Colorado Moves Closer to Online Sports Betting
May 1, 2020
Colorado has taken the final steps to launch online sports betting in the state beginning May 1, 2020. The first online sports betting platforms to serve Colorado bettors are expected to go live with six operators having been granted licenses. Sports betting online will be allowed for all adult residents of Colorado that are 21 years of age or older.
BetMGM, BetRivers, and WilliamHill will be among the six initial operators. The official launch of Colorado online sports betting will involve mobile applications that players can access with mobile phones and tablets. The law also permits the live casinos in the state to provide brick-and-mortar sports betting, but the Covid-19 pandemic has put many of those plans on hold.
It is also a concern that the global health crisis will affect online sports betting because all major sporting events have come to a halt. NASCAR and the UFC have announced that they will hold events as scheduled. It has also been announced that the PGA tour will resume play in June. As more restrictions on public gatherings begin to ease, the betting menu at online sportsbooks in Colorado should expand.
The pathway to legalized online sports betting in Colorado has not been an easy one. Legislation for online sports betting was initially proposed in 2018. It has taken until 2020 to move the law through the legislative channels, and then voters had to approve the measure. It narrowly passed with just over fifty percent of voters supporting online sports betting.
The online sportsbooks are expected to generate large revenues for the state coffers. Each sportsbook will be responsible for licensing fees in addition to taxes on revenue.