The state of Colorado, undeterred by the impact of COVID-19 keeps ploughing ahead with a legal sports betting platform that officially went live May 1. Providers have been lining up in the state for a piece of a large betting pie that was projected (pre-COVID) to come in around $6 billion annually with $400 million in gross operator revenue. The newest is Carousel Group that obtained its license from the Colorado Division of Gaming just this week to operate out of Johnny Nolon’s Casino in Cripple Creek, Colorado.
The Carousel Group brings with it their flagship brand www.sportsbetting.com that was launched just last year. “Despite the ongoing and tragic global crisis, we couldn’t be more confident about the sports betting product we’re bringing to the American market,” Carousel Group CEO Daniel Graetzer said. “While other entities have closed their doors and laid off employees, we’re hiring staff and expanding our operations in the United States.”
About Carousel Group
Carousel Group is considered a relative newcomer in the legal sports betting space. Formed in 2017, the Group is a rapidly growing holdings company whose focus is becoming a major global player in the iGaming and sports betting space. Colorado figures to be a major achievement for the Company as it attempts to infiltrate the US market and beyond with their proprietary in-house platform.
"Carousel Group aims to be a leading international powerhouse in iGaming while striving to maintain world-class levels of staff and customer happiness, respect for responsible gaming and innovation through product and technology" said CEO Daniel Graetzer.
SportsBetting.com is the result of the Carousel Group taking a slightly different approach to legal sports betting platforms than most have come used to. It runs on the Group's proprietary in-house platform, which eliminates the reliance on third-party vendors to provide hardware, software, marketing and odds. This "stand-alone approach" is something different for the US market and could reasonably act as a model to be duplicated in the future.
“We have built our business upon a team with years of experience in the industry combined with our own technology, which gives us a huge advantage over the competition,” Graetzer added. “It’s in our DNA to be innovative and different so through our proprietary assets we will offer something fresh and exciting to the U.S. betting community.”
The Colorado market
Colorado has long been considered one of the more enticing markets for the legal sports betting industry. It is home to four professional sports teams and a sports-crazed population that could end up being the envy of the rest of the country.
As of now, Colorado has 40 casino facilities ready to roll once the COVID restrictions are lifted. All of the major sports betting providers have already staked their claim in Colorado which could make Carousel Group's path potentially more difficult. That said, with a projected $6 billion in bets annually with $400 million in gross operator revenue, there appears as though there will be enough to go around in Colorado.
What's next for Carousel Group?
Colorado marks Carousel's first foray into what had been an exploding US legal sports betting market. Hopes are for a speedy recovery for the industry post-coronavirus. Their launch in the state will be a good dry-run as the Group's expansion plans come into the light.
Offices in New Jersey and Colorado will be set up later this year to oversee expansion plans and announcements on where Carousel Group goes next are expected soon. Colorado is just the 18th state to legalize sports betting in the US – you can bet Carousel Group has eyes on the other 32 that have yet to bring the platform into their state.