Recently, the University of Colorado and PointsBet, a sports betting company, announced that they have cancelled their sponsorship agreement. The decision was made after the university received backlash from students, faculty, and community members who were concerned about the potential negative effects of promoting gambling on campus.

The sponsorship agreement, which was signed in January 2021, would have allowed PointsBet to advertise on the university’s athletic facilities and digital platforms. In exchange, the company would have paid the university $1.6 million over five years.

However, as soon as the announcement was made, many people expressed their concerns about the potential harm that could come from promoting gambling on campus. Some argued that it could lead to an increase in problem gambling among students, while others were worried about the negative impact it could have on the university’s reputation.

In response to the backlash, the university decided to cancel the sponsorship agreement. In a statement, Chancellor Phil DiStefano said, “We listened to the concerns raised in the community and we decided that it was in the best interest of our students and our university to cancel this agreement.”

PointsBet also released a statement, saying that they understood and respected the university’s decision. They added that they remain committed to responsible gambling practices and will continue to work with universities and other organizations to promote safe and responsible gambling.

This decision by the University of Colorado is part of a larger trend of universities rethinking their relationships with sports betting companies. Many universities have been approached by these companies in recent years, as more states legalize sports betting. However, some universities are hesitant to enter into these agreements due to concerns about the potential negative effects on students and their reputation.

In conclusion, the cancellation of the sponsorship agreement between PointsBet and the University of Colorado is a significant development in the ongoing debate about sports betting on college campuses. While some argue that these agreements can provide much-needed revenue for universities, others are concerned about the potential harm they could cause. As more universities consider these agreements, it will be important to continue the conversation about the risks and benefits of promoting gambling on campus.