Legal sports betting is set to become available in Colorado on May 1st, but things would not be just as both regulators and players have expected.
The 146th edition of the Kentucky Derby was set to start on the same weekend at the beginning of May and it would have been one of the first sports events local residents would have been able to bet on, along with the Major League Baseball. Both the National Hockey League and the National Basketball Association playoffs would have been available, too.
However, the coronavirus pandemic has changed things a lot, as its outbreak resulted in the cancellation or postponement of most major sports events for an indefinite time. And still, regardless of the fact that no one can tell when sports will return to normal, the Colorado gambling regulator decided not to wait anymore.
The Colorado Division of Gaming revealed that state’s regulators are set to move ahead with the legalization of sports betting as planned, which basically means that local residents would soon be able to place bets on sports, or at least, on whatever limited sports offerings are available for them to do so. Besides, brick-and-mortar casinos also not available because of Governor Jared Polis’ rules implementing social distancing measures as part of the state’s efforts to tackle further spreading of the coronavirus infection.
Colorado’s Sports Betting Industry Expected to Be Competitive and Beneficial for the State
According to preliminary estimates provided by the chief analysts for PlayColorado.com, Dustin Gouker, the legal sports betting sector in Colorado is set to generate $6 billion in wagers on an annual basis and a $400 revenue once the industry is mature enough. This means that in case the state of Colorado tracks trends registered in similarly established markets in the US and Europe, the sector will mature after four or five years.
Apart from that, Mr. Gouker shared that he expects the state’s legal sports betting sector will blossom into a successful gambling industry despite the recent setbacks due to the coronavirus outbreak, which is likely to slow the progress of the new gambling sector.
Under the piece of legislation under sports betting was given the green light in the state, sportsbook operators are currently required to join forces with one of the 35 casinos in Colorado in order to be given the permission to enter the market. So, anyone who wants to become a major player in the sports betting market is set to enter the state, which means there would be some fierce competition that is expected to be beneficial for consumers.
Currently, there are 17 online sports betting operators that have been licensed to operate in Colorado, with DraftKings, FanDuel and BetRivers being some of them. Unfortunately, the massive shutdown across the state would make very few of them go live on May 1st.
