Once again, Colorado emerges as a leader in a growing industry.
In 2012, the legalization of weed opened the door for an opportunity to make a wager on games.
The announcement came in mid-December that GameCo, a gambling company based in Las Vegas, has partnered with US Bookmaking and Sky Ute Casino to introduce the first-ever dedicated esports sportsbook in the United States.
According to Esports Insider’s article on the collaboration, the digital esports betting platform will be accessible at the Sky Ute Casino. Additionally, it will be available online to both residents and visitors in the state through desktop, mobile, and interactive devices.
Blaine Graboyes, the CEO and co-founder of GameCo, has announced to PlayinColorado that the gaming application will be launched within the first three months of this year.
«March 1 is our primary goal,» stated Graboyes. «The progress is excellent, so perhaps we should consider advancing the timeline a bit sooner.»
Colorado will continue to lead the way in 2021 as it has done before.
Why Colorado, you ask?
As Graboyes stated:
That’s a great question, and I must admit that I emphasized the importance of business development outcomes rather than its objectives. Although Colorado was undeniably an authoritative figure, we were highly enthusiastic. The reason for our excitement about Colorado was largely due to its combination of population, hospitality, and demographics. Colorado is a relatively youthful state with a low influx of visitors, yet it boasts a substantial population and a thriving tourism industry, making it an appealing market.
What I find thrilling about the game is the innovative approach of Sky Ute’s cultural gaming authority, who act as their regulators. This is particularly evident in in-play gaming. In countries where in-play betting on esports is allowed, the majority of the bets, ranging from 50 to 70% of the total, are placed on the on-the-go gambling aspect rather than on prematch betting.
cooperative methodology
Graboyes explicitly stated that the partnership with Sky Ute and US Bookmaking focused on the gambling markets for the games.
Moreover, he emphasized that all betting options for games will be conducted with complete integrity. The Esports Integrity Commission (ESIC) serves as the authoritative body governing the industry.
According to Graboyes, our company operates based on three main principles: focusing on prominent tier events and leagues for betting options, commonly referred to as tier one. However, I think this definition is somewhat flexible and can vary. Nonetheless, we prioritize placing bets on the top leagues and esports organizers from our perspective.
We have two important principles. Firstly, we only accept bets based on official server data, unlike other platforms that rely heavily on scraped OCR files. Secondly, all market wagers are overseen by the Esports Integrity Commission, providing the ultimate level of security. With these pillars in place, we have a strong policy from both a moral and practical standpoint, offering a wide range of bets and markets.
What are the chances of gaming betting in Colorado?
Considering that GameCo is the exclusive and pioneering gaming betting company, what is the potential for gaming betting in Colorado, as well as nationwide?
To put it simply, ginormous.
According to Graboyes, we have conducted some modeling and firmly believe that the developing market will generate a significant seven-figure NGR. Therefore, I believe this is a feasible outcome. What I find truly fascinating about the US market is that, as you mentioned, it has not yet fully taken off. I think GameCo, Sky Ute, and US Bookmaking are actually setting a precedent and pushing the boundaries of what is possible. Moreover, I find it intriguing that Colorado might be the first state to prioritize esports as one of the top-five games.
Graboyes, GameCo, Sky Ute, and US Bookmaking have the potential to raise the standards and pave the way for the entire American gaming industry.
To reach out to Colorado sports bettors, cross-channel advertising emerges as a viable approach.
The response to the Colorado sports betting market since its launch on May 1 clearly indicates why people are so intrigued by it.
In November, the handle for sports betting reached a new milestone, generating an impressive $231.2 million.
According to Graboyes, there is no doubt that I have built my career on being a pioneer. Graboyes also states that our upcoming venture will be the first esports book in the US. This achievement holds great importance as it will serve as a precedent and inspiration for others in the country.
How to expand the sports gambling market
The importance of discovering methods to broaden the games industry cannot be overstated.
As stated by Graboyes:
I am fascinated by the way customers allocate their funds in sports betting, making consumer spending a significant challenge for the overall gaming betting market. Assuming the industry reaches a value of $1 billion by 2020, it is expected that consumer spending will contribute around 15% of that. Failing to persuade consumers to make purchases will hinder the expansion of the gaming industry as a whole.
We need to start monetizing consumers and taking action as an industry based on the data that suggests our client spending on standard activities is significantly lower compared to sports betting.
To achieve that, Graboyes emphasized the significance of esports betting.
The progress of the gaming industry as a whole is driven by the collaboration of different factors, including the presence of the «&» symbol or a collective effort of 15.
He asserted that it is evident that the buyer intends to use their money for gambling purposes when it comes to their payment.
According to Graboyes, the price range of numbers worldwide can vary from $13 billion to $20 billion. A significant portion of this is from the grey or black market. Our goal is to regulate and control this industry effectively. It is clear that there is a much higher potential for consumer spending, potentially 75 times greater than consumer spending in esports abroad.
Who and what to concentrate on
The other significant issue that requires the focus of the esports betting market is the target audience.
Should the attention be directed towards sports bettors and gamers visiting casinos in Colorado?
Graboyes stated that there is indeed some overlap between sports bettors and esports wagerers. He emphasized that there are various distinct pieces of information in this regard. He estimated that approximately 10% to 30% of esports betting intersects with sports betting. Furthermore, he believes there is also a significant level of overlap between esports betting and both land-based and virtual qualified gaming.
We are reentering the esports betting market to build relationships and marketing channels with younger customers for our iGaming products. Additionally, we believe there is a significant gaming market that is independent and unrelated to other industries. Ultimately, we view it as a combination of all three factors. What is truly exciting is that we anticipate esports betting and iGaming will eventually merge in terms of marketing opportunities.
Want to attract players
Graboyes uses knowledge as a strategy to attract Colorado sports bettors.
He expressed the importance of educating them about the captivating world of gaming and highlighting its sport-like qualities. We should dispel misconceptions that gamers are just kids in their parents’ basements, and recognize them as skilled athletes competing at the highest levels of their sport.
However, in order to fully tap into Mount Evans’ (the highest peak in Colorado) potential, the esports industry needs to attract players to engage in betting on the sport.
Graboyes emphasized the importance of educating video game enthusiasts and gamers about betting, specifically in the realm of esports. He stressed the need to go beyond mere statements and involve esports fans in the betting process. This inclusive approach aims to engage a wider range of players. Additionally, Graboyes expressed excitement about the innovative educational and entertainment systems currently available in collaboration with their company. These systems provide a unique opportunity to immerse oneself in the sport, understand its intricacies, and analyze players’ skills and strategies.
Graboyes is eager to convince individuals to place bets on gaming.
He expressed his admiration for the emergence of sports betting shows that delve deep into the world of traditional sports, providing insights into the odds, helping fans understand the industry, and offering insider information on the game and players that may not be widely known. When it comes to esports betting, they are collaborating with others to offer similar entertainment and educational content.
The remote signup for Colorado & played a significant role.
Colorado became the pioneer state in the US to establish an esports-specific sportsbook due to the availability of the remote registration option, which enabled this achievement.
According to Graboyes, the website we are using from Askott Entertainment is undeniably massive and large. It is definitely huge, 100 percent. Additionally, it is HTML 5 responsive, making it excellent for both cell and background usage. However, smart funding is undoubtedly a crucial factor. In fact, I doubt that we will offer any businesses for gaming betting that do not have smart money, except for those in Nevada, at least in the next year or two.
In simpler terms, our products and experiences in casino and esports gambling are designed primarily for mobile-first clients, specifically the Gen X, young, and emerging Gen Z consumers.
