Colorado sports betting takes one more step

Colorado has approved the first sports betting licences in the state, clearing seven companies to operate the brand new segment.

US.- As the industry continues to grow, Colorado took a major step to launch its first sports wagers. The state had already legalised it, but it has now approved the first seven licences.

The Limited Gaming Control Commission, the state’s regulator, cleared seven companies to launch the segment. The first sports betting operators in Colorado are all casinos: Monarch Casino and Saratoga Casino in Black Hawk, Dostal Alley Casino in Central City and Double Eagle Hotel & Casino, J.P. McGill’s Hotel & Casino, Midnight Rose Hotel & Casino and Brass Ass Casino in Cripple Creek.

All seven licensees had paid a US$10k application fee and will now pay a further US$125k for the approval.

Legalisation

Colorado passes the segment

Around 1.3 million people in Colorado voted in October on Proposition DD to legalise sports betting. While the vote was surprisingly close in a 51% to 49% margin, it is now the 19th state to legalise some form of sports betting.

Unofficial returns say that the vote ended up being 51% – 49% in favour of the sports betting ballot. This means that starting in May 2020, the 33 casinos in Colorado can offer in-person and online sports betting on professional, collegiate, motor and Olympic sports.

Economists in the state forecast sports betting to generate US$11 million in the state during the fiscal year 2020-21.