PointsBet’s recent deal with Colorado Buffaloes has made it the first sportsbook ever to finalize a gambling agreement with a US college.
By forging this alliance, the Colorado online sportsbook has transcended itself from the usual competitions for professional sports teams by forging an alliance with an NCAA Division I school.
While the rest of the digital gaming operators are busy seeking partnerships with American professional sports teams, the Australian betting site has shocked many.
Last week, the University of Colorado Athletic Director Rick George organized a conference call to declare the school’s five-year corporate sponsorship deal with PointsBet. It is probably among the first partnerships between a gambling operator and a school athletics department.
The deal involves the “entire gaming category,” including real money sports betting, casino games, fantasy sports, and free-to-play games.
PointsBet will have its signage exhibited at the school’s football stadium and basketball arena. The online bookmaker will also have a presence in the media.
Maiden Gambling Deal with a US College
Thanks to this deal, PointsBet boasts of becoming the first sportsbook to finalize a gambling agreement with a US college. This move could pave the way for others to follow suit. For decades, college sports has stood against sports betting.
The US Supreme Court admonished the Professional and Amateur Sports Protection Act in 2018. Since then, the pro leagues have embraced the idea of teams signing deals with gaming entities. Yet, the NCAA has been more reluctant, particularly because of point-shaving and game-fixing issues.
As many as 20 states have regulated sports gambling in their territories since the Supreme Court struck down PASPA in 2018.
Colorado has recently joined the club, with the Boulder State giving the go-ahead to sports betting only last May. Though the University of Colorado realizes the announcement will draw criticism, it comes amid a time when the school needs it badly.
Financial Boost
The university’s official release termed the alliance as a “financial boost” for an athletic program that had been marred by the pandemic.
The University of Colorado’s athletic department has an approximate budget of $100 million. Most of it is sourced from men’s basketball and football. With the Pac-12 canceling both events until January 2021, the university is reeling from the financial crisis.
CU’s athletic director has been unyielding in his stand that the institute will not take away any sports or areas of athlete support like academic advising, mental health, nutrition. Meanwhile, it is being said that the school has already furloughed 30 of its staff due to the Covid-19.
Though financial arrangements with PointsBet have not been disclosed, the money comes at a critical time for the university. In addition to financial rewards, this alliance will include the creation of career development opportunities for Colorado students.
PointsBet, an Australia-based online sportsbook, launched in the United States in 2019. Currently, it is a sports betting provider in New Jersey, Iowa, and Indiana.
Recently, the digital gaming operator announced plans for further expansion in the US, with unveiling further deals in Illinois, Michigan, and Colorado.
Besides casting a wider net to cover more US states, PointsBet is also eying collaboration with American sports teams.
The new partnership with The University of Colorado marks the continued success for the Australian online gambling company. A few weeks ago, PointsBet struck a five-year partnership with NBC. Last month, the gaming entity became the official sports betting partner of the NBA’s Indiana Pacers.
In August, PointsBet forged a multi-year alliance with Kroenke Sports Entertainment. The pact made the Australian sportsbook the exclusive betting partner of the Colorado Avalanche, Colorado Mammoths, Denver Nuggets, and the Pepsi Center.
In July, PointsBet also signed a deal with MLB’s Detroit Tigers.