In a couple of months or so, the residents of Colorado will be able to place sports bets after waiting years to have the activity legalized in the state. The Colorado Limited Gaming Control Commission which is in charge of regulating the industry is expected to award several sports betting licenses during its upcoming February 2020 hearing.
As it stands, a total of seven of Colorado’s land-based casinos are in line to receive master licenses that will allow them to offer both retail and digital sports betting services in the state. For the online sports betting operations, the gaming companies will be partnering with third parties that specialize in online and mobile sports betting solutions.
According to insider reports, the first seven licenses that will be awarded on the 20th will go to:
- Brass Ass Casino
- Double Eagle Hotel & Casino
- Dostal Alley
- Midnight Rose Hotel & Casino
- McGill’s Hotel & Casino
- Monarch Casino Resort and Spa
- Saratoga Casino Black Hawk
By awarding these master licenses, the state’s gambling regulator will have checked yet another huge milestone as they inch closer and closer to the scheduled May 1 launch of both land-based and online sports betting.
“The Division of Gaming is conducting prep work now to make sure all those qualified applicants who applied for a temporary license have one in place so they can begin on May 1, if they are ready” reads a statement from the state’s gaming regulator.
The licensed sports betting companies will be taxed at 10 percent on their revenues and the tax money obtained from them will be channeled towards the state’s water plan. It is estimated that Colorado’s lucrative sports betting market will generate up to a whopping $29 million in tax revenue to the state.
Just the Beginning
A number of the developments that are going on right now were set in motion last November after Colorado votes narrowly passed Proposition DD. The legislation paved the way for legalized betting on a number of professional sporting activities including the rapidly growing esports sector. Since then, it has been very clear that there is a huge demand for sports betting services.
While only seven gaming operators are likely to receive licenses later this week, Colorado Limited Gaming Commission expects to receive several more applications as May nears. The state has over 30 commercial and tribal casinos. Many of these are certainly looking to capitalize on the newly regulated sports betting market. Already, lucrative partnerships are being inked in preparation for potential entry into the space.