PointsBet and the University of Colorado at Boulder (UC-Boulder) have announced plans to terminate their partnership.
The Colorado gambling industry isn’t the only place PointsBet announced its withdrawal. The news also comes amid rising concerns over partnerships between sportsbooks and higher educational institutions.
According to a Westword post, the companies said:
“PointsBet and the University of Colorado have decided it is mutually beneficial to end their partnership at this time. Both parties are thankful for the joint efforts throughout the relationship and wish the best for each organization going forward.”
PointsBet 5-year deal with UC-Boulder comes to an end
The companies originally announced their five-year $1.6 million deal in September 2020. PointsBet was an official gambling partner of the school’s athletic department.
The US sportsbook appeared at Folsom Field, where the Colorado Buffalos football team played. PointsBet was also regularly featured in the TV and radio broadcasts of the games.
Furthermore, the University of Colorado would receive $30 for each new PointsBet sportsbook signup with a referral code. But that affiliate deal ended in January.
Possible reasons for breaking the Colorado gambling sponsorship deal
The decision to end the partnership also comes during the same week the American Gaming Association (AGA) issued updates to its marketing guidelines. The AGA’s new marketing code of conduct prohibits college partnerships that “promote, market or advertise” sports betting activity. The AGA is not a government agency, and PointsBet is not an AGA member, but such a measure was still a notable warning.
The companies called the deal off days after Sen. Richard Blumenthal, a Connecticut Democrat, sent an open letter to 66 colleges and universities. He requested information about any current or potential collaborations these schools have with sportsbook operators. Blumenthal also wanted to know what these institutions are doing to fight problem gambling among young people.
Meanwhile, two bills to limit the power of sports betting ads in Maryland are making their way through the Senate. The first bill (SB620) limits Maryland higher education institutions’ relationships with gambling companies. It could impact the University of Maryland’s partnership with PointsBet. The second bill (SB621) would require sportsbooks to audit the content creators they work with.
Only a month ago, PointsBet also withdrew its license application from the Massachusetts sports betting market. The US sportsbook changed its mind just two weeks before the launch. At the time, the operator said it decided to pull out to shift its focus to a more regional approach.