Colorado’s Sports Betting Industry is Coming Together

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 Flag Picture

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!

DraftKings and FanDuel Enter Colorado With Twin River Partnerships

DraftKings Backwards HatOn Monday, Twin River Worldwide Holdings announced separate market access partnerships with daily fantasy sports heavyweights DraftKings and FanDuel, giving sports fans in Colorado access to award-winning sportsbook products. Under the deals, both operators will receive the required permissions to operate mobile and online sportsbooks in the Centennial State.

Twin River Worldwide Holdings owns several casinos nationwide. Aside from Colorado, they manage properties throughout Rhode Island, Mississippi, and Delaware. In Colorado alone, Twin River operates three casinos and a horse racetrack.

These partnerships combine Twin River Worldwide Holdings’ nationwide experience in gaming and casino operations with market-leading sports betting expertise and globally recognizable brands.

The company recently purchased Golden Gates, Golden Gulch, and Mardi Gras. Each property comes with the ability to obtain three sports betting licenses. CEO George Papanier made the following statement regarding the acquisition:

“Completing the acquisition of Golden Gates, Golden Gulch, and Mardi Gras casinos in Black Hawk, Colorado last week included the right to three sports gaming licenses in Colorado and will really allow us to expand our footprint here well beyond our Arapahoe Park racetrack and off-track betting network.”

FanDuel Partnership

In the past, FanDuel Sportsbook has been available in Indiana, New Jersey, Pennsylvania, and West Virginia. Colorado is now the fifth state in which FanDuel will offer its services to gamblers. Their CEO, Matt King, also had something to share:

“Twin River has been engaged in sports betting since the beginning in Rhode Island and Mississippi, and they are an ideal partner as we continue to enter states that open up online and mobile sports betting.

Colorado has a sensible framework for sports betting, and we are excited to partner with a renowned gaming company like Twin River to bring our market-leading online sports betting experience to Colorado sports fans.”

Sports bettors will soon have access to a variety of online wagering options, including point spreads, moneylines, over/under, parlays, teasers, prop bets, round robins, and a long list of live bets. The FanDuel Sportsbook app will only make betting easier for Colorado residents.

DraftKings Partnership

Colorado is the sixth state to offer the DraftKings’ Sportsbook platform. They previously offered their services in the following states: New Jersey, Pennsylvania, Indiana, New Hampshire, and West Virginia.

“Coast to coast, DraftKings is committed to providing states across the country with the ultimate experience in legal sports betting,” said Ezra Kucharz, DraftKings’ Chief Business Officer.

Twin River holds a mutual pledge to providing exciting, real-time gaming opportunities, and we look forward to working alongside them to introduce Colorado sports fans to our award-winning product.”

As well as mobile and online sportsbook access, the partnership will also allow Colorado sports fans to place sports bets via a retail betting operation at Mardi Gras Casino in Black Hawk, CO. Colorado will become the fifth state where DraftKings operates a retail location, joining Iowa, Mississippi, New Jersey, and New York, subject to adoption of applicable regulations and both parties securing necessary gaming licenses.

Affinity Gaming Sells Three Popular Colorado Casinos

Colorado’s casino industry is one of the best in the country. There are a huge number of popular land-based casinos in this state, all of which are confined to just three cities. This week, a major Las Vegas-based casino company announced that it had sold three popular Colorado casinos.Colorado Flag Picture

Affinity Gaming has been focused on selling properties for the past few months. It appears the company is prepared to loosen its hold on the Colorado casino market. Today, we’re going to look at some of the updates to Colorado’s casino laws and talk about why these three casinos were recently sold.

Let’s get into it!

Colorado’s Casino Industry Continues to Grow

Colorado is thought of as one of the most liberal states in the country. Lawmakers here have been hugely progressive and recently have begun to expand the state’s gambling industry. For a while, however, this state was largely against most forms of gambling.

The first casino opened in Colorado back in 1822. At this time, gambling regulation was non-existent. Throughout the 1800s, a huge number of casinos began popping up around the state and Colorado became known as a popular gambling destination.

Eventually, lawmakers here connected gambling to crime and worked to ban this industry. Casino gambling was eventually banned and it was decades before any legal forms of gambling became available again. In 1988, after the Supreme Court passed the Indian Gambling Regulatory Act, lawmakers realized it was time to rethink their approach.

In 1991, casino gambling was legalized in this state once again. Interestingly, these casinos were only legalized to operate in three states. Black Hawk, Central City, and Cripple Creek are the only parts of Colorado where casinos can be opened.

Gambling fans here are lucky. There are many popular Colorado casinos that both locals and tourists enjoy. A huge number of great online casinos in CO are also currently available. This week, three of these venues were officially put up for sale.

Twin River Acquires Three Popular Colorado Casinos

Affinity Gaming is a major casino operator based in Las Vegas, Nevada. The company owns several major venues across the country, including several in Colorado. Around a year ago, the company announced that it was selling three venues to Twin River, a casino company based in Rhode Island.

This week, the sale of these properties officially concluded. Twin River now owns the Golden Gates, Golden Gulch and Mardi Gras casino properties in the city of Black Hawk. It all comes as part of a broader strategy for Twin River to diversity its portfolio.

As we already mentioned, the company owns several properties in Rhode Island. It’s also expanded into Delaware and is focused on expanding west. The acquisition of these three popular Colorado casinos is one of the biggest moves for this company in their history.

It’s also a great move for Affinity Gaming, which is also focused on expansion. Unlike Twin River, however, the Vegas-based company is focused primarily on properties in Iowa and Missouri.

With the acquisition of these properties, Twin River also receives the right to offer sports betting options in this state. The company issued a statement to the media this week.

“As previously announced, with the completion of this acquisition, Twin River has also acquired the right to three sports gaming licenses in Colorado in connection with the passage of Proposition DD on November 5, 2019,” an official within Twin River said. 

Is Colorado bracing to become the next sports betting capital of the US?

Colorado’s Sports Betting Market Will Be Massive

In May of 2018, the US Supreme Court struck down PASPA. This decision immediately gave every state in the country the ability to legalize sports gambling. Within just a couple of weeks, several states including New Jersey passed laws to make sports betting legal.

Colorado took its time with this industry. Finally, in November of 2019, lawmakers here officially approved a measure to make sports gambling legal and regulated. Both land-based and online gambling will become available here. No sports betting operators will begin operating here until May of 2020.

Some of the biggest sports betting companies in the country have expressed a desire to break into this state. Colorado is known for having a large and passionate sports fan base. The state is likely to earn millions of dollars via taxes every year from this industry.

All of the most popular Colorado casinos are set to offer sports betting options. This includes the three properties that Twin River has just acquired.

It’s an exciting time for gambling fans in this state. Stay tuned for more casino news here over the next few months!

Colorado’s Sports Betting Industry is Now Officially Legal

  • Colorado residents officially took to the voting booths this week
  • Proposition DD to legalize sports betting was introduced
  • Voters officially decided to legalize Colorado’s sports betting industry

Over the past year and a half, a huge number of states have begun taking a closer look at their sports gambling regulations. Many are beginning to see the huge potential for revenue earnings from this industry. This week, Colorado’s sports betting industry was officially legalized after a public vote on the subject.

Sports Betting

It’s fantastic news for sports fans all over the state. Soon, both land-based and online sports gambling options will be available here. Let’s look at how this all came about.

PASPA’s Removal Opens Door to Legal Sports Betting

For many years, only Nevada was legally able to offer sports gambling options to residents. This was due to the Professional and Amateur Sports Protection Act, which was intended to protect sports integrity. It was thought that limiting sports betting options around the country would help keep sports fair.

Many have voiced their objections with PASPA over the years. Finally, after a strong push from New Jersey, a change was made. In May of 2018, the US Supreme Court officially removed this set of laws. Just like that, every state had the ability to set its own laws on the sports gambling industry.

Many states immediately began presenting bills to change their laws on this form of gambling. New Jersey was one of the first states after Nevada to legalize sports betting. Delaware, Mississippi and New Mexico followed soon after.

Today, almost every state in the country has presented legislation to open their sports gambling markets. Several major Senators have voiced their support for this industry. Even states that were previously known for their harsh laws on the gambling industry are beginning to embrace sports gambling.

20 states have now officially legalized this industry. Colorado’s sports betting industry was the most recent to become legal. It was officially passed this week by a very slim margin.

Colorado’s Sports Betting Industry is Approved By Voters

Colorado is well-known for having an extremely passionate sports fan base. The Rockies, Broncos, and Avalanche all call this state home. Since 2018, there have been many calls to finally make sports gambling legal here.

Several bills were presented. Finally, Proposition DD made its way to a public vote. If approved by state residents, Colorado’s sports betting industry would officially be made legal.

Voters ultimately decided to approve this proposition. It was passed by a very slim margin, though. 50.8% of voters agreed that sports gambling should be made legal. The other 49.2% went the other way. Regardless of how close the vote was, sports betting is now officially legal in Colorado.

Under this bill, both land-based and online sports gambling are legal. Wagering on sports on land can only be done inside a brick and mortar casino. Online sports betting platforms can only be operated by companies running a land-based casino in Colorado.

With Colorado’s sports betting industry now legalized, many expected they could immediately start placing wagers on their favorite teams. This is not the case. Here’s when these options will officially become available.

When Will Sports Betting Options Become Available in Colorado?

If you were expecting to be able to drive down to your local casino and throw money down on the Broncos this week, you’re out of luck. There is still time needed for lawmakers to set specific regulations on this industry. Sports betting licenses will also need to be handed out.

Colorado’s sports betting industry will officially go live on May 1st of 2020. This wipes out any hopes of placing some wagers on this season’s Super Bowl.

Fortunately, there’s a date set. Soon, a huge number of fantastic sports gambling options will become available to residents in this state.

Soon, almost every state in the country is likely to have legal sports betting options up and running. Analysts recently predicted that the US sports betting market would generate between $6-8 billion annually by 2025. It will become the world’s largest sports gambling hub.

In less than six months, Colorado’s sports betting industry will be live. We’ll need to wait and see exactly how this state’s betting revenue compares to the others.

Stay tuned for more updates over the next few months!