Late last year, voters in Colorado approved a measure to allow online and in-person sports betting. Many analysts predicted this new industry would be hugely profitable for the state. Some now believe that legal sports betting may end up saving many of Colorado’s casinos currently shut down.
The first sports betting options will become available here in just a few days. Today, we’re going to discuss how this form of gambling will help casinos in Colorado.
Let’s get into it!
Sports Betting is About to Go Live in Colorado
Colorado is known for having a large and passionate sporting fan base. There are several major professional sports teams here including the Denver Broncos, Colorado Avalanche, and Colorado Rockies. For years, residents in this state have asked for lawmakers to legalize sports gambling.
Up until fairly recently, however, this wasn’t possible. A set of laws called PASPA were set in place for decades that prevented any states other than Nevada from offering sports gambling options. The Supreme Court decided to remove PASPA in May of 2018.
This immediately gave every state in the country the ability to legalize sports betting. Today, more than 20 states have approved legislation to regulate this industry. Colorado voters approved a sports betting bill in November of 2019.
Since that time, officials here have worked to come up with specific regulations for this form of gambling. Both land-based and online sports betting are set to become available. The first sports betting options are now set to launch in this state on May 1st.
Of course, land-based sports betting is off the table right now. All of Colorado’s casinos are currently closed down. Hope is that the online sports wagers placed here will help to provide gambling venues here with some much-needed revenue.
Here’s How Legal Sports Betting Can Help Colorado’s Casinos
As we’ve already mentioned, more than 20 states around the country have now legalized sports gambling. Most of these states are earning an incredible amount of revenue from this industry. Many analysts predict that the sports betting industry in Colorado will be hugely successful.
This may prove to be the only gambling revenue being made in this state for the foreseeable future. All of Colorado’s casinos are currently closed down. It’s still not entirely clear when these gambling venues will be allowed to open again.
It’s an extremely difficult situation for casino companies here. Some of these venues are losing millions of dollars every week. Several of these venues have stated they will not be able to survive much longer under the current restrictions.
This is also devastating to the workers employed in the gaming industry. David Farahi, COO of the Monarch Casino in Black Hawk, spoke about the impact of this shutdown to the media.
“Every casino in America is closed right now and it’s a very trying time,” he said. “Our industry being shut down not only greatly affects the 10,000 employees that are directly employed by the industry but it has ripple effects across all the beneficiaries of gaming tax dollars.”
Sports betting may help things here. Several of Colorado’s casinos are set to launch their online sports betting platforms later this week. The revenue will be crucial to help these gambling venues survive during this time.
The truth is that no one knows when casinos here will be able to open their doors. In the meantime, these gambling venues will need to rely on their sports betting revenue.
US Casino Revenue Continues to Drop
Colorado isn’t the only state that has ordered casinos to shut down. The entire US casino industry is completely shut down and it’s costing many companies an incredible amount of money. Las Vegas, in particular, is taking a serious hit due to these regulations.
This city is known as the gambling hub of the United States. Many of the biggest and most profitable gambling venues in the world are located here. Due to the casino shutdown, tourism and gambling revenue has almost completely stopped here.
Some of the casino companies in Las Vegas are now looking at Macau for revenue. Unfortunately, revenue in this Chinese territory remains low, as well. Most experts agree that it will be a long time before Macau’s revenue gets back to normal.
Casino revenue is dropping around the country. Several states are beginning to open back up, yet casinos are likely to remain closed for some time. Online sports betting may end up being a hugely important revenue source for these gambling venues.
Colorado’s casinos remain closed to the public. It seems likely that this state begins easing its restrictions over the next few weeks. We’ll need to wait and see how the casino shutdown affects these gambling venues over time.
Stay tuned for more Colorado casino news!