Novig secures online sports betting operator licence in Colorado
The licence paves the way for the firm to launch in its first state.
US.- Novig has secured a Colorado Internet Sports Betting Operator licence from the Colorado Division of Gaming. The licence paves the way for the firm to launch in Colorado as its first state in November. It has a partnership for market access with Full House Resorts and its Bronco Billy’s Casino property in Cripple Creek.
Backed by investors Y Combinator, Joe Montana, and Lux Capital, Novig is in the process of building a commission-free sports betting exchange. However, until exchange wagering is approved by the Colorado Limited Gaming Control Commission (CLGC), it will operate as a sports betting operator not an exchange.
At launch, the Novig app will initially offer NFL, NBA, MLB, NCAAF, and NCAAB markets before expanding to other sports next year. Users will be able to place bets on the Moneyline, Point Spread, and Game Totals, both pre-game and in-game.
Co-founder and CEO Jacob Fortinsky said: “We’re thrilled to kick off our journey in the vibrant sports betting landscape of Colorado, and we’d like to thank the Division of Gaming for their help throughout the process. We’re committed to building an unparalleled, community-led betting experience, and we look forward to becoming the go-to destination for sports fanatics and sharp bettors alike.”
Colorado sports betting handle comes in at $281.1m in July
Colorado’s sports betting handle totalled $281.1m in July. That’s an increase of 8.9 per cent year-on-year but a 9.5 drop from the $310.7m generated in June. It was the first time the state’s handle fell below $300m since August 2022 and the fourth consecutive month with a month-on-month handle decline.
The Colorado Department of Revenue reported that gross gaming revenue was $25m, 20.2 per cent ahead of in July 2022 and 171.7 per cent more than June this year. Online operators reported GGR of $24.8m and players won $256.1m.
