Century Casinos signs deal with BET365 to offer sports betting in Colorado
NASDAQ-listed entertainment giant Century Casinos Incorporated confirmed on Thursday that it has signed a partnership with bet365 to offer internet and mobile gaming and sports betting in the state of Colorado.
The newly signed sportsbook operations partnership deal with bet365 is for the second of Century casinos’ three internet betting licenses in its home state. Earlier this year, the casino company had signed a similar deal with Circa Sports. However, nothing was revealed about the financial terms of that deal. Now, the company has one more online sports wagering license that it can use to hit another agreement in the state.
The coronavirus pandemic has hit businesses very hard throughout the United States, and the business of sports betting in Colorado is no exception. The NHL and the NBA, the most-wagered leagues in the United States, were forced to suspend seasons due to COVID-19 pandemic. Major League Baseball has not even commenced its 2020 edition. The blend of these factors and other adverse conditions prompted industry experts to predict the Centennial State’s sports wagering business to suffer hefty losses this year unless commercial sports swiftly resume.
Century is also under the harsh coronavirus impact. But taking a step in the direction to resume normal operations, Century announced recently that it was preparing to reopen eight casinos in Poland. That is crucial for the company because its cash position is really stretched.
It was in November last year when Colorado voters gave their approval for sports wagering, and it went live on 1st of May this year. However, opportunities for sports bettors were originally limited.
Commenting on the situation, Stifel analyst Brad Boyer said, “The company’s current liquidity position is somewhat stretched relative to those of its peers, in our view, as net of cash needed to reopen the business, we estimate the company could endure a zero- revenue environment for an additional four months (August 2020).”
As an increasing number of entertainment venues are announcing their plans to resume operations, Century can begin capitalizing on its internet sports betting licenses in Colorado. However, it is still unclear when the state will permit land-based casinos to resume operations. Show Me State and the Mountain State casinos are widely expected to reopen on 1st and 5th of June respectively.
Century Casinos’ newly signed online sportsbook operations deal with bet365 spans a period of ten years. Under the terms of the deal, a percentage share of net gaming proceeds will be allocated to the company each year.
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