Colorado Athletic Department Nets $1.6 Million From Sportsbook

The first college sports deal with a gambling company outside of Nevada is worth $1.625 million, and includes tax-write offs, Bloomberg Tax has learned.

The five-year cooperator sponsorship deal between the University of Colorado and PointsBet—an Australian based bookmaker launching its U.S. headquarters in Denver—is the latest in an explosion of ad-deals between sportsbooks and teams or leagues, although its the first collegiate pact of its kind.

Since the U.S. Supreme Court cleared the way for states outside of Nevada to legalize sports wagering two years ago,18 states plus the District of Columbia have begun to regulate and tax sports ...