In a week of increasing pressure from many directions for sportsbooks and universities to cease their partnerships, PointsBet and the University of Colorado at Boulder have announced plans to do just that.
“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,” a joint statement from PointsBet and UC-Boulder read.
UC-Boulder and PointsBet originally announced the five-year deal in September 2020. PointsBet, whose US headquarters is located in Denver, was an official partner of the school’s athletic department and was featured at Folsom Field where the Colorado Buffalos football team played as well as in the TV and radio broadcasts of the games. There was also an affiliate-like deal with the alumni association, which received $30 referral fees for new PointsBet Sportsbook sign-ups.
Sports Illustrated reported that the deal was worth over $1.6 million for the school.
There is no word on the other high-profile deal PointsBet has with the University of Maryland. However, a proposed law to expressly prohibit collegiate sports betting deals in Maryland advanced out of the House and currently sits with the Senate.
The news comes one day after the American Gaming Association issued updated marketing code of conduct requirements that expressly prohibit sportsbooks operators from partnering with universities. PointsBet is not an AGA member, but the measure is just the latest indication the tide is turning on these sorts of partnerships.
Another indication the pressure is on to call these deals off is another letter from Sen. Richard Blumenthal of Connecticut who followed up an open letter to Caesars with an open letter to over 60 schools cautioning about the rise in sportsbook advertising on campuses and cautioning them against working with operators.