Colorado Looks to Stake Online Gambling Claim

Colorado is preparing to join the online sports betting landscape in a big way. The analysts are predicting that sports gambling online in Colorado could rival that of betting in Las Vegas and New Jersey.

Online sportsbooks were approved in November 2019 by lawmakers in Colorado. It is expected that the very first sportsbooks will begin to serve Colorado residents in May. All licensing in the state is conducted by the Limited Gaming Control Commission.

One the reasons analysts think that online sports betting in Colorado is going to be big is the local sports market. Colorado residents are passionate about their professional sports teams. The Denver Broncos, Denver Nuggets, and Colorado Rockies will provide plenty of thrilling sports betting action.

The yearly online betting handle in Colorado is expected to be around $6 billion. Roughly $40 million would be retained by the state as tax revenue. Operators are expected to make as much as $400 million or more from online betting activities.

It has been difficult for online sportsbooks in many parts of the country to make a profit since the coronavirus outbreak. The majority of sporting events have been cancelled across the country. Colorado betting providers are hoping that things will be back to normal by May when online sports betting begins to roll out in the state.

The pandemic could be a good time for sports bettors to create their online wagering accounts. Many sportsbooks in New Jersey have increased their promotions in an effort to reach new players.