The sports betting industry continues to grow in the United States, and perhaps there is no greater example of this than in the state of Colorado. Colorado is the latest state to launch sports betting, and they have started with a bang.
Many experts questioned why Colorado would launch sports betting amidst the coronavirus pandemic, but the state has proved doubters wrong. Even though the numbers are not as high as projected, the state continues to see growth in their market.
Sports betting launched on May 1, and the state is estimated to bring in $2 billion annually in tax revenue. The first year will fall short of those numbers, but it appears that Colorado will blow past that figure when things return to normal.
Nevada and New Jersey are currently the two top betting markets in the United States but look for Colorado to be challenging them soon. The state has been able to attract some of the biggest names in the industry, and Colorado will become a hotspot for sports betting.
Online Sports Betting
All of the retail sports betting in the state will take place in three remote towns in the Rocky Mountains. These three towns are Cripple Creek, Black Hawk, and Central City, and the casinos are currently shut down due to COVID-19.
The state realized that online or mobile sports betting would bring in the most money, so they included that in their sports betting laws. Online sports betting has been up and running since launch date, and more operators continue to join the party.
Anyone can create an online sports betting account at any new Colorado online sportsbook, but all bets must be placed inside the state. Sportsbooks use geo-locating technology to find your location before they allow you to place any bets.
Online sports betting is available to anyone at least 21 years of age, and most apps are available for download on both Android and iOS devices. Sports betting customers in Colorado will have a long list of betting options by the end of 2020.
Several Big Names in the Market
Even though sports betting officially launched on May 1, there were only a handful of operators ready to go on that date. Other sportsbooks have since joined the party, and a huge list of sportsbooks are on the way.
The Westgate SuperBook is set to launch in Colorado, and it will mark the first time that the SuperBook will be offered outside of Nevada. The terrific rules and regulations that are in place in Colorado are extremely attractive to operators.
Sports bettors will be able to choose from a long list of operators soon, but six sportsbooks are expected to dominate the market. These six companies are:
- DraftKings Sportsbook
- FanDuel Sportsbook
- William Hill
Long List of Betting Options
The sports betting rules and regulations in Colorado allow for a large number of sports and bets to be offered. This is another reason that sports betting operators have chosen to launch in the state.
Betting on all major sports in the US is allowed, along with some of the top international competitions. Unique betting options are also available in Colorado, and a number of these options have been popular during the pandemic.
Esports is a growing trend throughout the world, and betting on Esports is becoming popular as well. There are eight different Esports leagues that are currently available for betting action in Colorado:
- League of Legends
- Call of Duty
- Counter-Strike: Global Offensive
- Rainbow Six
Return of Live Sports Coming Soon
Live professional sports in the United States began to shut down in mid-March, and only a few leagues have resumed play. NASCAR, UFC, MLS, and the PGA Tour have all come back in limited form, but bettors are still waiting on the biggest sports to return.
Major League Baseball is set to begin its season on July 23, and games will be played throughout the country. The NBA and the NHL are set to begin play at the beginning of August.
Sportsbooks have struggled to find many betting options since the launch on May 1, but that will change soon. Expect a huge boom in the sports betting industry beginning in August.
Even though the sports world has largely been shut down due to COVID-19, that has not stopped the Colorado sports betting industry from taking off. The online betting option has saved sportsbooks in the early going, but everything will return to normal soon.
Almost all of the top sports betting companies have attempted to break into the Colorado market, which means that bettors have some terrific choices. The competition is extremely fierce, and sportsbooks are offering some great bonuses and promotions to entice customers.
It might take a few years before Colorado is able to catch Nevada and New Jersey, but all signs point to this happening. The $2 billion mark will be smashed when things return to normal, and Colorado will become one of the best sports betting states in the country.