin working on satisfying whatever requirements come down the line from state regulators as the state moves toward implementation.
An office in Denver didn’t require the state’s voters to approve sports betting in the state, with the city home to a robust software engineering community.
Colorado has an affluent and educated population that should help the US sports betting market continue to grow.
After all, more legal bets were placed at US sportsbooks than ever before in September, and that number should only continue to grow every year as more states legalise sports betting.
While the state likely won’t challenge Nevada or New Jersey for US gross handle supremacy anytime soon, it could still ultimately become one of the biggest sports betting markets on a per capita basis.
After all, Colorado will have nearly three dozen casinos offering sports betting both online and in-person when the market launches next year.
Pointsbet just announced an $84 million capital campaign to help with its US expansion plans, moving into Colorado at just the right time seems likely to pay huge dividends.
Now that sports betting is legal in Colorado, PointsBet can move forward with its plan of world domination. 👀https://t.co/kdZxp9pC7u
— Kelsey McCarson (@kelsey_mccarson) November 11, 2019
Casino operator Eldorado Resorts has unloaded two of its properties to rival Twin River Worldwide Holdings, Calvin Ayre reported in July.
Last Thursday, Eldorado announced that it had reached a deal to sell its Isle of Capri Casino Kansas City in Missouri and its Lady Luck Casino Vicksburg in Mississippi to TWH for $230 million in cash, subject to a working capital adjustment.
The deal, which remains subject to regulatory approvals, expected to close early next year.
Eldorado says it plans to use the cash for general corporate purposes, including its recent $17.3 billion acquisition of rival Caesars Entertainment.
That deal was expected to result in the trimming of multiple properties from the two firms’ respective property portfolios, and the cuts are likely far from over.
TWRH has been undergoing its own enlargement of late, including a deal for three Colorado casinos and its merger with Dover Downs Gaming & Entertainment.
TWRH chief executive officer George Papanier said the two Eldorado venues were “a great fit for our portfolio” and would expand his company’s geographic reach into “attractive markets.”
TWRH owns and operates two Twin River casinos in Rhode Island under a long-term agreement with the Rhode Island Lottery, which under the state constitution is responsible for nearly game all games of chance.
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