- Sports betting market Novig has secured licensing as an Internet Sports Betting Operator in Colorado.
- Novig has established a market access partnership with Full House Resorts’ owned Bronco Billy’s Casino in Cripple Creek, CO.
- Until exchange wagering is approved by the Colorado Limited Gaming Commission, Novig will operate as a traditional sportsbook.
Some good news out of Colorado where the state’s Division of Gaming has just licensed a new sportsbook operator. Sports betting market Novig is indicated a launch ‘next month’ following approval as an Internet Sports Betting Operator. Novig has a market access agreement with Bronco Billy’s Casino in Cripple Creek, CO which is owned and operated by Full House Resorts. Bronco Billy’s lost one of their online partners when Churchill Downs Inc. owned Twin Spires cut and run from the sports betting business. Twin Spires (formerly known as BetAmerica) also ran their retail sportsbook and their departure has left Bronco Billy’s high and dry:
So far, no indication about the company’s plans to replace the retail operation. Obviously, y’all know about the disparity between retail and online sports betting everywhere except Nevada. Colorado’s market is especially pronounced. Example: In August 2023, the state reported online sports betting gross gaming revenues of $25,624,326.08. Retail GGR was a whopping $248,731.67. Full House is in the process of building a new hotel/casino right next door to Bronco Billy’s. The property will be called the Chamonix Casino Hotel and is tentatively expected to open on December 26, 2023. The Chamonix is adding 300 hotel rooms and a new casino which will be connected to Bronco Billy’s. I’d imagine they’d want to have a retail sportsbook in the new casino and maybe some kiosks. If I remember correctly, the Golden Nugget Cripple Creek has the only retail sportsbook in town and that fact alone pretty much guarantees a sportsbook opening at Chamonix. Were I running Novig, I’d try to make a deal to run the retail book for branding purposes alone.
Novig is in an interesting position–their long term plan is to operate as a betting exchange. That will require exchange wagering being authorized in Colorado. Until then, they’re going to run as a traditional sportsbook. Here’s a blurb from the press release in which they also name drop some of their financial backers:
Backed by prominent investors such as Y Combinator, Joe Montana, and Lux Capital, Novig is building the first commission-free, high-frequency sports betting exchange. However, until exchange wagering is approved by the CLGC, Novig will be operating as an Internet Sports Betting Operator and not an exchange.
At the time of launch the Novig app will be available for iOS and Android. Novig plans to offer NFL, NBA, MLB, NCAAF, and NCAAB markets before expanding to several 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. Here’s a quote from Novig Co-Founder and CEO Jacob Fortinsky:
“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.”
Novig is currently based in New York City, though I’d suggest they relocate to Denver or Las Vegas. In both cases, the quality of life is better and there’s no state income tax in Nevada. Plus it’s much easier to attract talented employees and by that I mean talented employees with a strong background in sports betting. I know at least a dozen people that have been offered jobs in the US sports betting industry but had no interest in moving to New Jersey so they took a pass. Anyway, hope things work out for Novig–we’re always rooting for any company that brings new ideas and innovation to the moribund US sports betting market. If you want to follow their progress you can visit their website at the link below:
