Hot out of the online gambling press is news of yet another sportsbook opening its virtual doors to sports betting fans in Colorado. Swedish NASDAQ-listed public company Betsson AB has entered the US online gambling sphere for the first time bringing its Betsafe sportsbook app to the Centennial State.
Betsafe is now the ninth sportsbook brand to enter Colorado’s online gambling market, which began two years ago on May 1st, 2020. Since that grand opening, online sports betting revenues in the state have soared recording a total of $325.9 million with a total handle of $5 billion. Betsson has clearly been eyeing these figures and saw Colorado as the perfect state to make its move from Europe into the US.
The Swedish brand’s US breakthrough has also piqued the interest of the financial arena, always on the lookout for a good investment, and for good reason. Currently, the company trades under the ticker BETS-B on the NASDAQ Stockholm. Its stock will surely look more attractive to investors thanks to its accomplishments in Europe, which include picking up multiple industry awards. If the company mimics its current European dominance, the success will also rub off against its stock prices.
In an announcement to its shareholders, the company also confirmed it is reviewing the possibility of launching in further US states. On top of this, Betsson could also bring its thriving online casino platform into US markets, however, as per the online gambling Colorado information listed here, iGaming is not an option in the state at this time.
Betsafe Sportsbook Faces Stiff Competition from Established US Brands
With Colorado being the first US state Betsson will compete, the company has its work cut out for it. This is by no means going to be a walk in the park despite Betsson’s reputation for success in Europe and other global markets. It will come up against eight competitors battling market share in a state with a population of 5.8 million.
What’s more, seven of Colorado’s online sportsbooks are operated by recognized homegrown US brands. Household brands such as Caesars, Draftkings, Fanduel, Fox Bet, Barstool, BetMGM, and Pointsbet all have years of advertising exposure and the brand building behind them already means the Betsafe sportsbook has an uphill challenge ahead. That said, there may just be a glimmer of hope. The eighth competitor is the UK firm Betfred – a long-time foe of Betsson in European markets.
Betfred has established itself in Colorado as a major online sportsbook giving Betsson confidence that outsiders can succeed in the state. As such, Betsson will have surely been taking notes, meaning it is highly likely the brand’s market penetration strategy will consist of elements used by Betfred to establish its current market share. Furthermore, Betsson may also rely on overcoming buyer fatigue within its marketing strategy hoping some US consumers may be bored of some of the commonly known US brands. As a result, these players may be looking for a breath of fresh air, which, being the new kid on the block, is something Betsson can offer.
Betsson Boasts Unmatched Notoriety in Europe
On the other side of the coin, US brands operating in Colorado’s online sports betting space will almost certainly be looking over their shoulders. Betsson has picked up numerous accolades in iGaming and Sports betting industry awards events fending off competition in the world’s most competitive markets, and just this month (April 2022) added two more awards via the International Gaming Awards Ceremony held in London.
- Safer Gambling Operator of the Year – International Gaming Awards 2021 & 2022
- Great Place to Work Award (Operator) – International Gaming Awards 2022
- Mobile Operator of the Year – International Gaming Awards 2021
- Casino Operator of the Year – SBC Awards 2021
- Socially Responsible Sportsbook of the Year – SBC Awards 2019, 2020 & 2021
- Football Sportsbook of the Year – SBC Awards 2022
- Customer services operator of the Year – EGR Operators Awards 2020
- Horse race betting operator of the Year – EGR Operators Awards 2020
- Mobile operator of the year – EGR Operators Awards 2020
Colorado Online Sports Betting Still Showing Signs of Market Growth
Success in the Colorado sports betting market will also rely on the online industry’s growth. To date, the figures are impressive, reporting its highest monthly revenue of $36.78 million in November 2021. In November 2020, revenue was half this amount reporting $18.35 million.
Meanwhile, the latest figures released by the state regulatory authority show that the government has taken a total of $16.42 million in taxes, and the federal government $15.12 million in taxes since online sports betting first launched in the Centennial State.
Betsson is now officially online in Colorado state and accepting new members. It currently holds a GLI 33 certification issued by Gaming Laboratories International and is operating in partnership with Colorado’s Dostal Alley Casino. Furthermore, it has opened local offices in downtown Denver to solidify its debut in Colorado and to focus on strategies to gain market share. This will currently be the brand’s head office where it will continue to negotiate B2B deals in the country as well as serve as a base in order to gain licensing and bring the Betsafe sportsbook to more states in the country.