In November 2019, the state of Colorado has voted for legalized sports betting. This was after the passage of Proposition DD, which is about the legislation and regulation of sports betting in the state. Proposition DD means that sports betting operators will be taxed at 10 percent and the tax funds will go to the state’s water projects.
The state garnered over 800,000 votes to legalize local sports betting and that is 51.41 percent of the state’s voting population. Since then, Colorado has started to prepare for the launch of the sports betting business in the state.
And so right now, the state is gearing up to launch sports betting on May 1 of this year. This makes Colorado the 18thstate to launch and regulate sports betting in the United States. If you’re a resident of Colorado, by then, you can start placing bets online. At BettingOnline, you’ll find lots of online betting resources, including lists of betting sites, offers, and top promotions. You’ll find this site handy if you’re new to online betting.
The launch of sports betting in Colorado this May is the second year since the Supreme Court of the United States struck down the Professional and Amateur Sports Protection Act of 1992. This was when the operations of sports betting in the United States became federally legal. Alongside Colorado when it comes to the legislation of sports betting are states like New York, Delaware, Illinois, Iowa, and Rhode Island.
Colorado will be allowing both in-person and mobile or online betting within the state. Currently, there are already seven local casinos that are licensed to offer sports betting services to local gamblers. However, it is expected that more licenses will be issued by the Colorado Limited Gaming Control Commission in the next few months.
Currently, the seven licensed casinos in the state to offer sports betting are located in Black Hawk, Cripple Creek, and Central City. When it comes to the digital platforms that will be available in the state, popular names like DraftKings, FanDuel, PointsBet, Betfred, Barstool Sports, and Circa Sports are part of the options that local punters have.
Recently, The SuperBook also announced that it will be partnering with Jacobs Entertainment Inc. Both will be operating a retail and mobile sportsbook in Colorado. This will be based in Black Hawk, Colorado at The Lodge Casino. They said that it will be mobile betting that they will first launch in May and the retail operations will be open by August.
The SuperBook is formerly known as the Hilton in Nevada and is located at the Westgate Las Vegas Resort and Casino. This is the first time that they will be heading out or will be having a branch outside Las Vegas.
SuperBook’s Vice President Jay Kornegay talked about this and said, “It’s very exciting. This will be our first outlet outside of Nevada. It’s certainly a new challenge for us, but the whole team is excited to expand the SuperBook brand.”
He also added, “We had a really good discussion with [Colorado gaming regulators] last week about contests and the SuperContest. It hasn’t been approved yet, but we hope to offer the SuperContest this year for the upcoming football season.”
Colorado will be allowing people who are aged 21 and above to wager on sports within the state. This includes wagering on professional sports that include individual, team, and international competitions. Even the Olympics will be allowed to be wagered on here.
Collegiate, motor and Esports wagering will also be allowed here. What’s not allowed is wagering on high school sports of any kind. Prop betting will also be allowed, but not for any sports in high school and college. The state’s gaming commission will be releasing the sports leagues that can be wagered on before May 1st.
So far, there is still no limit on the wagers that will be allowed in the state. As established by Proposition DD, the sportsbook operators that will earn or generate 16 million to 29 million US dollars annually will be taxed 10 percent and the majority of those will go to the water projects of the state. Aside from that, 130,000 US dollars will go to gambling addiction services funds. 6 percent of the taxes will go to the state’s hold harmless fund which has something to do with supporting casino cities and community colleges.
Currently, the sports betting industry is struggling worldwide. The launch of this in Colorado may not be as immediate as what everyone was hoping. It may also not reach its targeted revenue right away since the majority of sports worldwide are either postponed or canceled. Still, May 1 remains the launch of betting in Colorado and it remains unchanged.
