Oddin.gg Gets Approval to Offer Esports Betting in Colorado
LISTEN TO THIS ARTICLE:Esports live odds provider Oddin.gg has been awarded a temporary license by the Colorado Division of Gaming to offer esports betting services in Colorado.
The approval will allow the Czech company to provide its array of B2B esports betting solutions to operators in the Centennial State.
Oddin.gg's Strategic Expansion
Oddin.gg’s portfolio features products and services ranging from eSports odds feed to eSports betting iFrame to risk management and other marketing services.
The company was founded in 2018 and has since gone live in a number of markets. Oddin.gg made its entry into North America in 2022 through the Canadian province of Ontario and subsequently expanded into the US market via New Jersey.
By obtaining approval for the Colorado market, the Prague-based B2B company continues to solidify its presence and growth trajectory in the North American eSports betting industry.
We are thrilled to achieve yet another important milestone for Oddin.gg. Acquiring the Colorado license strengthens our position in the US market and is another major step in our North American expansion strategy. We have been actively working on the acquisition of further US licenses to support both existing clients and prospects in the future.
In 2022, eSports betting specialist Oddin.gg completed its Series A funding round, raising $4.5 million from notable investors like Velo Partners and Genting Ventures. It also forged partnerships with entities like Esports Entertainment Group (EEG) in the US, further enhancing its presence in the country.
With the esports domain in North America projected to witness exponential growth – forecasting a betting volume of approximately $10bn by 2025 – there exists a vast expanse for heightened bettor engagement and an enhanced esports viewing experience.
Colorado’s Lucrative Sports Betting Market
Colorado promises to be a promising market for Oddin.gg as indicated by the state’s sports betting industry which has continued to experience a steady uptick in revenue and popularity. In February, the state recorded a gross gaming revenue of $45.9 million, an increase of 103% from February last year.
In March, sports betting proceeds grew to $35.4 million, and a total of $3.1 million was paid to the state in taxes.
In July 2023, the state posted a sports betting handle of $281.1 million, a 9% increase over the same month in 2022 ($258.4 million).
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