Preparations in Colorado for the Launch of Sports Betting in May
If all goes as planned, Colorado's Limited Gaming Control Commission will be ready for legal sportsbook operators to launch on May 1. But with the world grappling with the COVID-19 crisis, there's a question of what sports are available to bet on.
According to the state's sports wagering law, HB 19-1327, Colorado must be prepared for live sports betting by May 1. Yet, the shutdown of U.S. major professional sports since March 12 has left folks wondering what they'll bet on. Agile operators are offering odds on Belarus soccer, eSports, darts, you name it, to fill the gap.
The only (small) hope for an American sport to restart sooner rather than later seems to be the NBA, currently considering playing out the rest of its season and postseason in a similar "bubble" to the Chinese Basketball Association. Mark Cuban, Dallas Mavericks owner, and Adam Silver, NBA Commissioner, have discussed this publicly, with Cuban expressing optimism that sports will start up again by mid-May.
Luckily for operators in Colorado, if Cuban's right, the NBA would be the only American professional sport available to bet on when they launch retail and mobile sports betting.
Speaking of which, the Colorado Limited Gaming Control Commission has already approved regulations and is in the licensing process. They will hold a meeting on Thursday to consider another batch of sports betting licenses.
With Colorado retail casinos ordered shut for 30 days, it's unclear when they'll reopen, but if they do, casinos could open ahead of the May 1 sports betting date.
So far, the commission has approved 13 Master Licenses for brick-and-mortar casinos, with at least six announcing sportsbook partners. DraftKings Sportsbook was the first to get approval for mobile wagering in Colorado. When Colorado sports betting is fully operational, there could be as many as 33 retail and mobile licensees.
The Colorado Limited Gaming Control Commission will have a special meeting on Thursday to consider a long list of sports betting applications, with several notable ones, including BetMGM, William Hill, and numerous others. Coloradans legalized sports betting last November, making Colorado the fourth state this year to do so after Illinois, Montana, and Michigan.
Although the pandemic has impacted the sports betting industry, Colorado's focus is on adjusting tax policies to increase state revenue and support various public projects. The ongoing adaptations in legislation and market dynamics reflect the evolving nature of sports betting in Colorado.
[1] "Colorado Sports Betting Market Current State and Future Outlook". Colorado Business Report. Retrieved March 23, 2023.[2] "Colorado Governor Signs Bill to Increase Taxes on Sports Betting". Colorado Politics. Retrieved March 23, 2023.[3] "Legal, Regulated Sports Betting Comes to Colorado". Colorado Newsline. Retrieved March 23, 2023.[4] "SI Sportsbook, Betfred, and Clutchbet Exit Colorado Market". Colorado Newsline. Retrieved March 23, 2023.[5] "Water Resources and Sports Betting Funding". Colorado State Senate. Retrieved March 23, 2023.
- Despite the uncertainties caused by the COVID-19 crisis, the legal sportsbook operators in Colorado are preparing to launch on May 1, with only the NBA potentially providing American professional sports for bettors.
- As Colorado moves forward with sports betting, the Colorado Limited Gaming Control Commission will have a special meeting on Thursday to consider a long list of sports betting applications from notable companies like BetMGM, William Hill, and others.
- With Colorado's focus on adjusting tax policies to increase state revenue and support various public projects, the ongoing adaptations in legislation and market dynamics reflect the evolving nature of sports betting in Colorado, even in the face of the pandemic.
