Colorado Awards Operating License to First Sports Betting Exchange

Colorado made news this week when they announced they will be awarding Novig one of their sports betting operator licenses. The company is known for its international sports betting exchanges, which are rarely seen in the US. Colorado does not currently allow sports betting exchanges, so Novig will begin by offering a traditional sportsbook for users. However, you can count on Novig to push Colorado to change its law over the next few years.

Colorado will be the first US state that Novig has entered. The company recently raised over $6 million to build up its betting exchange with a large investor group, including NFL legend Joe Montana. They will launch a traditional sportsbook with a smaller bet catalog while waiting for Colorado to approve betting exchanges. 

“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,” CEO Jacob Fortinsky said of the deal. “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.”

What are Sports Betting Exchanges?

Sports betting exchanges are an exciting twist on traditional sports betting. Instead of simply choosing a bet from an online sportsbook, betting exchanges allow you to create your own bet. Once you do, you post it to their exchange and wait for another player to accept it. That means players face off against each other instead of “the house.”

The elimination of the house advantage has appealed to many sports bettors across the globe. Players also enjoy being able to create their bets, making them feel as if they have an edge that wouldn’t exist with a traditional sportsbook. 

The biggest drawback to betting exchanges is finding someone to accept your bet. It can take time to get used to the process of creating attractive bets, but the process can be frustrating until you do.