The sports media company, theScore, is continuing to expand its presence across the US sports betting market.
On Friday, the sports media company turned sportsbook operator, theScore, announced a market access agreement with the gambling operator, Jacobs Entertainment Inc (JEI), for sports betting in Colorado.
What’s covered in the deal
Under the agreement, theScore will roll put its mobile sports betting app, theScore Bet, in Colorado later this year. In exchange for market access, JEI will receive a percentage of revenue from theScore’s sports betting operations in Colorado, subject to certain annual minimum guaranteed amounts and an initial upfront fee.
The deal will run for an initial 10 years, extendable for two successive five-year terms at theScore’s option.
John Lecy, CEO and Founder of theScore, said: “We can’t wait to introduce theScore Bet to fans in Colorado later this year. 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.”
J.J. Garcia, Vice President of Colorado Operations of JEI, said: “theScore is a market leader in mobile innovation. Their sports app is already one of the most popular in North America and, with theScore Bet, they are now leading the way in the integration of digital media and sports betting to deliver a revolutionary and holistic experience for fans. Their visionary and unique approach truly sets them apart and we’re thrilled to partner with them.”
Sports betting in Colorado
The state of Colorado is one of the latest states to legalize and approve sports wagering. The Centennial State narrowly legalized sports betting in November 2019 after voters approved the sports betting measure through a referendum.
Three different types of sports betting license will be available: a master license, a sports betting operator license and an internet sports betting operator license. The cost of these licenses has yet to be set.
The 33 casinos in the state would be able to apply for master licenses. Each casino will be able to partner with a land-based sports betting operator and an internet sports betting operator. The measure also proposes a 10% gross revenue tax for sports betting operators in the state.
Colorado’s sports betting legislation will also establish the Colorado Gaming Control Commission (CGCC), a new regulatory body charged with regulating the state’s sports betting industry.
