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Colorado’S Sports Betting Industry Market Should Thrive When Games Are Back On

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Set to launch on May 1, Colorado could attract as much as $6 billion in sports bets annually, according to PlayColorado analysts

Colorado’s fledgling sports betting industry will eventually generate billions of dollars in bets annually, hundreds of millions in operator revenue, and tens of millions in tax revenue, according to estimates by PlayColorado.com, which researches and analyzes the state’s newly regulated sports betting market.

Despite the sports world being indefinitely shuttered in response to the COVID-19 pandemic, regulators are preparing for a May 1 launch of online and retail sports betting. When it does, Colorado will become the 18th state to have some form of legal sports betting. And the Centennial State has a bright future, capable at maturity of generating as much as $6 billion in sports bets annually, $400 million in gross operator revenue annually, and $40 million in annual tax revenue, according to PlayColorado projections.

“With a significant base of existing land-based casinos, a regulatory framework that will be attractive to operators, and one of the largest metropolitan markets in the country to draw from, Colorado is well-positioned to capitalize on sports betting,” said Dustin Gouker, chief analyst for PlayColorado.com. “But assuming the industry does launch on May 1, it will be doing so in unprecedented circumstances with almost no sports to wager on. There are some advantages to a forced soft opening, but it also means that it will be some time before we learn with confidence just how Colorado’s bettors will respond to legal sports betting.”

Colorado regulators have been deliberate in creating a regulatory framework for casinos, opting for a later start date to ensure that the state gets sports betting right. Its 10% tax on net revenue is comparable to some of the most successful sports betting markets. New Jersey, which is neck and neck with Nevada as the nation’s largest sports betting market, levies a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue. Indiana, the No. 4 sports betting market in the U.S., taxes sports betting at a 9.5% rate.

In addition, Colorado has avoided some of the pitfalls of earlier adopters, such as imposing maximum bet limits, a decision state regulators left to operators.

“Colorado legislators and regulators have made many smart, measured decisions based on input from casinos, operators, and bettors, and that has led to the adoption of an excellent collection of rules and restrictions,” Gouker said. “They have also had the undeniable benefit of seeing what has worked in other states. Colorado’s methodical approach might have been frustrating to bettors by slowing the launch, but there is plenty to be encouraged about. Sports betting operators have inked partnerships and regulators are listening to stakeholders. That will serve Colorado well.”

Until the COVID-19 pandemic subsides, bettors will largely have to wait to wager on anything other than futures on pro sports and a handful of international sports.

In other states, legal online casino and poker wagering has meant millions in additional revenue for operators and states, helping to bolster bottom lines during a difficult time in the gaming industry.

“There is no question that the revenue from online casinos and poker rooms has helped operators in states such as New Jersey and Pennsylvania weather the shutdowns of land-based casinos and essentially all sports,” Gouker said. “Coloradoans will likely someday decide if and when the time is right to legalize online casino wagering. In the meantime, it has put the right framework in place for its sports betting industry to thrive once sports are played again.”

For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/news.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Colorado’S Sports Betting Industry Market Should Thrive When Games Are Back On

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Striking new partnership between Endorphina and EGT Digital

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Endorphina is at it again by kicking off another partnership. We’ve just heard the news that Endorphina has just partnered with EGT Digital, a leading Bulgarian-based company providing extremely flexible betting and gaming solutions across Europe.

This partnership holds a lot of promise for both parties. For Endorphina, this partnership will further expand their games into the LatAm market as well as throughout Europe. As for EGT Digital, they can look forward to truly satisfying their players by offering such a range of trendy and hit games from Endorphina.

Alexander Botov, CEO EGT Digital, shares about the partnership:

“We are very excited to partner with such a reliable company like Endorphina. It is always nice to work with business-oriented professionals. We truly believe our clients will benefit from this partnership. Our main goal is to provide our customers only high-quality content and Endorphina will help us tremendously in this endeavour. As I mentioned, this partnership reflects our desire to collaborate with companies that share our vision and understanding of the industry. In the dynamic business environment in which we operate, satisfying customer needs is our mission. With the integration of Endorphina’s games, we are one step closer to the goal. Beyond a shadow of a doubt this deal marks the start of long and productive commercial relationship.”

Sales Director at Endorphina, Kirill Miroshnichenko, also shares:

“I’m so proud to announce our partnership with such a well-known company in the iGaming industry. EGT Digital is starting a new project and we are taking part in it. Now EGT Digital partners can add our full portfolio into their projects. I would like to thank you Hristofor and Alexander for both of your professional approach and smooth integration. EGT Digital, welcome to our family!”

 

CEO of Endorphina, Jan Urbanec, adds:

“We consider EGT group one of the pioneers in the business. So it is an honor to partner up with the digital part of such a well-respected enterprise. Endorphina pledges to provide great content for players. The ability of EGT Digital to effectively distribute and deliver will be a killer combination for the international market.
We strongly believe that this cooperation will bring prestige, success and financial benefits to both parties. Games like Bufallo 50 and the Chance Machine series running with EGT Digital partners will make sure of that.”

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Striking new partnership between Endorphina and EGT Digital

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EPIC team-up with mobile health app RecoverMe

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EPIC team-up with mobile health app RecoverMe
EPIC team-up with mobile health app RecoverMeReading Time: 2 minutes

 

EPIC Risk Management has teamed-up with RecoverMe, a brand-new mobile health app that empowers individuals to manage a gambling addiction from their pocket.

The collaboration will see the RecoverMe app being used as part of selected EPIC Risk Management’s educational programmes to support individuals who may be at risk or already suffering from a gambling addiction.

RecoverMe has been developed by three junior doctors in consultation with psychologists, psychiatrists and those suffering from gambling addiction.

Dr Minal Jain, co-founder of RecoverMe: “We are delighted to announce our collaboration with EPIC to combine our efforts to reducing gambling-related harm across the country. Collectively, we can provide education, prevention, and management support within organisations where there is a higher prevalence of problematic gambling. Highlighting the need for all three of these fundamental components going forward.

“EPIC Risk Management was founded in 2013 and since then they have established themselves as experts in the education and prevention space. It is inspiring to see how Paul Buck (EPIC CEO & Founder) and the EPIC team have used their lived experience to make such a positive impact. They have worked with a number of organisations, in a variety of sectors throughout the country to tackle risks associated with a gambling addiction.

“By joining forces, we hope to increase the awareness around this addiction, reduce the stigma associated and offer individuals management tools such as RecoverMe that will be beneficial in their journey of recovery. Having shared the panel with EPIC, at the SBC Digital Summit in Barcelona earlier this year, there was a resounding discussion regarding the incorporation of innovative solutions, so, to be working with EPIC to make this happen is very exciting!”

Speaking about the collaboration, EPIC Risk Management’s Director of Educational Programmes, Patrick Foster said: “RecoverMe share many of EPIC’s values and approaches to reducing gambling-related harm. They share EPIC’s belief of how integral education is to provide a holistic approach to support individuals who may be at risk of developing a gambling addiction, or those who are already experiencing one.

“Furthermore, EPIC recognise and believe that everyone who is struggling with issues with gambling addiction is able to access support and treatment, and RecoverMe allows individuals who may not have a recognised support pathway to immediate, accessible and effective treatment.

“We are looking forward to collaborating with them moving forward in selected programmes”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: EPIC team-up with mobile health app RecoverMe

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Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketball

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Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketball
Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketballReading Time: 2 minutes

 

Genius Sports Group granted the exclusive rights to distribute live data and video from Polish basketball to its global network of sportsbook partners

The Polish Basketball League (PLK) and Polish Basketball Association (PZK) have selected Genius Sports Group as their Official Data & Streaming Partner in a 10-year exclusive partnership.

As the premier technology partner in world basketball, Genius Sports Group will continue to provide Polish basketball with its leading data collection, management and distribution solutions. FIBA LiveStats will capture advanced play-by-play statistics including shot, four and turnover locations at eight competitions and more than 1,800 games per season.

FIBA LiveStats GameCentres will help both the PLK and PZK connect with their fans at each stage of hundreds of games per year. Fans will be brought closer to the action, analysing head-to-head records, full box score statistics and team and player shot charts.

From the 2021/22 season onwards, both the PLK and PZK will be able to implement Genius Sports’ cutting-edge live streaming solutions, delivering live broadcasts, data-driven graphics and highlights to fans worldwide. GeniusLive and GeniusLive+ are powering live streaming solutions for leagues and federations at all levels of world sport, delivering vital visibility and new revenue opportunities.

Radosław Piesiewicz, President of the Polish Basketball Association and Polish Basketball League, said: “Signing a long-term contract with such an important partner as Genius Sports will allow us to take another big step forward for the development of Polish basketball. Apart from cooperation with other basketball federations, Genius Sports cooperates with the NBA and the World Basketball Federation (FIBA).

“For the first time, Genius Sports will have the exclusive rights to distribute live date and video from all Polish basketball games. I am convinced that such 10-year cooperation will allow us to promote our leagues outside Poland, providing a platform for faster and even better development of our leagues.”

Jonny Katanchian, Head of Commercial Partnerships – EMEA at Genius Sports, said: “Long-term, trusted partnerships like this are pivotal to driving the development and global expansion of basketball leagues and federations. FIBA LiveStats will continue to power a world-class data ecosystem while our streaming solutions and global distribution networks will transform how Polish basketball engages new audiences around the world.”

On October 27, 2020, GSG entered into a business combination agreement with dMY Technology Group II, Inc. (NYSE: DMYD.U, DMYD and DMYD.TS) to drive its expansion as a leading provider of official data and technology powering the global sports, betting and media ecosystem. Upon the closing of the transaction, the combined company expects its ordinary shares and warrants to trade on the NYSE under the symbols “GENI” and “GENI WS”, respectively.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketball

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