The unpredictable journey of Colorado sports betting has taken a new twist with the delays and shift of college basketball to the fall.
Amidst the COVID-19 crisis and in the absence of major US sports, the market makes its debut.
Earlier this week, the Pac-12 and Mountain West Conferences, along with the Big Ten Conference, decided to postpone their fall sports seasons, including football.
As a result, supporters of the University of Colorado, Colorado State University, the Air Force Academy, and University of Wyoming (including numerous Cowboys fans in Colorado) will be deprived of the opportunity to engage in college football betting for their beloved teams.
Perhaps smaller institutions like the University of Northern Colorado had their university football season postponed.
This decision has implications beyond the fall sports alone.
College basketball and college basketball betting on these conferences will not commence until January 2021, as winter sports are postponed until then.
No college football’s effect on Colorado sporting gambling
According to Jay Kornegay, this year on Earth is far from typical.
Kornegay, the executive VP of operations at the Westgate SuperBook, recently announced a partnership with The Lodge Casino in Black Hawk. This collaboration aims to offer sports betting options both online and on-site to potential bettors. The goal is to launch this new venture as soon as possible.
Regarding the implications for the Colorado industry, which has only been in existence for three months, and for public sports betting, Kornegay expressed his thoughts.
I anticipate that the outcomes will be quite similar, even though Colorado is introducing its first university football team. It is disheartening to lose approximately 35% of the football handle, regardless of the industry you belong to, especially after enduring several months or even just one. However, I do believe that the professional basketball team will attract a significant portion of the college football handle.
The attention towards NFL games would increase even more if Friday and possibly Saturday are included in their schedule. If we could watch multiple professional football games on Saturday, like we do on Thanksgiving Day, and they capitalize on the absence of college football, these games would receive a significant amount of attention. Whether it’s college football, professional soccer, or basketball, any isolated match generates curiosity and attracts betting interest.
How much control do bookmakers gain?
It is undeniable that the Centennial State disappointingly lacks college sports, especially in relation to sports gambling. This is particularly disheartening for those spectators who may have wanted to place their initial wager on the Buffaloes or Rams.
However, the same is applicable to Colorado sportsbook apps, which now suffer a loss in handle. As mentioned by Kornegay, college football represents 35% of the SuperBook’s control in terms of football.
According to Ralphie Report, the absence of football in 2020 will result in a projected loss of $88 million for CU’s universities.
The sole advantage here lies in the fact that you cannot lose access to something you’ve always had, as Colorado has consistently provided college football betting.
In an interview with PlayinСolorado, Dan Hartman, the Director of the Colorado Division of Gaming, stated
We, like everyone else, have been closely monitoring the news surrounding college football. We are curious to see how this will not only affect sports betting, but also the players, programs, and institutions involved. Since we launched our sports betting platform in May, we don’t have a previous year’s data to compare the impact of college football on the Colorado betting market. However, based on the performance of professional sports in the last three months, it is evident that Colorado has a stable market. Therefore, we anticipate that college football will also have a similar impact once it resumes.
greater increase in NFL wagering
As previously mentioned by Kornegay, an alternative outcome that could have a positive impact is a heightened emphasis on NFL betting. The NFL already generates considerable interest in sports betting, but if the league follows Kornegay’s recommendation of scheduling games on Saturdays, the potential wagering amount becomes immense. Furthermore, the inclusion of Drew Lock and the Denver Broncos in a fresh sports betting market only amplifies the excitement.
Kornegay remarked:
I am confident that a significant portion, around 70 to 80%, will transition to the professional side. Many of them are already participating in professional football, and if there is no college football season, they will likely embrace it even more. This will be particularly true if the NFL decides to include Saturdays as part of their game schedule.
Some events are still ongoing.
As of now, three conferences — the ACC, Big 12, and SEC — have chosen to proceed with the college football season, unaffected by the decisions made by other conferences due to the ongoing impact of the coronavirus. Consequently, although Colorado sports enthusiasts may not have the opportunity to wager on their local teams, there remains a possibility for them to place bets on powerhouse teams like Alabama, Clemson, and Oklahoma.
As Kornegay stated:
We don’t categorize it by conference. The bigger conferences, including the three that progress and compete at some point this autumn, are widely recognized for their popularity. However, this is not an ordinary month on Earth. It is affecting everything. Therefore, we are proceeding with the information we currently possess. Is a college football season preferable to nothing for the bookmaker? Yes. I feel sorry for Colorado fans because the Pac-12 might not be involved in this season.
In addition to the Mountain West Conference, this would be their second opportunity to face off against or support the Buffs. Unfortunately, you won’t be able to lend your support to your favored teams like Wyoming, CSU, or the Air Force. Nevertheless, they will reconcile and we are aware of this. The decision to cancel the fall football season is not completely finalized. We are still in talks about potentially delaying it instead.
Everything is typical.
Another question that you might have asked is: How will this impact futures betting and individuals who have placed bets?
According to Kornegay, this plan is the SuperBook’s. It is logical to presume that similar policies may be implemented by other casinos.
And, without a doubt, if they are not satisfied with the outcome, they will receive a refund for their prospects in the Big Ten or Big 12. We are currently gathering as much information as possible to determine their approach to this situation. Nevertheless, it is clear that if they are not pleased, there will be a payment.
With the legalization of sports gambling in Colorado, embarking on the journey became inevitable.
However, is it possible to accomplish this task amidst a crisis, crucial sporting events, and college football taking place simultaneously?
In the year 2020, everything is novel and unpredictability rules.
