For almost two years, every state in the country has been able to set its own laws on sports gambling. Unsurprisingly, a huge number of states have now legalized this industry and are profiting massively as a result. Colorado’s sports betting industry is just emerging and is expected to be one of the country’s biggest.
Colorado is home to several major sports teams and a huge number of passionate sports fans. Many major sports betting companies are now attempting to break into this industry. Today, we’re going to look at this state’s path to sports betting legalization, and discuss how it may expand over the next few years.
Let’s get into it!
Sports Betting is Officially Made Legal in Colorado
For decades, only Nevada was legally able to offer sports betting odds in the United States. All other states were prevented from legalizing sports betting due to the Professional and Amateur Sports Protection Act, or PASPA. This bill limited the country’s sports betting operations to Nevada.
For years, lawmakers around the country have been pushing to get PASPA removed. New Jersey, in particular, has been very critical of the controversial bill. Finally, things took a major turn.
In May of 2018, the US Supreme Court decided to officially strike PASPA down. This immediately gave every state in the country the ability to set their own laws on sports betting. Several states, including New Jersey and Delaware immediately legalized this form of wagering.
Certain lawmakers in Colorado have pushed to make sports betting legal since PASPA was removed. In November of 2019, voters in the state finally passed a ballot that allows both land-based and online sports betting. The first sportsbooks are expected to begin operating here in May of 2020.
Colorado’s sports betting industry is already beginning to grow. Several casinos are gearing up to launch their sports betting options.
Colorado’s Sports Betting Industry is Coming Together
Many states have chosen to officially legalize sports betting. Several of these states have passed sports gambling bills, yet are still coming up with regulations. This is the case with Colorado. Sports betting is now legal here, yet no sportsbooks have officially begun operating in the state.
That doesn’t mean casinos aren’t getting prepared, though. Some of the state’s biggest and most profitable gambling venues have officially begun gearing up to launch their sports betting platforms. Many casinos in the state are preparing their land-based and online sportsbooks.
Sean Demeule, vice president and general manager of Ameristar Casino in Black Hawk, commented on the casino’s sports betting preparations to the media this week.
“(We’re) thrilled that the voters passed sports betting last November. We’re starting to plan how we’re going to roll it out here at Ameristar. We’re going to start with a sportsbook here on property, working on the design right now,” he said. “We’re taking what’s been done in Vegas and improving on that.”
Colorado is likely to begin earning millions of dollars a month from these legal sports betting options. The revenue will help to fund various state water projects. We’ll need to wait and see which sports betting companies begin entering into this state over the next few years!
Several Companies Already Set to Offer Sports Betting Options in Colorado
The US sports betting industry is growing at an unprecedented rate. Bank of America recently claimed that this industry will be worth $22 billion by 2020. As more states legalize this form of gambling, more money begins flowing in.
It’s no surprise to see so many companies push to break into Colorado’s sports betting industry. Not long ago, Twin River purchased three popular Colorado casinos. The company also received three sports betting licenses here, all of which will go live in less than 90 days.
DraftKings and FanDuel are also working hard to enter Colorado. These companies are currently active in many states including New Jersey.
Several major UK companies such as William Hill are interested in Colorado, as well. Based on the way things are going, this could become one of the most lucrative sports betting states in the country.
Colorado’s sports betting industry is already growing. Stay tuned for more updates over the next few months!