A gambling and betting analyst, which monitors and analyses regulated sports betting in Colorado has today predicted that the industry will generate billions in wagers and millions in revenue for operators in The Centennial State.
Following the legalisation of retail and online sports betting in the state, regulators and operators are poised for a launch on the 1st of May 2020 despite a global shut-down on sports.
Dustin Gouker, chief analyst at Play Colorado commented:
“With a significant base of existing land-based casinos, a regulatory framework that will be attractive to operators, and one of the largest metropolitan markets in the country to draw from, Colorado is well-positioned to capitalize on sports betting.”
Gouker continued on details of a soft opening:
“But assuming the industry does launch on May 1, it will be doing so in unprecedented circumstances with almost no sports to wager on. There are some advantages to a forced soft opening, but it also means that it will be some time before we learn with confidence just how Colorado’s bettors will respond to legal sports betting.”
Once the retail and online sports betting industry is up and running, it is expected to collect ten percent tax on revenue, which is in the similar range of figures of other states; Nevada, New Jersey and Indiana.
Dustin Gouker elaborated on plans and strategies implemented by operators in Colorado that they have learned from other states:
“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.”
Throughout the US, sports events have been temporarily suspended due to the ongoing Covid-19 pandemic but the analyst says that it is still the right time to launch the industry:
“There is no question that the revenue from online casinos and poker rooms has helped operators in states such as New Jersey and Pennsylvania weather the shutdowns of land-based casinos and essentially all sports. Coloradoans will likely someday decide if and when the time is right to legalize online casino wagering. In the meantime, it has put the right framework in place for its sports betting industry to thrive once sports are played again.”