Colorado Could Open Sports Betting Windows by May 1

In November of 2019, the residents of Colorado passed a referendum that legalized sports betting activities for the state's residents. Since the passing of the referendum, the state's gambling regulators have been aggressively working with prospective bookmakers to get sports betting operations in place. Enter the coronavirus pandemic.

Over the last couple of months, the worldwide sports community has ground to a complete halt, much to the chagrin of sports gamblers throughout the US. Not to be deterred, the Colorado legislators and regulators have still been working to get the state's sports betting infrastructure in place.

Just this past week, the Colorado regulatory body (Division of Gaming) announced the issuing of sports betting licenses for six well-established bookmaking operations: Circa Sports, Penn National‘s Penn Sports Interactive, Roar Digital, the joint venture between MGM Resorts and GVC Holdings, Rush Street Interactive, Smarkets, and William Hill. It's noteworthy that all six of these bookmakers are experienced bookmakers with the ability to eventually offer online betting services.

Assuming the coronavirus shutdown will be lifted within the next few weeks, regulators anticipate the opening of sports betting windows by May 1. Given the economic impact of Covid19, it's near impossible to project how operators will perform over the first few months. As the nation settles back into normalcy, Dustin Gouker, chief analyst for PlayColorado.com., believes Colorado residents could generate $6.0 billion a year in gross sports betting revenue. That would likely lead to gross profits of $400 million, which would translate into $40 million in tax dollars going into the state's coffers.

About how well he believes sports betting operators will do in Colorado, Gouker stated:

“Colorado legislators and regulators have made many smart, measured decisions based on input from casinos, operators, and bettors, and that has led to the adoption of an excellent collection of rules and restrictions. They have also had the undeniable benefit of seeing what has worked in other states. Colorado’s methodical approach might have been frustrating to bettors by slowing the launch, but there is plenty to be encouraged about. Sports betting operators have inked partnerships and regulators are listening to stakeholders. That will serve Colorado well.”

When the betting windows do open, Colorado will officially become the 18th state to offer legal sports betting access to its residents. Based on the state's ability to get sports betting operations in place in less than 6 months, it's clear states are learning from the experiences of other states.