Colorado has been gearing up for an official sports betting market for some time now, and on May 1, that is set to become an entity. Yet, it will, without a doubt, look very different to how initially expected, considering the landscape of sports and sports betting at the moment.
It was in November of 2019 that Colorado voters opted to legalize sports wagering, albeit with an exceptionally close margin. A 50.8% vote in favor of it was registered, meaning that a hefty portion of the state was still against it becoming a legal activity within Colorado.
Various sporting events were scheduled for the very same weekend that Colorado’s sports betting sector comes into operation. The 146th Kentucky Derby should have been taking place, while Major League Baseball (MLB) should have been part way through its 2020 season. Additionally, the National Basketball Association (NBA) and National Hockey League playoffs should have also been in the midst of getting to the nitty gritty.
Instead though, the Derby will take place in a virtual setting, while the MLB, NBA and NHL have stalled all events for the moment. Yet, this won’t be stopping Colorado from pushing forward with its legal sports betting sector, and from this Friday, everyone within the state will be able to participate in such. Regulators intend to move ahead as originally proposed, so sports betting fans will be able to engage in betting on their favorite events – although it will be entirely in an online setting.
Online Only Sports Betting to Start
Because brick-and-mortar casinos are not permitted to open their doors for the time being, legal sports betting in Colorado will only take place online to start off with. More than a dozen mobile and web-based apps will be hosting sports betting opportunities for residents of the state, and these apps are also expected to incorporate promotions for users to take advantage of, too.
These promotions are thought to be similar to what can be found at other online sportsbooks. They can be found at a number of sites in normal circumstances. There are plenty of 1xBet promotions by Betenemy that can be taken advantage of, for example. These can be used solely at the 1xBet platform and allow you to receive bonus funds for extra opportunities at placing online sports bets. Within Colorado, the available apps will also likely provide similar options to users, affording them more chances for gambling on their preferred sports events.
Within the state, sports betting is poised to generate a total of $6 billion in annual wagers and one the industry comes to full maturation, it is expected to bring in around $400 million in revenue. There’s a 10% tax that will be levied on sports betting revenue as well, which means that the state has the opportunity of bringing in $40 million every year, which will benefit initiatives such as the Colorado Water Plan. The hope is that the sports betting scene within the state will follow in the same sort of trends as other US and European locations that have legalized it. According to an expert analyst, these mature after around four or five years.