- Four mobile sportsbooks in Colorado are now open for bets in the state, kicking off legal sports betting.
- The industry has a tax revenue rate of 10%, estimating anywhere from $10-$20 million annually to start that will go toward the Colorado Water Plan.
- With most major sports matches being canceled, the wagers listed for residents will be unusual when compared to a typical sportsbook launch occurring before COVID-19 changed everything.
DENVER - Legal mobile sports betting in Colorado has officially opened up to the public on Friday. The pastime was voted into law by residents in November 2019.
While retail sportsbook locations continue to be closed due to the Coronavirus pandemic, mobile platforms have stayed on schedule to launch on their original May 1 date.
However, the landscape of sports betting is a bit different, with most sporting events having been canceled to avoid the further spread of COVID-19. This particular launch for Colorado sports betting will be a unique one.
Sports Betting In Colorado
The offerings for mobile sports betting in Colorado is not what was expected when the state first decided on their rollout date.
Sportsbooks that have been in business for years have had to change things up quickly and make the most out of the situation by creating unusual bets for gamblers to participate in.
The Centennial State will be employing that same strategy for the opening of its sports betting industry.
“There was going to be a home Rockies game and the Kentucky Derby was going to be this Saturday so there was going to be this great rollout of sports betting here in Colorado. But now we’re in a new world,” said Rep. Alec Garnett who helped push the bipartisan legislation forward.
“Life is different without sports. So it’s a different type of launch but the point is the Division of Gaming deserves a tremendous amount of credit for working with the regulated entities. I believe it’s going to protect consumers most importantly.”
Multiple mobile sportsbooks will be allowing their members to bet on virtual sports, darts, table tennis, and futures bets for major league teams.
The NFL’s Denver Broncos are a huge moneymaker for the state. In mid-May, there will be a number of bets for international soccer available as well.
As soon as major sports are allowed to resume, wagers on the events will be popping up quickly on the mobile platforms for sports bettors to place money on. It can only be assumed that by that time, land-based sportsbooks will be allowed to open for patrons to visit and gamble on the games.
Mobile Sportsbooks Launch With Odds For CO Home Teams
Beginning at 10 a.m. MST, four mobile sportsbooks will be taking member sign-ups as well as bets in the Centennial State. These sports betting platforms open for business are DraftKings Sportsbook, FanDuel Sportsbook, BetRivers, and BetMGM.
DraftKings Sportsbook has the Denver Broncos futures bets set at +4000 odds to win the Super Bowl. The Broncos have been given odds of +2000 to win the 2020/2021 AFC Championship and have +800 odds to win their division in the AFC West.
For NBA futures, the Denver Nuggets are at +3000 odds to win the NBA Finals. The MLB’s Colorado Rockies are seeing odds of +15000 to win the World Series in 2020. The Rockies are at +7000 odds to win the National League Championship and +2800 to win the National League West Division title.
All of these bets are available now for eager Coloradoans to get some action in on their favorite home teams while they are on hiatus. There are also various other bets for different games and their odds up on sportsbooks outside of these Colorado-centric ones.
Place Your Bets, Coloradoans
Sports betting enthusiasts in Colorado that are 21 or older can now join a number of mobile sportsbooks and start placing their legal wagers.
Even though the bets are either futures style bets or odds for unexpected events, it’s still a chance to gamble on sports of some kind that was never once a legal option in the state before.
With the launch happening in a pandemic environment, it’s not at all how people had hoped the industry would debut in the state but they’re hopeful of the positive effects sports betting will have on Colorado even if it starts out slowly.
“At some point the world is going to come back and sports are going to come back,” said Rep. Garnett. “Having some kind of dedicated revenue stream should be a sigh of relief to the conservation community. It’s not going to be what solves all the problems that are out there. And it might just start as a trickle, but it will be there forever. It’s going to provide some relief to the conservation projects that need to happen through the Colorado water plan in order for us to catch up with the 21st century.”