Colorado’s sports betting space just got one more major player as the state’s wagering regulatory framework is just weeks away from being enforced.
News emerged this past Monday that Jacobs Entertainment, Inc. has teamed up with SuperBook to bring the legendary Las Vegas sports betting brand to The Lodge Casino in Black Hawk, Colorado.
SuperBook currently operates a retail location at the Westgate Las Vegas Resort & Casino and a wagering app throughout Nevada.
Pending regulatory approval from the Colorado Limited Gaming Control Commission, SuperBook and The Lodge Casino will operate a retail sportsbook as well as a betting app that will be available to bettors located within the Centennial State.
The partnership with The Lodge Casino marks SuperBook’s first foray outside Nevada. The sports betting brand has been part of the Silver State’s sports betting scene for more than two decades now.
Following a May 2018 ruling of the US Supreme Court that invalidated a federal ban on athletic gambling, SuperBook is now looking to expand in new states.
Commenting on their expansion plans, Westgate Las Vegas Vice President of Race and Sports Operations Jay Kornegay said that they are not looking to operate in every state, “just the jurisdictions that make financial sense.”
Of their partnership with The Lodge Casino, Mr. Kornegay said that they have been working on it for months and that “things got tripped up over the last couple of months because of other things in our world, but we’ve come to an agreement.”
Sports Betting Coming to Colorado
Colorado has limited casino gambling at venues located in Black Hawk, Central City, and Cripple Creek, with all three being small mining towns in the Rocky Mountains. There are a total of 33 operational casinos in these three towns.
They can all partner with out-of-state sports betting operators to offer online and retail sports betting. And many of the state’s casinos have already announced partnerships with wagering companies.
The Colorado Limited Gaming Control Commission began issuing sports betting permits this past February. The regulator has issued nearly three dozens of licenses since then.
Colorado’s sports betting rules are on track to take effect on May 1. However, with all major sports brought to a halt, licenses casinos and their wagering operators will probably wait for a while before going live with betting offerings.
Mr. Kornegay said that they originally planned to go live with mobile betting on May 1, but since they are dealing with “unforeseen circumstances” (just as the entire world), they have decided to push back the launch of their product in Colorado.
Mr. Kornegay clarified that they will be ready to operate “when we know it’s safe for everyone, and […] at least one major league restarts play or starts play.”
Gambling industry analysts mobile betting to have a big impact on Colorado’s gambling sector as its wagering legislation permits instant remote registration. This means that bettors can open accounts with the state’s mobile sportsbooks without having to first register at a brick-and-mortar facility.
Other states that permit remote registration, including New Jersey, Pennsylvania, and Indiana, have seen mobile handle account for 70% of overall handle this year. According to Mr. Kornegay, figures in Colorado will exceed the above figure due to online registration and the remote locations of the state’s land-based casinos.
SuperBook to Bring SuperContest to Colorado
As part of its partnership with The Lodge Casino, SuperBook will also be able to introduce its highly popular SuperContest product to Colorado sports enthusiasts. The original SuperContest is run from the Westgate Las Vegas. It is a pro football handicapping contest that pays out to the top 100 finishers.
In Nevada, participants can enter the contest after paying an entry fee of $1,500. In Colorado, the SuperContest will be a standalone contest, which means that there would be no proxy entries and will have an entry fee of $500. The product needs approval from the Limited Gaming Control Commission.