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Colorado officially legalizes sports betting, becoming 18th state to allow gambling

1st May, 23:22

The state may see a slow start to the industry because of COVID-19

When sports come back after the coronavirus quarantine period is over, Colorado residents will have the opportunity to bet on the Broncos, Rockies, Nuggets, Avalanche and other teams across the sports landscape after the Centennial State became the 18th in the U.S to offer legal, in-person sports betting to the general public. According to Darren Rovell of Action Network, Colorado could hit $2 billion worth of wagers during its first full year of operation. That would net the state an estimated $12 million in tax avenue.

In addition, Colorado state law allows for full online betting, which simply means that bettors can deposit and bet on sports without going to a casino.

Despite the coronavirus pandemic, DraftKings, FanFuel, BetMGM, and BetRivers still elected to open sportsbooks in casinos in Colorado with betting to open on Friday.

Rovell also reports that 13 other outfits are interested in opening sportsbooks in the state. William Hill, which also has sportsbooks in Nevada and New Jersey, will also have sportsbooks in Colorado in the future.

The majority of the sports betting industry has been affected by the COVID-19 pandemic and Nevada has been hit especially hard. According to revenue numbers from Nevada Gaming Control, sportsbooks in the state saw their March numbers drop 76 percent compared to what they usually are this time of year.

Only $141.2 million was bet at Nevada sportsbooks during the month of March. That's the smallest amount money wagered since 1993 and Nevada sportsbooks only had a net win of $1.45 million this March. In March 2019, a record, $596.7 million was bet at Nevada sportsbooks.

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