The sports betting sector in Colorado just grew bigger thanks to a recently signed partnership between Twin River Worldwide Holdings Inc., and two of the most reputable brands in the country’s sports betting landscape. DraftKings and FanDuel, the two companies, will be providing their highly praised products and services both at retail locations in the state and digitally.
Twin River’s Recently Acquired Licenses
Prior to inking the lucrative sports betting partnership with both DraftKings and FanDuel, Twin River announced the completion of a lucrative acquisition. This deal involved the acquisition of a total of three casinos in Colorado. Golden Gates, Golden Gulch, and Mardi Gras were all purchased from Affinity Gaming which gives it ownership of three licenses. In addition to that, it also owns another property in the state – this is the Arapahoe Part and all of its network of off-track betting parlors.
Two of the three sports betting licenses that Rhode Island-based Twin River has acquired will go to DraftKings and FanDuel. According to a statement from the company’s official, the third license will be reserved for future use.
The Plans for Sports Betting in Colorado
While the recently inked partnerships are expected to be quite the big deal, it will be subject to Colorado passing regulations that will allow casinos to offer sports betting. In addition to that, both DraftKings and FanDuel will also have to obtain the appropriate licensing before they are allowed to operate.
Twin River’s management is pretty convinced that everything will go to plan and they will be able to reap the fruits of their partnership. According to George Papanier, the president and chief executive of Twin River, their partnership with FanDuel and DraftKings will allow them to offer “unmatched sports betting experience to Colorado” in both the retail and digital sectors.
Sports betting in Colorado is just a couple of months old after being officially legalized in November 2019 thanks to approval by the state’s residents. That said, this particular market holds tremendous growth opportunities for companies that are willing to venture into that space.
All of the interested parties will be required to send their applications for permits from the Colorado Limited Gaming Control Commission. There are reportedly 33 retail and digital sports betting licenses to be awarded to eligible gaming operators and the state regulator is said to have already received up to a whopping 50 applications.
There will, however, still be a rather long wait till bettors can enjoy sports wagering in Colorado. The gaming commission plans to start issuing licenses in early February with the first sports betting operation set to go live by May.