The University of Colorado’s deal with sports-betting operator PointsBet has seen a slight alteration going forward. The five-year partnership, estimated at $1.6 million and originally signed in 2020, included numerous benefits for CU students and alumni, notably an enticing $30 bonus with each use of their unique code.
Despite this being one of the cornerstone agreements between the two parties, CU has since announced that they are scrapping the bonus element; Steve Hurlbert, CU’s chief spokesperson, has confirmed this to be true. Whilst the full scope of the agreement still stands, it certainly appears that the dynamics between PointsBet and the University of Colorado are changing as they enter into a new chapter together.
Revolutionizing Colorado’s Sports Betting Arena
The 2020 partnership between legal and regulated sports betting operators, and universities across the US marked a new trend in the world of collegiate sports. It allowed for the possibility of increased revenue for universities – as well as exposure for sponsors and vendors – through carefully crafted partnerships.
Several remarkable arrangements include:
- University of Colorado + PointsBet
- University of Maryland + PointsBet
- Louisiana State University + Caesars Sportsbook
- Michigan State University + Caesars Colorado Sportsbook
- Texas Christian University + WinStar World Casino and Resort (casino deal only)
- Syracuse University + Turning Stone Resort and Casino (casino deal only)
According to The New York Times, at least eight universities are a part of this unprecedented arrangement, while others have opted to form relationships with brick-and-mortar casino operators instead. While there is still much uncertainty as to how these deals will impact college athletics culture in the long run, there is no denying that it marks an exciting opportunity for promotions agencies, students, and stakeholders alike.
Referral Bonus Money For Gambling Addiction Support Resources
When the transaction was made, Seth Hornstein, leader of CU’s Intercollegiate Athletics Committee declared that university executives opted to allocate the referral bonus funds to gambling addiction assistance resources.
“We felt it would make something good come out of the agreement. Some of that money would be invested back into the university to help student-athletes and students, staff and faculty in general.”
Despite the success of sports betting in Colorado, one particular program has not yielded substantial revenue for the state. Two years ago, the University of Colorado partnered with a few casinos to offer referral bonuses to boost student financial aid. However, after two years, this agreement has only generated approximately $1,830 according to Roy Hurlbert, executive director of CU Boulder Office of Financial Aid. This small figure indicates that while the gambling industry continues to thrive overall in Colorado, the university’s program is yet to see any major payoff. It remains uncertain whether future initiatives will be implemented to increase revenue from this program.