There Are At Least 50 Applicants Waiting For Sports Betting Licenses: According to new reporting by the ‘Denver Post’ the newly passed sports betting, is turning into one of the must-do industries in the state. The first licenses in the state for sports betting will be issued in February according to the Colorado Gaming Commission. The final issues that deal with rules and regulations were signed off on January 16, 2020.
There are at least 50 applicants who remained anonymous at this point in time. According to the Gaming Commission, the first group of licenses are believed to be 33, with operations starting in May 2020. After the final issues were approved on January 16th, gaming experts believe now the entire process will move much faster. The first batch of licenses will include online and retail operations, mostly in casinos. Dan Hartman, the director of the Department of Revenue’s Gaming Enforcement, revealed some information about the current applicants. Hartman said 28 of the current applicants are casinos.
There Appears To Be A Wide Array Of Applicants Vying For Colorado Sports Betting Licenses
Hartman said another 10 applicants are planning sportsbooks in retail locations. The rest of the applicants according to Hartman, are seeking sports licenses exclusively for online sports betting. Per the sports betting bill that passed, sports betting can not commence before May 1, 2020. This would be in time for the Spring sports such as betting baseball. There are very rigid license requirements in place, including a $10,000 deposit that must be included with the application.
Hartman also revealed that temporary licenses can be issued until the permanent ones are approved if all the licensing fees are paid. The licenses are $125,000 and valid for two years. Sports betting in Colorado will first be available to exist casinos which in Colorado are in the mountain town of Black Hawk, about 30 miles from Denver. There is also gambling in historic Cripple Creek, and Central City. There will be three different categories of sports betting licenses issued. The three types of licenses are Master License, Sports Betting Operator and Internet Sports Betting Operator.
Profits Are Expected To Be Very High For The State & Sports Betting Operators
There is a lot of money on the line, says sports betting experts in the state. The fees are higher than the national average. Sports betting operators in Colorado will be taxed at 10%, which is higher than Nevada at 6.75%. Most of the revenue that Colorado collects is going to go towards the troubled ‘water plan’ in the state. Although sports betting operators say the tax rate is high, it’s than other some other states. In Pennsylvania sports betting operations are taxed at 36%.
Gaming officials in Colorado believe the fees that are in place will discourage player from engaging in sports betting offshore. When sports betting is up and running in Colorado, online poker and casino games will not be permitted. However there will be no upper limit to bet sizes which is considered a huge advantage. Bettors can’t wait to start sports betting in Colorado.
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Putting Sports Betting in Perspective for Colorado
Currently there are 14 states that have legalized sports betting and are go full bore after each and every dollar for their state. Those states include Nevada
Delaware, New Jersey,Mississippi,West Virginia,Pennsylvania ,New Hampshire ,Rhode Island ,New York,Iowa ,Indiana,Oregon and New Mexico.
There is tons of money to be made in Colorado as they eye what others states are currently raking in each month. For example, take “Vegas East” (New Jersey) as they received $557.8 million in sports handle and bettors wagered $4.5 billion dollars for the 2019 year.
In fact, they bet out the original king of betting, Nevada, in the first four months they legalized sports betting.